The World in 2016: The Global Stories That Shaped Fashion

Why Americans Aren't Shopping, Resetting China's Luxury Compass [View on Web] [Add to contacts] [New reader? Subscribe] [BoF] THE DAILY DIGEST TODAY'S MUST READ [The Best of BoF | The World in 2016] BY BoF Team [To round off the year, we revisit the articles that sparked the most debate, yielded the biggest insights, and got the fashion industry talking in 2016. Today, we highlight some of the global stories that shaped fashion in 2016.] China [Resetting China's Luxury Compass] [Illustration: Paul Price for BoF] In spite of the country’s slowing economy, stock market turmoil and a climate of uncertainty, China’s luxury market still presents lucrative opportunities if you know which direction to look. [Can China End the Illicit 'Daigou' Trade?] [Chinese shopper | Source: Reuters] Lowering import tariffs and tightening customs controls are among the Chinese government’s strategies for curbing "selling agents” who trade in luxury goods at lower prices. Will it work? India [What India's Currency Crackdown Means for Fashion] [India is withdrawing 500 and 1,000 rupee notes from circulation in an attempt to crack down on "black money" | Source: Shutterstock] In an effort to clamp down on corruption, India has withdrawn 500 and 1,000 rupee notes. BoF examines how it could fundamentally change the way people shop. [Is India the Solution to Fashion's Woes?] [Indian model Bhumika Arora wears Alexander McQueen at Le Mill and Nirav Modi jewels | Source: Le Mill] India remains one of the most conspicuous growth opportunities for a global luxury market stuck in a rut. [India, the Fashion World's Next Manufacturing Powerhouse?] [India's Prime Minister Narendra Modi speaks during the inauguration ceremony of the 'Make In India' week in Mumbai | Source: Courtesy] The ‘Make in India’ campaign is raising the profile and prospects of India’s garment and textile industry. Russia [Is the Worst Over in Russia?] [Giorgio Armani stages a show in Moscow this April | Source: Courtesy] As international executives and diplomats flock to the Saint Petersburg Economic Forum, is there cause for tentative optimism in Russia’s downtrodden luxury market? [Oil Collapse Hits Fashion Markets] [Source: Shutterstock] In emerging markets that rely on oil to keep their economies buoyant, the drastic drop in price is making fashion leaders nervous. East Asia [Can Seoul Fashion Week Turn Buzz into Business] [Seoul's Dongdaemun Design Plaza | Source: Shutterstock] With a strong manufacturing base, government funding and a globe-conquering pop culture, Seoul Fashion Week wants to become a destination for international buyers. But it won’t be easy. [North Korea's Fashion Secrets] [North Korea's armistice anniversary parade on Kim Il-Sung square | Source: Getty] Fashion is an increasingly important tool for North Korea’s ‘black market generation’ to make small but significant changes to the culture and economy of the secretive state. [In Japan, Luxury Flourishes While Economy Flounders] [Ginza shopping district in Tokyo | Source: Shutterstock] Japan’s economy is dipping in and out of recession, but the country is still one of the bright spots in the global luxury goods market. BoF reports. UK [As Brexit Looms, Prime Minister Theresa May Looks to the Future of British Fashion] [Prime Minister Theresa May with apprentices and scholarship winners; from L-R: Callum Brooke (Burberry Apprentice), Emma Sheldon (RA Smart Holdings), Mark Glasgow (Graduate Traineeship Winner), Hannah Porter (Graduate Traineeship Winner), Prime Minister Theresa May, Nabil El-Nayal (MA Scholarship Winner), Serena Gili (MA Scholarship Winner), Tom Chapman (Private White V.C Apprentice), Sam Lavelle (John Smedley Apprentice)] In her address to the British fashion industry last night, Prime Minister Theresa May never directly addressed Brexit. Here, leading figures share their thoughts on the UK's looming split from the EU. US [Why Americans Aren't Shopping] [An american flag on display in Macy's in Chicago | Source: Shutterstock] Unemployment is down, gas is cheap and interest rates remain low. So why is American retail suffering? [Post Election, a Country Divided] [Divided America by Costanza Milano] Data shows Donald Trump supporters, buoyed by his win, spent more on apparel after the US election than Hillary Clinton supporters. [Why Fashion Will Learn to Love Melania Trump] [Melania Trump, future first lady of the United States | Source: Shutterstock] Despite the fashion community's near-unanimous support of Hillary Clinton, it will not be able to ignore that America's future First Lady's style now has a global platform. France [In Wake of Terror Attacks, What Lies Ahead for France's Luxury Industry?] [Aerial view of Paris| Source: Shutterstock] France has been rocked by three tragic terrorism-related events in the past 18 months, raising questions about the long-term impact on France’s $18 billion fashion and luxury sector. [In Paris, Security Fears Threaten Luxury Sales] [Paris, November 18, 2015 | Source: Shutterstock] Can the French authorities counteract the growing sentiment that the City of Light is not as safe as it once was? Africa [Why Africa's Musicians are a Marketing Goldmine] [Yemi Alade and D'Banj with their awards at the MTV Africa Music Awards 2015 | Source: Getty] Stylish, dynamic and extremely popular, Afrobeats stars are brand ambassadors for many multinationals in Africa but the fashion industry has yet to grasp their value. [Made in Ethiopia: Fashion's Next Sourcing Hub?] [The Huajian shoe factory near Addis Ababa, Ethiopia | Photo: Aida Muluneh] Ethiopian manufacturers are becoming increasingly competitive and ambitious, but can East Africa really provide an affordable sourcing alternative to Asia? Brazil [The Trouble with Brazil's Luxury Market] [Ipanema beach, Rio de Janeiro | Source: Shutterstock] Facing a weak economy and widespread government corruption, Brazil’s luxury consumers are weary. Yet fashion brands continue to invest in the country. Middle East [The Potential of Pilgrim Retail] [Pilgrims in Mecca during Hajj | Source: Flickr/Omar Chatriwala] New retail developments in Jeddah and Mecca are evidence of the opportunity presented by increasing numbers of pilgrims travelling to Saudi Arabia. [Momentum in Dubai, Middle East's Fashion Mecca] [Illustration: Noma Bar for BoF] With a new fashion council, a revamped fashion week and a growing reputation as a launch pad for big brand events, Dubai is evolving into a fully-fledged fashion capital for the Middle East and North African market. Cuba [Cuba's Ambitious Fashion 'Cuentapropistas'] [Havana, Cuba | Source: Shutterstock] Economic reforms, improved relations with the US and even Chanel’s upcoming Cruise show are all encouraging signs, but the future of the Cuban fashion market still remains uncertain. [Havana Hanging in the Balance] [Havana | Source: Shutterstock] Tim Blanks reports from Havana, finding the Kardashians and Kanye West amongst white clad adherents of Santeria in a city on the cusp of a new revolution. For more articles like this, check out our [Global Currents] channel. [Read more] [Subscribe Were you forwarded this email? To subscribe to this newsletter, click below.][Subscribe for Free] Follow Us [The Business of Fashion] [Sponsorship & Advertising] [About] This email was sent to {EMAIL} [Add to Address Book] | [Unsubscribe] | [Edit Newsletter Subscriptions] The Business of Fashion Moray House - 6th Floor · 23-31 Great Titchfield St London W1W 7PA · United Kingdom