JB Insights
The State of Fashion:Luxury 2025
McKinsey & Company and BoF Insights report
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.
JB Insights
Valentine’s Day 2026: How Jewellery Brands Are Redefining Romance
From symbolic jewellery collection to sustainable sparkle, this season’s collections celebrate intentional love with meaning and modern elegance.
JbExclusive
What do brands in the jewellery industry have in store this Valentine’s Day 2026? This year, the focus has shifted from extravagant gestures to deeply personal expressions of love. Leading jewellers are embracing storytelling, sustainability, and symbolism—introducing heart-led designs, lab-grown diamonds, platinum love bands, and minimalist everyday pieces that reflect connection, commitment, and conscious luxury. Whether it’s a timeless solitaire, a contemporary toi et moi ring, or a delicate pendant meant for daily wear, the emphasis is on jewellery that feels intimate, intentional, and enduring.
Gargi by P N Gadgil & Sons



Gargi by PNG & Sons celebrates Valentine’s Day 2026 with delicate designs that honour modern love—thoughtful, expressive, and crafted to sparkle in every shared moment. Blending contemporary elegance with everyday wearability, the collection is designed for heartfelt gifting and self-expression alike. Because this season, love isn’t just celebrated—it’s beautifully adorned.
Senco Gold & Diamonds



This Valentine’s Day, Senco Gold & Diamonds presents a thoughtfully curated edit of romantic gifts from its Sennes, Everlite, Perfect Love and Aham collections, designed to celebrate love in all its forms. From minimal, everyday diamond jewellery in Everlite to expressive, emotion-led designs in Sennes, and timeless symbols of commitment from the Perfect Love collection, each piece blends craftsmanship with meaning. Whether you’re marking a new beginning or a lifelong bond, these collections offer elegant gifting options that feel personal, enduring, and effortlessly romantic.
Kalyan Jewellers



This Valentine’s Day, jewellery becomes more than a gift, it becomes an expression of emotion, connection, and personal meaning. From delicate heart-inspired motifs to contemporary designs accented with diamonds and subtle touches of colour, each piece is crafted to celebrate love in all its forms. Whether it’s a gesture of self-love, a symbol of a lifelong bond, or the start of something new, these timeless designs blend elegance with sentiment, creating keepsakes to be cherished long after Valentine’s Day has passed.
Malabar Gold & Diamonds



Malabar Gold & Diamonds introduces Zoul 2026 – Allure, a sub-collection within its Zoul 2026 range, centred on contemporary diamond jewellery with a clean, refined aesthetic. Designed for modern wearability, the collection reflects a growing preference for jewellery that feels relevant beyond occasion-led dressing.
The Allure edit features fancy-cut diamonds set in minimal, thoughtfully balanced silhouettes. With an emphasis on lightness and subtle brilliance, the designs are crafted to sit comfortably within everyday wardrobes while still offering a distinct visual appeal.
Dassani Brothers



Dassani Brothers has unveiled ‘Eternal Love’, a Valentine’s Day collection that reimagines classic solitaires with a modern, affordable approach. The collection blends luminous yellow diamonds, traditional solitaires, and innovative pie-cut setting diamonds to deliver brilliance, elegance, and accessible luxury.
A key highlight is the pie-cut setting technique, designed to create the visual impact of a solitaire while enhancing affordability without compromising on craftsmanship. The collection includes rings, pendants, earrings, and statement pieces crafted in fine gold, celebrating warmth, sophistication, and enduring commitment.
Limelight Lab Grown Diamonds



This Valentine’s Day, romance is taking a more meaningful turn, with couples choosing symbolic jewellery over grand gestures. Reflecting this shift, Limelight Lab Grown Diamonds has introduced its Valentine’s Day Collection alongside a compelling value proposition—offering 26% off on diamond value plus an additional 26% off on making charges, making thoughtful diamond gifting more accessible.
Highlights from the collection include the Stellar Heart Diamond Ring with its refined, contemporary silhouette; the Heartbeat Round Diamond Chain inspired by the rhythm of love; and the Toi et Moi Heartfelt Glow Diamond Stud Earrings, celebrating togetherness through a dual-heart design with subtle sparkle.
Joy Alukkas



Joyalukkas marks the season with romantic diamond and gold creations that blend tradition with contemporary styling. From elegant solitaires to heart-inspired pendants and couple bands, the brand focuses on versatile designs that celebrate affection with timeless appeal.
Giva



GIVA embraces youthful romance with minimalist silver and gold-plated jewellery accented by sparkling stones and heart motifs. Designed for everyday gifting, its Valentine’s range reflects accessible luxury tailored to a new generation of expressive consumers.
Divine Solitaires



This Valentine’s Day, Divine Solitaires celebrates meaningful love through its signature 8Hearts 8Arrows diamonds—where perfect symmetry and brilliance mirror the harmony of a couple’s bond.
Visible under specialised light, the rare 8Hearts 8Arrows pattern is a mark of exceptional craftsmanship and precision cutting, offering new-age couples a powerful and enduring symbol of pure, natural love.
Akoirah



This Valentine’s season, Akoirah by Augmont presents Made of Us, a design-led collection rooted in the belief that love isn’t one-size-fits-all -it is personal, layered, and quietly meaningful.
From emerald-toned lariats and wrap rings to halo studs and heart-set tennis bracelets, the collection blends intimacy with refined craftsmanship, including personalised Morse code necklaces.
Crafted in 14K recycled gold and set with lab-grown diamonds, the collection reflects Akoirah’s belief that meaningful jewellery is shaped not just by materials, but by stories and shared moments.
Lukson



Lukson introduces Love-Lore, a thoughtfully curated Valentine’s collection celebrating modern, intentional love. Crafted in luminous 18K gold vermeil with solid gold options, and adorned with SGL-certified lab-grown diamonds, the collection blends clean lines, heart motifs, and infinity-inspired silhouettes to create elegant pieces designed for everyday wear.
From delicate pendants and expressive rings to refined couple bands and bracelets, Love-Lore captures shared beginnings and lasting promises. With prices starting at ₹4,249, the collection reflects Lukson’s commitment to accessible, transparent, and sustainable luxury—offering jewellery that is both meaningful and responsibly crafted.
Jos Alukkas



Jos Alukkas presents jewellery designed to celebrate commitment and cherished moments. From classic contemporary heart-inspired pieces, to continue the brand’s offerings focus on craftsmanship and timeless romance.
How International Jewellery Houses Celebrated Love this season
For Valentine’s Day 2026, leading global jewellery brands spotlighted iconic motifs, coloured gemstones, and elevated everyday luxury, blending heritage with contemporary romance.
Platinum Guild International (PGI)



PGI promoted platinum love bands and minimalist couple jewellery, highlighting purity, rarity, and enduring commitment. Campaigns focused on modern partnerships, self-expression, and platinum’s natural white sheen as a symbol of lasting love.
Swarovski



Swarovski embraced playful romance through its heart-shaped crystal jewellery and vibrant statement pieces, spotlighting bold colours and contemporary silhouettes. The brand leaned into gifting narratives, amplifying sparkle with accessible luxury.
Chopard



Chopard highlighted its signature collections, celebrating the golden love. The maison reinforced themes of joy, femininity, and timeless elegance, paired with ethical gold craftsmanship.
Bvlgari



Bvlgari showcased its iconic collections, positioning love as bold and powerful. With striking designs, the brand celebrated passion, strength, and modern romance.Harry Winston
Harry Winston focused on its exceptional high jewellery creations, celebrating rare diamonds and timeless romance. The house underscored themes of eternal love, brilliance, and red-carpet glamour
Harry Winston



Harry Winston focused on its exceptional high jewellery creations, celebrating rare diamonds and timeless romance. The house underscored themes of eternal love, brilliance, and red-carpet glamour.
As Valentine’s Day 2026 unfolds, one thing is clear: modern love is thoughtful, expressive, and rooted in authenticity. Jewellery brands are responding with creations that go beyond aesthetics—offering pieces that symbolize shared journeys, personal values, and lasting devotion. Because today, the most meaningful gifts aren’t just beautiful—they tell a story worth keeping forever.
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