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The Best of BoF: Global Markets, Tumult and Opportunity

From China to Senegal, 2022 was a year of tumult and opportunity in global markets far from fashion’s main capitals.
A model on the runway wearing Indonesian modest fashion designer, Anniesa Hasibuan during Jakarta Fashion Week in October, 2016. Getty Images.
A model on the runway wearing Indonesian modest fashion designer, Anniesa Hasibuan during Jakarta Fashion Week in October, 2016. Getty Images.

In the key China market, Xi Jinping secured a precedent-breaking third term at the top of the Chinese Communist Party but was forced to roll back strict “zero-Covid” measures after public frustration erupted into widespread protests, opening a road to recovery for the country’s luxury and retail sectors.

The Russia-Ukraine war took a terrible human toll. It hit the world economy hard, as well, resulting in weaker global growth, higher inflation and damage to supply chains. That meant pain for businesses far beyond the Russian market, which most fashion brands quit early in the year.

Elsewhere, India’s mega-conglomerates invested in more than a dozen local designer brands; Chanel touched down in Senegal, a promising African fashion hub; Vietnam’s fast-growing luxury market attracted new investments from the likes of Gucci and Tiffany; and Qatar attracted attention for its controversial World Cup as well as its fashion ambitions amid strong demand for luxury goods in the region.

Top Stories

Citizens watch a live broadcast of the meeting of Chinese and foreign journalists held by the Standing Committee of the Political Bureau of the 20th Communist Party of China Central Committee on a street in Hangzhou, Zhejiang province, China.

What China’s 20th National Congress Means for Fashion: Xi Jinping has secured a precedent-breaking third term as president and elevated party loyalists to key positions, indicating the country’s government will stick to its zero-Covid policies and prioritise security concerns over economic growth.

Randomevent, China streetwear, China fashion, Gen-Z, China

Inside China’s Burgeoning Streetwear Scene: The country’s streetwear market is heating up, attracting both global consumers and major brand collaborations.

Hermès Crocodile Birkin.

Are Hermès’ Sales Tactics a Problem in China?: Chinese luxury consumers say they feel rising pressure to buy less-popular items to gain access to sought-after Birkin and Kelly bags. The practice is reportedly on the rise at brands like Celine and Rolex, too.

Senegal’s reputation as a regional fashion capital keeps global brands investing in the West African country as it undergoes a retail renaissance.

Why Senegal Is on Global Fashion’s Radar: Dakar’s reputation as a regional fashion hub has persuaded brands like Tommy Hilfiger and Hugo Boss to expand to the capital of the West African nation as it upgrades its retail infrastructure.

A model walks down the runway at a Rahul Mishra show. They are wearing a bejewelled multicolour low cut blazer with a ruby and diamond necklace.

Why Billionaire Industrialists Are Snapping Up India’s Fashion Brands: Mega-conglomerates Reliance Industries Limited and Aditya Birla Group have invested in more than a dozen Indian designer brands. There is more to the deals than meets the eye.

Staff wait to welcome guests in the lobby of the newly-inaugurated Dolce Hanoi Golden Lake hotel, the world's first gold-plated hotel, in Hanoi.

Vietnam’s Luxury Market Is Heating Up: Gucci and Tiffany are among the brands investing in the Southeast Asian market.

Vivy Yusof.

Vivy Yusof: The Modest Fashion Mogul with Billion-Dollar Ambitions: The Malaysian entrepreneur has many of the traits needed to go big and go global but faces challenges in a modest fashion market that is as complex as it is diverse across the Muslim world.

Olya

The BoF Podcast | Ukraine: How Creativity is Breaking Through the Darkness: Julie Pelipas and Olya Kuryshchuk discuss the impact of the war in Ukraine and how creativity has endured and been a source of strength amid the destruction.

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