The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
A newly-created South Asia Pacific, Middle East and North Africa zone, internally dubbed SAPMENA and headquartered in Singapore, will account for the majority of L’Oréal’s new business over the coming decade, L’Oréal’s regional president, Vismay Sharma, said in a CNBC interview.
“This region ... is going to be a major growth engine for us. This is where we will acquire the most number of consumers in the coming decade,” he said, adding that the region is demographically favourable for future growth, home to 40 percent of the world’s population with a median age of 28.
“Over 40 percent of the [region’s] consumers are less than 25 years old,” he said. “That makes it extremely exciting for us and a very strategic market for the future.”
The 112-year-old company saw sales rise 10.2 percent in the first quarter of 2021, returning to near pre-pandemic levels.
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.