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French luxury brand Hermès registered a 5 per cent decline in net profit during H1, FY25 to €2.2 billion ($2.53 billion). However, the brand’s sales grew by 7.1 per cent to €8 billion ($9.2 billion) during the period. Excluding the one-time contribution, net income for the group's share actually increased by 6 per cent to €2.5 billion ($2.88 billion).
Axel Dumas, Managing Director hailed the ‘solid first-half results in all regions,’ emphasizing the company's commitment to continue to invest and recruit to ensure the continued success of the company.
The company’s sales in the Americas rose by a robust 9.5 per cent to €1.45 billion ($1.67 billion), propelled by double-digit growth in the United States despite a more volatile market. Dumas addressed concerns regarding the newly announced 15 per cent customs duties on exports to the US, stating he was waiting for the precise rules of the game. He clarified, the 15 per cent rate might include the earlier 10 per cent implemented in April and the existing 5 per cent, which would mean no further price increases from Hermès, which had already raised US prices by 5 per cent after the April tariff hike.
Dumas also highlighted another significant factor: ‘the falling dollar,’ noting its impact could be as substantial, if not more, than the tariffs.
Regionally, the company’s sales in Asia excluding Japan increased by 1.5 per cent increase to €3.57 billion ($4.11 billion), with Dumas observing, the sales atmosphere in China remains buoyant for the company. Japan experienced a 17.6 per cent growth in sales to €815 million ($937 million). In Europe, sales excluding France grew by 12 per cent to surpass the billion-euro mark (€1 billion / $1.15 billion), while sales in France itself increased by 8.7 per cent to €740 million ($851 million).
Looking at product categories, sales in Hermès' core business, leather goods and saddler increased by 11.3 per cent to €3.58 billion ($4.12 billion). Sales of clothing and accessories rose by 4.3 per cent to €2.25 billion ($2.59 billion). However, perfumes and beauty products experienced a 4.1 per cent decline to €248 million ($285 million), and watch sales fell by 8.9 per cent to €281 million ($323 million).
The United States' announcement today of a sweeping 25% tariff on a wide range of Indian goods, effective August 1, 2025, has sent shockwaves through India's export-oriented sectors. While the new duties cover diverse industries from automobiles to electronics, the textile and garment sector, a cornerstone of India's manufacturing and employment, faces a particularly challenging new reality. This aggressive move by the Trump administration, citing "obnoxious" non-tariff barriers and India's continued ties with Russia, fundamentally alters the competitive landscape for Indian exporters in the crucial US market.
Sanjay K. Jain, Chairman of the ICC National Textiles Committee, offered his perspective on the development: "The recently announced tariff by the USA of 25% plus penalty for buying from Russia. That plus is yet to be defined. But overall, it's not good news for India. 25% is still manageable as Bangladesh has 35%, China has 30% plus. But Indonesia and Vietnam, two of our competitors are at 20% plus the EU is lower than that. However, the more worrisome thing is the plus. We don't have it defined. How much is it going to be? I hope this plus is not defined and we stay at 25% where we'll still be almost in equilibrium with our overall, if you see on the average with our competitors for textiles, mainly home textiles and apparels."
Historically, the US has been a vital destination for Indian textiles and apparel, with exports surpassing $2.5 billion in 2025. India's share in the global apparel market, while having seen recent growth, stood at 2.94% in 2024, down from 4.05% in 2017, largely due to intensifying competition from other Asian players. The imposition of a 25% tariff on top of existing duties will now significantly erode India's price competitiveness, forcing exporters to re-evaluate strategies, absorb costs, or desperately seek new markets.
India's Tariff Nightmare: An instant disadvantage
Prior to today's announcement, import duties on Indian goods in the US were generally much lower, often below 3% for many product categories. With the addition of a 25% tariff, Indian textile and garment products will now face a significant hurdle, making them considerably more expensive for American buyers.
This situation puts India at a distinct and immediate disadvantage compared to its major competitors in Asia, who face varying tariff regimes with the US.
The Battlefield: Asian rivals and their US tariff edge
Here's a breakdown of the current tariff situations for India's key competitors in the US textile and garment market, as of today, July 30, 2025:
● Brazil: 50%.
● Myanmar: 40%.
● Thailand: 36%.
● Cambodia: 36%.
● Bangladesh: 35%.
● Canada: 35%.
● South Africa: (Tariff not specified in provided data).
● Sri Lanka: 30%.
● Libya: 30%.
● Iraq: 30%.
● Mexico: 30%.
● South Korea: 25%.
● Malaysia: 25%.
● Kazakhstan: 25%.
● Tunisia: 25%.
● Brunei: 25%.
● Philippines: 20%.
● Vietnam: 20%.
● Indonesia: 19%.
● EU: 15%.
● Japan: 15%.
Hard Numbers: Export Values and Their New Tariff Shackles
|
Country |
2024/2025 US Textile & Garment Exports |
Effective US Tariff (Approximate) |
|
China |
Substantial (declining) |
30+% (Minimum) |
|
Vietnam |
Growing (H1 2025: $18.67B) |
20% |
|
India |
$2.5B |
25% + Penalty |
|
Bangladesh |
$7.34B |
35% |
|
Indonesia |
Significant (declining for some) |
19% |
Note: Export figures are approximate and represent recent annual or half-yearly data where available. Tariff rates are as of today, July 30, 2025, and are subject to change based on specific product categories and ongoing trade negotiations.
Fallout and Future: India's uphill battle
The 25% tariff is a crippling blow to India's textile and garment industry. Exporters will face immense pressure to either absorb the increased cost, which will severely impact their already thin margins, or pass it on to US buyers, making their products virtually uncompetitive. This could lead to:
● Aggressive market diversification: Indian exporters will likely intensify efforts to explore and aggressively expand into non-US markets, particularly Europe, where they might find more favorable trade terms.
● Urgent product re-engineering and value addition: To counter the tariff burden, Indian manufacturers may be forced to focus on higher-value products or niche segments where quality and design can command a premium, making the tariff less impactful on overall pricing.
● Desperate government intervention and negotiations: The Indian government will be under immense pressure to engage in urgent, high-stakes diplomatic efforts with the US to seek a rollback or significant reduction of these tariffs. This could involve addressing US concerns regarding trade barriers and geopolitical stances.
● Accelerated supply chain exodus from India: US buyers, already diversifying away from China, now have another complex layer to their sourcing strategies. They may further accelerate shifts towards countries like Vietnam or other ASEAN nations that offer relatively lower tariff burdens, even if it means significant adjustments to their existing supply chains with India.
Sanjay K. Jain expressed a cautious optimism, stating, "I don't see India's exports going down. Still due to China being the largest and still having Bangladesh, both of these countries still have higher tariffs. I think so we still are positive, but the positive has been diminished to a very small extent from what we all were expecting." He added, "We were expecting India to also get a 20% tariff rate, just like Vietnam and Indonesia, which would have put them at par and been good relative to other countries. So I don't see this as a negative. It's just a disappointment from what positivity we were seeing."
The textile and garment industry, a major employer in India, particularly for MSMEs, stands at a critical juncture. The newly imposed 25% tariff, coupled with the varied and often more favorable tariff situations of its competitors, necessitates a rapid and strategic response from both the industry and the Indian government to navigate this challenging new global trade landscape. The coming months will reveal the true extent of the shift in US sourcing patterns and India's ability to adapt to this significant trade barrier.
British fashion retailer, Ted Baker plans to make a comeback to UK high streets in early 2026, following its descent into administration in 2024. This move comes after the brand successfully relaunched its website in the UK last November.
According to a report by The Sun, Ted Baker plans to open a new store in London. This marks a significant step for the brand, whose UK store operator, No Ordinary Designer Label (NODL), entered administration last year, leading to the closure of all 46 of its UK stores. The brand also saw exits from international markets, including North America and the Netherlands, where similar bankruptcy proceedings occurred.
Since then, Ted Baker's parent company, Authentic Brands Group (ABG), has been strategically rebuilding the brand. ABG has focused on establishing new wholesale, distribution, and licensing partnerships globally. For instance, Pace Partnership London acquired the brand's wholesale business for the UK and Europe, while United Legwear & Apparel was appointed to manage Ted Baker's e-commerce operations.
Building on its successful UK e-commerce relaunch, Ted Baker further expanded its digital presence with a dedicated EU platform, which went live on July 1, 2025. This platform offers a localized shopping experience to customers in key European markets such as Germany, Ireland, the Netherlands, and Spain. A press release from Ted Baker emphasized that Germany and Ireland have historically been crucial markets, consistently showing strong customer engagement. This new digital chapter, the brand stated, reflects its commitment to serving its loyal EU customer base with enhanced product storytelling, curated experiences, and improved service.
Owner of iconic brands like Gucci, Saint Laurent, and Bottega Veneta, luxury conglomerate Kering announced worse-than-forecast results in Q2, FY25. The group's sales contracted by 15 per cent Y-o-Y on a comparable basis to €3.7 billion ($4.27 billion), falling short of LSEG analysts' projection of €3.96 billion.
The most significant hit came from Gucci, which typically accounts for nearly half of Kering's total revenues. Sales at the high-end fashion house declined by 25 per cent over the quarter to €1.46 billion.
François-Henri Pinault, Chairman and CEO, says, though the numbers being reported by the company remain well below their potential, their comprehensive efforts of the past two years have set healthy foundations for the next stages in Kering’s development. The company reiterated commitment to achieving long-term profitable growth despite the uncertain economic and geopolitical climate.
Kering reported weaker sales across all its markets, with Japan and the wider Asia Pacific region leading the decline. Yanmei Tang, Analyst, Third Bridge, notes, the company is facing a tough reality as its two main luxury markets, China and the United States, are under strain.
The appointment of auto veteran Luca de Meo as group CEO in June, effective September 15, has brought a wave of positive sentiment. Carole Madjo, Head –Research, European Luxury Goods, Barclays, highlights de Meo's really strong track record in turning around businesses but also in branding.
However, de Meo faces significant headwinds. The luxury industry is bracing for potential new 15 per cent tariffs on imports into the US, alongside broader concerns about consumer spending, especially in the crucial Chinese market. Armelle Poulou, Chief Financial Officer, indicates, the company had factored in the 15 per cent tariff rate and would manage it through pricing adjustments, with some price hikes already implemented in Q2 and a potential second wave in the autumn.
Analysts suggest, Kering's more pressing challenge lies in reviving brand image and desirability, particularly for Gucci under the leadership of Demna Gvasalia, new Creative Director. Francesca Bellettini, Deputy CEO, Kering, confirms, Gucci will roll out their first collection in early 2026. The company is focused on creating product desirability rather than pondering over any tariff threat, Tang concludes.
The South India Garments Association (SIGA) is urging the Karnataka State Government to create a dedicated Special Economic Zone (SEZ) for small and medium-sized textile companies within the state.
Highlighting the current disparity, Anurag Singhla, President, SIGA, states, the State Government has established textile parks catering to the needs of large textile companies. However, as of now, there are neither textile parks nor Special Economic Zones designed to benefit the small and medium-sized textile companies that contribute significantly to state revenue and generate jobs. He appeals to the government to develop supportive regulations specifically for these smaller and medium-sized textile enterprises.
A significant number of small and medium-sized textile businesses are operating below capacity due to a decline in demand for clothing, Singhla points out. In the past, the average person would purchase ten outfits annually. Due to a shortage of funds, a person’s purchasing capacity has now decreased from ten clothes annually to two, he explains.
Emphasizing on SIGA's enduring role, Singhla says, the association has been supporting the apparel industry and trade for nearly three decades, serving as a crucial link between these sectors and the government.
Currently, SIGA is hosting the 30th SIGA Fair in 2025, a three-day event that commenced on July 29. Over 100 brands are showcasing their collections at the fair. Approximately 2,000 retailers from Karnataka and neighboring states are attending the exhibition, Singhla states.
Rajesh Chawat, Secretary, SIGA confirms, prominent textile companies from Mumbai, Ahmedabad, and Surat are participating in the three-day show. The exhibition is expected generate between Rs. 100 crore and Rs. 150 crore in revenue, projects Chawat.
Singaporean investment company Temasek has significantly increased its stake in the renowned Italian luxury Group, Ermenegildo Zegna. This strategic move underscores Temasek's confidence in the Italian luxury sector's global significance and Zegna's long-term growth potential.
Temasek has agreed to purchase 14,121,062 of Zegna's treasury shares at a price of $8.95 per share. This latest acquisition builds upon Temasek's previous market purchases of 12,699,981 ordinary shares. Upon completion of this transaction, Temasek's total holding will represent a 10 per cent stake in Ermenegildo Zegna Group's ordinary share capital.
Ermenegildo ‘Gildo’ Zegna, Chairman and CEO, Ermenegildo Zegna Group, emphasizes, the investment is a strong endorsement of their vision and reinforces their unique role as a custodian of authentic luxury brands. This partnership will further strengthen their global organic expansion, he opines.
Nagi Hamiyeh, Head- EMEA, Temasek, states, this investment reflects Temasek's ongoing commitment to supporting leading European businesses with strong track records and global potential. Temasek aims to be a thoughtful, long-term partner, empowering the Zegna family and management to execute their growth strategy and elevate their iconic brands and global footprint.
The transaction will provide Ermenegildo Zegna Group with a total cash consideration of $126.4 million, bolstering the Group's balance sheet. This enhanced financial flexibility will enable Zegna to capitalize on its brands' strong momentum and selectively pursue opportunities to accelerate organic growth. Temasek's extensive experience in the luxury sector and deep knowledge of the Asian market are expected to significantly contribute to Zegna's growth prospects, particularly in underdeveloped key geographies. Nagi Hamiyeh is also slated to join the Group’s Board of Directors in June 2026.
In a significant leap for India's textile and garment sector, the renowned Asmeeta Textile Park has officially rebranded and upgraded as Magus Fashion City (MFC).
Spanning 74 acre in Kongaon, Bhiwandi, Magus Fashion City embodies a renewed vision. Building on the successful legacy of Asmeeta Textile Park, which developed over 45 acre of industrial space, Magus now champions a stronger, smarter, and more sustainable future for fashion manufacturing in India.
More than just infrastructure, the company building an ecosystem, states Vinay Nile, Senior Vice President- Sales & CRM, Magus Infra Tech
Magus Fashion City is pioneering as India's premier destination designed to serve every facet of fashion manufacturing. This ranges from garments, accessories, and footwear to cosmetics, wearable technology, and even medical textiles. With over 940 operational units already in place and more than 1,000 in the pipeline, MFC is rapidly becoming a thriving hub for B2B manufacturing, trade, and innovation.
Magus Fashion City boasts world-class infrastructure, ensuring smooth business operations with 24/7 power, water supply, robust security, 100 per cent fire compliance, efficient storm water drainage, wide internal roads, truck terminals, and comprehensive logistics support. Critically, MFC is also green-zone compliant, promoting environmentally responsible manufacturing practices. This commitment to sustainability is designed to attract brands that prioritize eco-friendly supply chains.
Already home to hundreds of businesses, Magus Fashion City is being heralded as India’s answer to leading fashion-focused industrial parks across Asia. Its strategic location, with excellent proximity to Mumbai, Thane, and Navi Mumbai, and strong connectivity via road, rail, and the upcoming metro, positions it as the epicenter of India’s fashion manufacturing revolution.
As global demand for ‘Made in India’ products continues its upward trajectory, Magus Fashion City is poised to spearhead the next chapter in India’s fashion industrial evolution, one stitch at a time.
As the global textile industry deals with shifting trade dynamics, environmental mandates, and competitive diversification, one reality remains unchanged: China’s unyielding dominance, particularly in polyester production, remains the axis upon which the industry turns.
Despite intensifying trade wars—most notably the deepening rift between the US and China—and mounting calls for diversified supply chains, China is not only holding its ground but extending its reach.
Polyester, now accounting for approximately 57 per cent of all fiber production at 71 million tons in 2024, is set to continue its reign as the dominant textile fiber. China already commands over 65 per cent of this massive market. This entrenched position means that even as the US-China trade dispute intensifies, reaching a 22-year low in direct textile and apparel imports from China to the US, the globalized nature of the supply chain ensures an unavoidable reliance on Chinese-produced polyester. Products, regardless of their final assembly location, often trace their origins back to China's formidable polyester manufacturing base.
A new report by the International Textile Manufacturers Federation (ITMF) reveals that in 2024, 95 per cent of all new fiber and filament equipment for polyester production was sold to China. This is not merely a statistic—it’s a statement of intent. It underscores Beijing’s long-term industrial strategy, rooted in rigorous five-year plans and bolstered by scale, infrastructure, and control over raw materials.
Polyester, the fabric of global fashion
In 2024, polyester accounted for 57 per cent of global fiber production, amounting to roughly 71 million tons, of which China controlled over 65 per cent. As other fibers grapple with cost volatility or supply disruptions, polyester's synthetic, oil-based reliability continues to make it the textile of choice—from high-performance sportswear to fast fashion. "Even when a T-shirt is sewn in Bangladesh or Mexico, the fiber behind it likely originated in China,” notes a senior analyst at ITMF. “That’s the invisible thread that connects us all to Chinese manufacturing.”
Table: Global polyester market outlook (2024)
|
Metric |
Value |
Source |
|
Total Fiber Production |
~71 million tons |
ITMF |
|
Polyester Share of Total |
~57% |
ITMF |
|
China's Share of Polyester Production |
>65% |
ITMF |
|
Global Market Size (Polyester Fiber) |
USD 129.8 billion |
MarketsandMarkets |
|
New Polyester Equipment Sales to China |
~95% |
ITMF |
What’s fueling this growth? Market projections show the global polyester fiber market growing from $129.8 billion in 2024 to $207.4 billion by 2034. Another estimate, specifically for polyester textile applications, sees the market expanding from $12.85 billion to $15.89 billion by 2030—a testament to polyester’s centrality across fashion, home textiles, automotive fabrics, and beyond. This growth is due to polyester's versatility, cost-effectiveness, and essential properties like durability and wrinkle resistance, making it a staple across various applications.
Exporting dominance China’s textile juggernaut
Even amid geopolitical disruptions, China’s textile and apparel exports climbed to $301.1 billion in 2024, up 2.79 per cent from the previous year. Notably, textiles (largely polyester-based), saw a 5.7 per cent growth outpacing the 0.3 per cent growth in garments and accessory exports.
Table: China's textile & apparel exports (2024)
|
Category |
Export value ($ bn) |
Year-on-year growth |
|
Total T&A Exports |
301.1 |
+2.79% |
|
Textile Products |
141.96 |
+5.7% |
|
Garments & Accessories |
159.14 |
+0.3% |
Source: Fibre2Fashion
This growth occurred even as US imports of Chinese textiles hit a 22-year low. Yet, through indirect trade routes and value-added processes in third countries, China’s polyester yarn and fabrics continue to underpin finished products globally.
Rising Challengers: The new textile cartography
Though China’s hold is firm, global players are manoeuvring to challenge its supremacy. Trade reconfigurations, ESG (Environmental, Social, and Governance) considerations, and foreign investment are shifting toward alternate hubs.
India, warming up the loom
India’s textile and apparel exports rose to $36.3 billion in 2024, a 7.1 per cent increase, driven by an 8.4 per cent rise in apparel exports. As Western retailers seek “China+1” alternatives, India’s legacy in cotton and growing capacity in man-made fibers is helping it inch up the value chain.
Indonesia, investment surge
The Indonesian textile and garment industry grew by 2.64 per cent year-on-year in Q1 2024, with textile and garment exports marginally growing by 0.19 per cent to $2.95 billion in the first three months of 2024 as per Textile Insights. Foreign direct investment in the sector also rose significantly by 70.2 per cent to $194.3 million in January-March 2024. In 2023, Indonesia exported $13.4 billion in textiles globally as per OEC World.
Thailand, quiet but strategic
Thailand’s fabric exports reached $1.08 billion in 2024. While less visible than its neighbors, Thailand is banking on trade agreements and niche strengths to boot its textile and apparel exports.
Recycled polyester takes hold
Even as virgin polyester grows, sustainability narratives are beginning to reshape industry priorities. Recycled polyester, primarily made from discarded PET bottles, is gaining momentum. In 2024, the recycled polyester yarn market was valued at $328 million, projected to hit $1.93 billion by 2033, growing at a CAGR of 16.8 per cent. The broader recycled polyester market stood at $15.52 billion, with projections reaching $26.18 billion by 2030. China and the Asia Pacific region again lead here—producing 65 per cent of recycled polyester yarn globally in 2023.
Table: Global recycled polyester market (2024)
|
Metric |
Value |
|
Recycled Polyester Yarn Market Size |
$328 million |
|
Recycled Polyester Market Size |
$15.52 billion |
|
Asia Pacific Share |
47.78% (Recycled Polyester)/65% (Recycled Polyester Yarn) |
Yet, this progress hides an inconvenient truth: most recycling is bottle-to-fiber, not textile-to-textile. Industry experts caution that unless closed-loop systems become mainstream, polyester’s ecological footprint may persist despite "green" branding.
Stitching the future
Looking ahead, the industry’s evolution hinges on sustained investment. The global textile machinery market—a barometer for future capacity—was worth $29.49 billion in 2023 and is forecasted to grow at 5.5 per cent CAGR through 2030. Asia Pacific again leads, claiming 46.5 per cent of the market in 2023, reflecting capital flow into the region. In geopolitical terms, while a full decoupling from China remains unlikely, the textile map is being redrawn. Countries like India, Vietnam, and Indonesia are no longer just “alternatives”—they’re rising centers of gravity.
Interdependence in a divided world
China’s polyester empire may be built on synthetic fiber, but its foundation is strategic foresight. For now, it’s clear: the global textile supply chain—even when rerouted—inevitably passes through China. But the increasing push for sustainability, combined with geopolitical churn and consumer awareness, is opening doors for a more diversified and circular industry. If the future of fashion is to be greener and more balanced, the threads of innovation, collaboration, and investment must be woven just as tightly as China has done with polyester.
A global leader in home textiles, Trident Group has forayed into UK with an aim to capture a significant share of the lucrative $6.68 billion UK home textile market.
This expansion of the group across the UK and Europe is being spearheaded by the its European subsidiary, Trident Europe with the launch of a new premium brand, Trident Threads. A design-driven initiative crafted for the modern, sustainability-conscious global consumer, this brand specifically targets the luxury segment. It offers a refined collection of luxurious bed and bath linens, blending timeless craftsmanship with contemporary design sensibilities.
This increasing consumer preference for eco-friendly products perfectly aligns with Trident's sustainable bed and bath linen range, which is well-suited for the discerning British consumer interested in circular textiles. These products are soon expected to be available as private labels across renowned UK retail chains.
Andrew Kingsley, CEO, Home Textiles International Marketing UK & Europe, emphasizes, blending Indian manufacturing excellence with European design sensibilities, Trident Threads represents a bold shift from traditional supply to a brand-led, innovation-first model. Our new product line, encompassing yarn, bath and bed linen, and eco-packaging, prioritizes performance, aesthetic value, and low-impact production consistent with circularity principles. This expansion leverages the evolving UK–India Free Trade Agreement, enhancing bilateral market access and reinforcing Trident's commitment to ethical, efficient trade.
With its High Net Worth (HNW) individuals and Ultra-High Net Worth (UHNW) individuals population set to grow at 11-15 per cent CAGR through 2034, India is emerging as a crucial market to watch with in the global personal luxury goods market.
As per a report by the Boston Consulting Group /(BCG), coupled with a young and brand-savvy consumer base, this rapid wealth growth is elevating India to a significant strategic priority for international luxury brands.
To capitalize on this shift, luxury brands are investing in more localized and customized strategies, emphasizing exclusivity, craftsmanship, and immersive brand experiences. As aspiration increasingly aligns with growing incomes, the Indian luxury consumer is becoming even more pivotal to the industry's future.
The BCG report advocates a fundamental rebalancing of strategy. It urges luxury brands to return to their core values and focus on quality and emotional connection instead of pursuing mass-market expansion. Key recommendations of this report include enhancing client service through high-touch, human-centric experiences supported by generative AI, ensuring vertical control over product quality, and extending luxury into wellness and lifestyle spaces.
Titled, True Luxury Global Consumer Insights 2025, the report reveals, the Global personal luxury goods market is facing an unprecedented period, with projections for 2025 indicating either stagnation or even a decrease – marking its first such downturn in over a decade.
As per the report, a significant divergence is emerging between consumer groups in the market. Having previously dominated nearly 70 per cent of the market, aspirational consumers are now pulling back, their representation dropping by almost 15 percentage points. This shift is attributed to mounting cost pressures and evolving consumption habits. Conversely, a tiny fraction of the global population (less than 0.1 per cent), ultra-high net worth (UHNW) individuals now account for a staggering 23 per cent of total luxury expenditure. These UHNW and HNW consumers are rapidly becoming the primary growth engines for the luxury industry.
Luxury brands that heavily relied on aspirational consumers are starting to feel the pinch, while those catering to high-end clientele remain more resilient. This elite segment, typically spending over $387,950 annually on luxury items, is expanding at nearly 10 per cent per year, with over 900,000 HNWIs globally. However, to attract these affluent customers, luxury brands need to focus on creating deeper, more personalized experiences that foster a profound connection to the brand.
