The Future of Prada

Beauty's Evolving Approach to China, A Fashionable Crypto Wallet?

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WHAT YOU NEED TO KNOW TODAY: WEDNESDAY, DECEMBER 7, 2022 Prada has named a new group CEO as Miuccia Prada and Patrizio Bertelli step back. Leaders need to place greater emphasis on geopolitical and reputational risks when deciding where to invest globally. Beauty conglomerates are betting a recent sales slowdown in China is temporary. Ledger has tapped the creator of the iPod to design a crypto wallet that mainstream consumers will want to use. Plus, BoF Insights' latest report breaks down the high-end footwear market: "The New Statement Shoe: Reimagining Designer Footwear."

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LUXURY Why Prada Is Hiring a New CEO By Robert Williams Patrizio Bertelli and Miuccia Prada are stepping down as the group's co-CEOs, passing the reins to former Luxottica chief Andrea Guerra and hiring a new leader for their flagship Prada brand. READ MORE

GLOBAL MARKETS The Year Ahead: Mapping Fashion's New Investment Hotspots By BoF Team and McKinsey & Company

Having a clear perspective on where to invest globally will be more challenging than ever in 2023 as brands weigh up geopolitical and reputational risks alongside the economic potential of the regions in which they operate. READ MORE

CHINA How Big Beauty is Plotting a Recovery in China By Joan Kennedy

Despite disappointing Singles Day sales results, harsh Zero Covid restrictions and supply chain woes, international beauty conglomerates continue to see China as a growth engine. READ MORE

TECHNOLOGY Can the Right Accessory Take Crypto Mainstream? By Marc Bain Ledger, a maker of hardware wallets for crypto and digital assets, has teamed with the creator of the iPod for a new product it believes could make the technology more desirable to consumers. READ MORE

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NEWS BRIEFS Cucinelli Sees 28% Sales Growth This Year, Strong Demand in 2023 Fragrance Industry Is a Luxury Standout as Demand Keeps Roaring Resale Platform Archive Raises $15 Million Series A Round

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NEWS & ANALYSIS BoF LIVE | The State of Fashion 2023 By BoF Team

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How Shopify Is Empowering Entrepreneurs Through Technology At VOICES 2022, BoF's annual event where global changemakers gather to inspire innovation and reimagine the fashion industry's future, BoF's Rahul Malik spoke to Shopify president Harley Finkelstein about how, regardless of size, fashion businesses can leverage their influence to drive conscious consumption and establish meaningful communities at a time of increased market volatility. "When you give the right people the right tools at the right time, incredible things happen," said Finkelstein. "If you aggregate all individual, independent Shopify merchants, they will be the second largest retailer in America." READ MORE

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