News: 12/30/22

Friday, December 30, 2022

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The Best of BoF: Global Markets, Tumult and Opportunity

WHAT YOU NEED TO KNOW TODAY: SATURDAY, DECEMBER 31, 2022

The BoF Team is taking a well-deserved break. In the meantime, our reporters and editors have selected the best articles we published in 2022 across our core topic areas of expertise. Today, we focus on Global Markets. Look out for our agenda-setting analysis to return on January 3. Happy holidays!

Dear BoF Community,

2022 was a year of tumult and opportunity in global markets far from fashion's main capitals.

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.