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.
As silver transitions from a traditional staple to a modern fashion essential, PNG Jewellers introduces Silvostyle—a brand redefining everyday luxury. Rooted in a legacy of craftsmanship yet fueled by global trends, Silvostyle bridges the gap between heritage and high fashion.
In an exclusive conversation with JewelBuzz, Hemant Chavvan, VP of Marketing and E-commerce, reveals how the brand captures the Gen Z and millennial pulse. By blending digitally fluent storytelling with omnichannel accessibility, Silvostyle democratizes fine jewellery. The discussion explores their design philosophy, influencer-led strategies, and how they are positioning silver as the ultimate medium for youthful, expressive style across India.
1. Vision behind launching Silvostyle under PNG Jewellers
Silvostyle was launched to translate PNG Jewellers’ trusted legacy of purity and craftsmanship into a modern, accessible silver jewellery brand. With silver increasingly popular among younger buyers and fashion-forward consumers, Silvostyle brings together tradition and trend in every piece.
The brand draws on global fashion influences while maintaining quality standards and design integrity rooted in PNG’s heritage. Silvostyle aims to democratise contemporary silver jewellery, offering the confidence of reliability, design innovation, and an affordable, youthful format that resonates across urban markets.
2. Silvostyle’s design language
Silvostyle’s design language is modern, minimal and versatile, tailored for consumers who value style with wearability. Clean lines, wearable silhouettes, and subtle yet striking details blend international fashion trends with Indian craftsmanship.
Collections feature sterling silver, semi-precious stones, and intricate finishing, resulting in jewellery that feels contemporary, effortless, and expressive.
3. Core Silvostyle customer & Gen Z–Millennial influence
Silvostyle’s core audience comprises urban Gen Z and millennial buyers seeking expressive, fashion-forward jewellery. These consumers prioritise lightweight, stackable, Instagram-worthy designs styled in multiple ways.
The brand’s digital-first campaigns, curated retail experiences, and trend-driven collections balance timeless appeal with modern sensibilities, establishing credibility among style-conscious shoppers.
4. Balancing affordability with craftsmanship
Silvostyle delivers everyday luxury through intelligent design, efficient sourcing, and stringent in-house quality control. Leveraging PNG Jewellers’ legacy standards, the brand ensures premium finishes, durability, and aesthetic impact—without escalating costs.
Silver is positioned as an attainable luxury category, ideal for frequent purchases and gifting occasions.
5. Role of minimalism & personalisation
Minimalism and personalisation are central to Silvostyle’s offerings. Stacking rings, charm accents, and delicate bracelets encourage creative styling and self-expression.
The collections blur the line between fashion and personal storytelling, making jewellery suitable for everyday wear and milestone celebrations.
6. Seasonal collections & campaigns
Silvostyle aligns seasonal launches with Valentine’s Month, festive seasons, and travel occasions, supported by youth-centric, digital-first activations.
Through trend awareness and lifestyle storytelling, the brand positions launches as experiential moments, not just product drops—enhancing engagement across social media platforms.
7. Key growth priorities & market outlook
Growth priorities include retail expansion, stronger digital engagement, and accelerated trend adoption. With more standalone stores and shop-in-shop experiences, Silvostyle aims to deepen presence across Tier 1 and Tier 2 markets.
As silver gains momentum among younger buyers seeking fashion-led, affordable luxury, the brand is well positioned with trend-aligned collections and omnichannel access.
8. Influencer marketing strategy
Silvostyle collaborates with micro and mid-tier influencers whose aesthetics mirror its audience. Through reels, styling guides, and everyday wear inspiration, the brand drives authentic engagement.
This strategy fosters a digitally native community, strengthening credibility through relatable, visually driven storytelling.
9. Outlook for silver jewellery in India
The outlook for silver jewellery in India is robust, driven by evolving fashion sensibilities, gifting culture, and demand for affordable luxury accessories.
As consumers explore alternatives to high-value gold purchases, silver emerges as a versatile category bridging daily wear and celebratory occasions, particularly among urban and younger demographics.
Silvostyle reflects the changing rhythm of India’s jewellery preferences—where versatility, affordability, and self-expression take centre stage. By blending PNG Jewellers’ heritage with modern design language, digital-first engagement, and trend-led storytelling, the brand is redefining silver as a lifestyle choice.
As demand for accessible luxury grows, Silvostyle stands poised to shape the future of silver jewellery in India—one thoughtfully designed piece at a time.
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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.