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The State of Fashion:Luxury 2025

McKinsey & Company and BoF Insights report

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Global fashion faces challenging landscape

The ninth annual State of Fashion report by McKinsey & Company and BoF Insights highlights the challenging landscape the global fashion industry faces in 2025. With economic uncertainty, changing consumer behaviors, and evolving market dynamics, the year is expected to be a critical juncture for many brands.

Overview

Economic Challenges: 80% of executives foresee no improvement in the industry, and only 18% rank sustainability as a top concern, down from 29% in 2024. Consumer confidence and spending remain major issues.

Key Drivers: Price sensitivity, the rise of dupes, climate change acceleration, and reshuffled global trade create a difficult environment.

Geographic Shifts: Growth engines in Asia, particularly India, Japan, and Korea, are becoming pivotal as China faces economic challenges.

Themes Driving the Agenda

Trade Reconfigured: Brands are diversifying sourcing to align with evolving trade policies and sustainability targets. Nearshoring and political alignment are critical considerations.

Asia’s Growth Engines: While China slows, India, Japan, and Korea are emerging as vital markets for growth.

Discovery Reinvented: AI-driven curation in e-commerce promises to help overwhelmed shoppers navigate abundant choices.

Silver Spenders: The growing over-50 demographic offers new opportunities for incremental growth, emphasizing the need for inter-generational appeal.

Value Shift: Resale, off-price, and dupe markets are flourishing as consumers seek better value amid persistent economic pressures.

The Human Side of Sales: Enhancing in-store experiences by empowering well-trained sales staff can drive demand for physical retail.

Marketplaces Disrupted: Online non-luxury marketplaces face existential challenges, struggling with declining demand and rising customer acquisition costs.

Sportswear Showdown: Challenger brands are rapidly gaining market share, driving competition in the dynamic sportswear segment.

Inventory Excellence: Advances in inventory management and agile supply chains are key to addressing margin pressures and meeting sustainability goals.

The Sustainability Collective: Collective action is essential to meet decarbonization goals despite consumer reluctance to pay premiums for sustainable products.

Looking Ahead

The industry’s outlook remains sluggish, with revenue growth stabilizing in low single digits. Luxury’s dominance in profit creation is challenged by non-luxury segments for the first time since 2010. Brands that act nimbly to address geographic shifts, demographic changes, and technological innovations will find opportunities amid the turbulence.

Growth in the jewellery sector will be fueled by rising demand from ultra-high spenders and continuous investment from luxury houses in technology and expertise.

The new playbook for 2025 emphasizes adaptability, localization, and sustainability, while redefining value and consumer engagement. The fashion sector must innovate, embrace technology, and prioritize long-term resilience to navigate this period of reckoning successfully.

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JB Insights

SSI 2026 Opens In Mumbai With Grand Inauguration, Landmark Launches and Strong Industry Participants

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Silver Show of India (SSI) 4th Edition Mumbai has officially commenced at the Jio World Convention Centre in Mumbai, once again cementing its reputation as a premier agent of transformation for the Indian silver jewellery and articles sector.

Day 1 of the exhibition came alive with an unmatched energy, featuring exciting launches, innovative collections, and high-value business interactions.

The prestigious event was inaugurated by Shri Ramdas Athawale (Hon’ble Minister of State for Social Justice & Empowerment, Government of India) and Shri Rahul Narwekar (Speaker of the Maharashtra Legislative Assembly). The inaugural ceremony was presided over by Prithviraj Kothari (National President – IBJA, President – JAB, and Chairman – SSI Exhibition Committee) alongside Dr. Chetan Kumar Mehta (President – Jewellery Division, IBJA) and other esteemed leaders of the jewellery fraternity.

The opening ceremony drew prominent dignitaries and stalwarts from the gem and jewellery industry, including:

  • Ba Ramesh, Joint MD – Thangamayil Jewellery Ltd.
  • Dr. Saurabh Gadgil, CMD – PNG Jewellers
  • Varghese Alukkas, MD – Jos Alukkas Group
  • Kirit Bhansali, Chairman – GJEPC
  • Pramod Agrawal, Chairman – NGJCI
  • Avinash Gupta, Vice Chairman – GJC
  • Mahender Kumar Tayal, Regional Chairperson – GJEPC

Addressing the gathering, Shri Rahul Narwekar said it was not just inaugurating SSI but celebration  of India’s craftsmanship, the ‘Make in India’ initiative, and the rapidly growing commercial opportunities within the silver sector.

Massive Footfall and Breathtaking Variety

Reflecting a highly positive and buoyant market sentiment, nearly 11,500 trade visitors from across the country thronged the show floor on the very first day in a serious buying mood. Conducted across two massive levels, the exhibition showcases an extraordinary range of sterling silver jewellery, bridal collections, antique lines, and cool minimalistic offerings. It also features a wide array of silver articles, including pooja articles, furniture, idols, artefacts, and a highly sought-after silver gifting segment.

The exceptional quality, variety, and innovation on display clearly demonstrated why SSI has become a revolutionary platform for promoting business networking, innovation, and growth within the segment.

Industry Insights

Varghese Alukkas, MD, Jos Alukkas said:

“The Silver Show has evolved into an important platform for the silver jewellery and lifestyle products industry. What stands out this year is the diversity of collections on display, the innovation in design, and the growing confidence among manufacturers and retailers alike. With silver gaining increasing acceptance across various customer segments, platforms like these play a crucial role in driving the industry’s growth. I congratulate the organizers for successfully creating a focused B2B ecosystem.”

Saurabh Gadgil, Chairman, PNG Jewellers said:

“The fourth edition Mumbai of SSI reflects the growing strength of the silver industry in India. The enthusiasm among retailers and buyers clearly indicates that silver is emerging as a preferred category across consumer segments. With the festive and gifting season ahead, platforms like SSI play a vital role in connecting the industry, driving business, and showcasing new trends.”

The Silver Show of India continues to serve as an invaluable B2B ecosystem, offering participants unmatched opportunities to discover new product lines, strengthen corporate relationships, and capture emerging consumer preferences.

The show floor witnessed an enthusiastic response from buyers and retailers as exhibitors unveiled innovative collections and product launches. Key highlights included:

• Anmol Silver launched its Rudra Series, inspired by traditional Indian artistry and heritage craftsmanship.

• Navkar Sterling Silver unveiled its Shell & Silver Collection, featuring elegant silver jewellery enhanced with mother-of-pearl, rubies, and emeralds.

• Purple Jewels introduced TULIP – The Ultra Light Idols by Purple, showcasing technologically advanced 925 silver idols with exceptional detailing and finish.

• Kraft Silver attracted attention with its extraordinary display of silver artefacts, including a magnificent silver cow, silver sofa, and innovative decorative creations.

• Antaraa Silver showcased its exclusive range of premium silver accessories, luxury pens, and innovative lifestyle products, drawing appreciation from industry leaders and buyers alike.

Antariksh Jewellers, Chennai showcased an exquisite traditional pooja set.The collection which comprised a meticulously crafted

pooja thali, samai, chambu, bell, udarni, kamachi valak, and aarti.

MJR Silver showcased magnificent, oversized haaram. Emblazoned with the iconic MRJ logo, this masterpiece beautifully weaves together the rich tapestry of the brand’s diverse portfolio. Each intricate detail highlights their mastery of jewellery arts—from  kundan and the delicate precision of paper casting, to the modern innovation of electroforming and the soulful depth of hand nakashi work.

Ricchezza showcased Hollow Men’s RPT Jewellery comprising kadas, bracelets and neckwear.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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