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
Modern Bride – Ditching Gold and Diamonds, Turning to Contemporary Jewelleries
By-Aditya Modak, Co-founder of Utsaav by Gargi by P. N. Gadgil & Sons
For as long as anyone can remember, gold and diamond jewellery has been at the heart of Indian weddings. It’s never been just about dressing up but about tradition, family pride and memories that pass on from one generation to the next. Heavy necklaces, stacks of bangles, ornate maang tikkas and bold earrings have always defined what a “proper” bridal look should be.
With India’s jewellery market valued at over Rs.5 trillion a year, it’s easy to see how intensely these pieces are woven into wedding culture. For many families, bridal jewellery is emotional as much as it is beautiful. Yet today’s bride is beginning to pause and ask herself a simple question: do I really need something this heavy and expensive to feel special on my big day?


Gold and diamond jewellery will always be special as it holds value, carries emotional meaning and is often seen as something you can treasure for years. The price can be significant, so many brides end up choosing just a few sets and playing it safe with traditional designs instead of trying something different or more personal. The physical weight is another challenge. Wedding functions filled with rituals, photos, greeting guests, and dancing can become exhausting when layered with heavy jewellery. What looks stunning in pictures doesn’t always feel comfortable in real life, and many brides are realising that comfort matters just as much as appearance.


That’s why lighter, more versatile jewellery is gaining popularity. Temple-inspired jewelleries, sleek zirconia stone necklaces, kundan bangles, delicate bracelets and intricately designed rings offer the same traditional charm without the heaviness. These pieces give brides the freedom to mix and match across functions, perhaps a bold necklace for the wedding ceremony, minimal earrings for the mehendi, and stacked bangles for the sangeet. The same jewellery can be styled in different ways, creating fresh looks without buying entirely new sets. Brands like Utsaav by P.N. Gadgil & Sons are blending classic Indian artistry with modern design, making it easier for brides to stay rooted in tradition while expressing their own style.
Budget and practicality are also key reasons for this change. Rather than spending most of their money on one or two heavy sets, brides today often build a collection of lighter, stylish pieces that they can actually wear long after the wedding. These pieces are easier to carry, easier to restyle, and allow brides to experiment with different styles across multiple functions. Lighter jewellery also gives brides the flexibility to explore colour, mix materials like meenakari, kundan, zirconia stones create personalised combinations that reflect their personality. This shift reflects a broader change in mindset, as brides increasingly value jewellery that is personal, meaningful and adaptable-not just impressive in size or price.


The modern bride is not just thinking about aesthetics but also about experience. She wants to move freely, dance without restriction and feel confident at every event, from pre-wedding festivities to the final reception. Contemporary jewellery pieces make this possible while still honouring heritage through motifs inspired by temples, goddesses, and traditional designs. This balance of tradition and modernity allows brides to express their style while staying connected to cultural roots. By opting for versatile pieces, brides are able to curate looks that are memorable, mix heritage with trend and carry the jewellery beyond wedding celebrations, making them part of their everyday wardrobe.

“Modern brides are redefining what bridal jewellery means. They are exploring pieces that are versatile, personal, comfortable, and expressive while still celebrating heritage. At Utsaav, we focus on designs that let every bride express her own style while staying connected to heritage, proving that elegance comes in every form” says Aditya Modak, Co-Founder, Utsaav by Gargi by P.N. Gadgil & Sons
Today’s bride wants jewellery that feels personal, meaningful and adaptable-not just impressive in size or price. In the end, bridal jewellery doesn’t have to be heavy or extremely expensive to make a statement. Picked with care and worn with confidence, even lighter jewellery can look stunning and leave a lasting impression.
source:Utsaav by P.N. Gadgil & Sons
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