Thursday, December 30, 2021

The Best of BoF: A Year of Growth and Crackdowns in Global Markets

BoF is away for its annual break until 4th January. In the meantime, we invite you to explore highlights of our news and analysis from the year.
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WHAT YOU NEED TO KNOW TODAY: FRIDAY, DECEMBER 31, 2021

Dear BoF Community,

2021 was a year of dramatic highs and lows for some of fashion's fastest-growing markets.

In China, President Xi Jinping's August call to regulate "excessively high incomes" spooked luxury investors and wiped billions off stock market valuations. And in a particularly politically charged year, the already-risky act of appointing celebrity ambassadors got all the more challenging.

But the year was also one of growth. Nykka, India's answer to Sephora, went public at a valuation of nearly $13 billion, while up-and-coming African beauty entrepreneurs and Australia's indigenous fashion designers also made their mark. Global moguls like Russia's Tatyana Bakalchuk, Thailand's Central Group sibling duo Tos and Yuwadee Chirathivat and Fashion Week Tel Aviv's Motty Reif are all making waves in their local markets.

Elsewhere, there were turning points: K-beauty is entering a new, hyper-competitive era, while fashion titles like Harper's Bazaar and Esquire are leading a long-overdue shift towards localisation in the Middle East.

Zoe Suen, Senior Editorial Associate

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