Ushering change through telecommunication

ISSUE 42 £. 20.99 FALL 2023

Ushering change through telecommunication with Hatem Dowidar, Group Chief Executive Officer, e&

Editor’s Note “Your brand is a story unfolding across all customer touch points” - Jonah Sachs This quote perfectly exemplifies the message of this edition. 2023 so far, has been one of the most exciting and convoluted years for marketing and branding. With generative AI taking the world by storm last year, it paved the way for businesses to not only reconsider their

The Team

strategies altogether but also led to quite a bit of pandemonium in the job market. This year also saw groundbreaking partnerships emerge which are set to alter the course of modern E-commerce to understanding customer centricity through AI, this issue of Brands Today dives deep into all the important conversations happening in the business world. AI integration is no longer optional for competitive businesses, so what do businesses do now? Our exploration of this imperative examines whether companies can afford to ignore AI’s siren call—a question that echoes the strategic discussions. Have you ever wondered just how deep the AI iceberg goes? With it seamlessly seeping into our daily lives, it’s hard to tell what is human and what is AI. Google’s new AI policy targets this issue and is now set to alter the landscape of political advertising- and it looks like we are finally entering into a cookiless world! Is this the impending end of digital cookies? Re-examine the need for social media in our lives and business and get up to speed with all the important trends in this rapidly shifting landscape. Join us in this edition as we not only report on the industries but also weave the stories of their interplay with global trends and market forces, creating a tapestry rich with insight and foresight. Welcome to the conversation; welcome to the future.

Katie Noakes Editor-in-Chief

Issue 42

Jay Reddy James Pringle Galvin Jamie Fiona James Kate Hooper Eva Morris Jim Cooper Edwin Martin Roger Moses Nancy Louis

Table of Contents 08

08

Shifting the Luxury Narrative Through Social Design

16

Shifting the Luxury Narrative Through Social Design

Are Your Luxury Investments Safe? The Volatility of the Luxury Home Market

20

Digital Fashion: A Revolution in Self-Expression and Identity

16 Are Your Luxury Investments Safe? The Volatility of the Luxury Home Market

25

Cover Story: Interview with Mr. Hatem Dowidar, Group CEO, e&

36

Exploring China’s New Luxury Consumer

43

The Ice Begins to Crack: Rare Whisky Market Experiences a Historic Downturn

47

20

Zara Embraces Haircare with a Glittering Holiday Debut

51

Digital Fashion: A Revolution in Self-Expression and Identity

Women Leaders Shaping The Future: Ba&sh continues its Power Blazer Initiative

55

In the Gilded Underbelly of Desire: A Dizzying Descent into the Global Luxury

25 Interview with Mr. Hatem Dowidar, Group CEO, e&

Market 59

Brand Quiz

69

The Baa-d New World of Advertising: AI-Powered Sheep Take Over Sheep Inc. Campaign

71

Lessons In Luxury: An Understanding Of Global Luxury Fashion

73

Brand Quiz Answers

Table of Contents 08

36

Shifting the Luxury Narrative Through Social Design

16

Are Your Luxury Investments Safe? The Volatility of the

Exploring China’s New Luxury Consumer

Luxury Home Market 20

Digital Fashion: A Revolution in Self-Expression and Identity

43 The Ice Begins to Crack: Rare Whisky Market Experiences a Historic Downturn

25

Cover Story: Interview with Mr. Hatem Dowidar, Group CEO, e&

36

Exploring China’s New Luxury Consumer

43

The Ice Begins to Crack: Rare Whisky Market Experiences a Historic Downturn

47

47

Zara Embraces Haircare with a Glittering Holiday Debut

51

Women Leaders Shaping The Future: Ba&sh continues

Zara Embraces Haircare with a Glittering Holiday Debut

its Power Blazer Initiative

55

In the Gilded Underbelly of Desire: A Dizzying Descent

51 Women Leaders Shaping The Future: Ba&sh continues its Power Blazer Initiative

into the Global Luxury Market 59

Brand Quiz

69

The Baa-d New World of Advertising: AI-Powered Sheep Take Over Sheep Inc. Campaign

71

Lessons In Luxury: An Understanding Of Global Luxury Fashion

73

Brand Quiz Answers

07

Shifting the Luxury Narrative Through Social Design

Imagine a world where every object, every experience, is

artists, architects, and designers collaborated to create

designed not just for function but also to enhance our

objects that were not only functional and beautiful but

lives, foster social connections, and promote well-being.

also accessible to the masses. Social design's influence

That is world where I would want to live in and that is the

grew throughout the 20th century, intertwined with

world of social design. A vision designed for humanity.

various social movements. From the civil rights movement to the rise of environmental awareness,

The idea of social design, a movement that's quietly

design became a tool for positive change.

shaping our world. Social design didn't spring up overnight. Its roots can be traced back to the early

In the 1960s, designers like Victor Papanek and

20th-century

movement,

Buckminster Fuller challenged the status quo, urging

spearheaded by visionaries like Ludwig Mies van der

their peers to consider the social and environmental

Rohe and Le Corbusier. These pioneers believed that

impact of their creations. They argued that design

design could and should go beyond aesthetics; it could

should not only serve individual needs but also address

improve people's lives through functionality and beauty.

broader societal issues. This inspired a change in core

industrial

design

design philosophy and set course for an entirely new

08

The Bauhaus school, established in Germany in 1919,

direction. Today, social design is more relevant than

became a breeding ground for this philosophy. Here,

ever. From healthcare to education, from urban planning

planning to technology, it's shaping the world around us

In the 1971 manifesto "Design for the Real World," social

in myriad ways.

design pioneer Victor Papanek laid out the core principles of this transformative approach. Among

A marvel of innovation in social design is the "Little Sun"

them, three stand out for their potential to forge a

solar lamp designed by Olafur Eliasson. This simple,

powerful link between luxury and social design:

affordable lamp provides light to communities without access

to

electricity,

empowering

people

and

promoting education and safety.

1. Human-Centered Design: Both luxury and social design share the core value of placing the human experience at the heart of everything. Luxury strives to enhance well-being and delight through beauty and pleasure,

transcending

mere

functionality.

Social

design, on the other hand, focuses on improving the quality of life for all, particularly those facing challenges. This synergy can manifest in luxury products and services that not only elevate the user experience but also address societal needs, promoting inclusivity and fostering well-being for all. 2. Sustainable and Responsible Products: Luxury, traditionally

associated

with

exclusivity

and

extravagance, is evolving towards sustainability and Social design is not just a trend; it's a paradigm shift. It's

eco-conscious practices. This aligns perfectly with social

about recognizing that design has the power to make a

design's

positive impact on the world. As we move forward, we

impact through responsible production processes and

must continue to embrace this approach, creating

circular economy principles. Luxury brands can leverage

products, services, and experiences that not only fulfill

their resources and influence to develop sustainable

their intended purpose but also contribute to a more

products and experiences, promoting responsible

just, equitable, and sustainable future.

consumption

emphasis

and

on

minimizing

fostering

a

environmental

more

harmonious

relationship with the environment. This is the hidden beauty of social design. It's not just about aesthetics; it's about designing a better world,

3. Ethical Approach for Societal Impact: Both luxury

one object, one experience, at a time.

and social design recognize the inherent responsibility that comes with their influence. Luxury carries a weight

“All men are designers. All that we do, almost all the time,

of expectation, often serving as a symbol of values and

is design, for design is basic to all human activity. The

aspirations. Social design, on the other hand, seeks to

planning and patterning of any act towards a desired,

address social issues and contribute to a fairer and more

foreseeable end constitutes the design process. Any

equitable world. This shared commitment to ethical

attempt to separate design, to make it a thing-by-itself,

practices creates a platform for collaboration. Luxury

works counter to the inherent value, of design as the

brands can champion social causes, offer perspectives

primary underlying matrix of life. Design is com- posing an

on critical issues, and actively contribute to global

epic poem, executing a mural, painting a masterpiece,

discourse, using their voice to promote positive change.

writing a concerto. But design is also cleaning and reorganizing a desk drawer, pulling an impacted tooth,

These fundamental principles provide a blueprint for a

baking an apple pie, choosing sides for a back-lot baseball

remarkable convergence between luxury and social

game, and educating a child. Design is the conscious

design. Imagine a world where luxury items, imbued

effort to impose meaningful order.”

with

- Victor Papanek

technology, also contribute to solving global challenges.

exquisite

craftsmanship

and

innovative

09

Water purifiers crafted with elegance could provide safe drinking water to communities in need. Solar ovens designed with cutting-edge aesthetics could empower families in remote areas with sustainable cooking solutions. The

luxury

preservation

Rawsthorn, and Tawanda Chiweshe, carefully evaluated each presentation. A common theme throughout the finalists' works was their commitment to addressing critical issues and creating positive societal change, showcasing the immense power of design for social good.

industry’s

commitment

to

and

expertise

cutting-edge

its

in

heritage

innovation offer a unique opportunity to embrace this transformative movement. By partnering with social design initiatives, luxury brands can elevate their purpose beyond exclusivity and indulgence, becoming a force for good in the world.

Particular attention was drawn to the work of Aqui Thami, an Indian artist and activist who hails from a marginalized community herself. Thami's work focuses on empowering underprivileged minorities in India, particularly in Dharavi, one of Mumbai's most densely populated areas. One of Thami's pioneering projects involved creating

Beyond Opulence: Luxury Brands Fostering Creativity and Social Impact

inclusive spaces, including the first-of-its-kind feminist

The world of luxury is undergoing a significant shift.

hub

Traditionally associated with opulence and exclusivity,

documentation, and education." It offers a platform for

many luxury brands are now embracing a new mission:

underrepresented

to drive positive social change and nurture emerging

community, demonstrating how design can be used to

talent. This trend was recently exemplified at the

empower and create positive change.

library in Asia. This innovative space serves as a vibrant for

"experimental voices

creation, and

storytelling,

fosters

a

strong

prestigious Hublot Design Prize 2023, where six finalists presented their innovative projects, all infused with a

Thami's work embodies the very essence of social

strong social design dimension.

design, where aesthetics serves a purpose beyond mere beauty. By creating functional and beautiful spaces that

12

The esteemed judging panel, comprised of prominent

empower

marginalized

communities,

Thami

figures like Marva Griffin, Hans Ulrich Obrist, Alice

demonstrates the immense power of design as a tool for

positive social impact.

commitment to using sport as a catalyst for progress. Through this partnership, they explore the future of

The Hublot Design Prize is just one example of the

sports and aim to inspire future generations to embrace

growing trend within the luxury industry to support

social responsibility and inclusivity.

emerging talent and address social issues. This shift in perspective signifies a move beyond pure opulence,

Beyond

recognizing

individual

achievements,

the

towards a more holistic approach that values creativity,

Hublot Design Prize serves as a valuable platform for

sustainability, and social responsibility.

showcasing and elevating the work of young designers on an international scale. As Hublot CEO Ricardo

As this trend continues to gain momentum, the future

Guadalupe stated at the awards ceremony, "We are

of luxury looks increasingly promising. By leveraging

proud to be able to showcase talented young designers

their resources and influence, luxury brands have the

on an international scale."

potential to create a more equitable and sustainable world, making a significant positive impact on the lives

This year's edition of the prize highlighted the

of individuals and communities around the globe.

emergence of a new generation of "hybrid designers." These individuals demonstrate a heightened awareness

Gabriel Fontana, the recipient of the Pierre Keller Prize

of social and environmental issues, moving beyond a

at the Hublot Design Prize 2023, has emerged as a

traditional focus on product design. This shift signifies a

leading figure in redefining social roles and norms

significant evolution in contemporary design thinking.

through the lens of sport. Based in Paris, Fontana's work delves deeper than mere athleticism or aesthetics,

While the Hublot Design Prize focuses on emerging

exploring how sport can be utilized as a powerful tool for

talent, established luxury brands are also starting to

social inclusion, reflection, and transformation.

incorporate elements of social design into their practices. Dior, not typically associated with social

"My work focuses on reimagining sport, not only from

design, has made strides under the artistic direction of

an athletic or aesthetic standpoint but also from a social

Maria Grazia Chiuri.

one," explains Fontana. "It involves how sport can be made more inclusive, reflective, and transformative. It

Chiuri has utilized her platform to raise awareness of

encompasses numerous issues like identity, the body,

societal issues within the world of luxury fashion. Her

group dynamics, and gender norms."

collections often carry powerful feminist messages, exemplified by the iconic "We Should All Be Feminists"

Fontana's mission extends beyond designing objects or

T-shirts. These creations spark dialogue and encourage

spaces. He aims to challenge existing biases, transform

critical thinking about gender equality and women's rights.

social norms, and ultimately reshape society through the creation of "new games."

Dior's commitment to social design extends beyond its own collections. Collaborations with artists like Judy

Recognizing the immense influence of sport, he

Chicago further amplify this commitment. For the

believes it can be the most impactful discipline for

Spring/Summer 2020 collection, Dior partnered with

driving positive social change.

Chicago

to

celebrate

femininity

and

art.

This

collaboration continues to resonate with the ongoing "Social design uses different methodologies to tackle

major retrospective of Chicago's work at the New

complex issues," Fontana further explains. "It enables

Museum in New York, showcasing the enduring impact

the evolution of not only interactions but also of the

of their collaboration.

environment and people. The designer's mission is to create, but also to push boundaries and inspire change."

The Future of Design: Beyond Aesthetics The work of Gabriel Fontana and the initiatives of

Fontana's collaboration with Nike exemplifies his

brands like Dior illustrate the growing influence of 13

social design. This movement signifies a shift in design

focused on serving chosen few.

philosophy, prioritizing social responsibility alongside aesthetics and functionality. As designers and brands

However,

continue to embrace social design principles, we can

Regardless of the industry, the need for engagement is

expect to see even more creative and impactful

paramount, especially with the pressing challenges of

solutions to complex societal issues.

our times. This is where new luxury houses emerge,

societal

evolution

cannot

be

ignored.

offering products previously thought incompatible with By leveraging their influence and resources, designers

sustainable well-being. The concept of "consuming

and luxury brands have the potential to drive significant

better but less" is gaining traction, even within the world

positive change in the world. This emerging trend

of luxury, signalling a potential shift in priorities.

reflects a growing understanding that design can be a powerful tool for good, not only creating beautiful

In conclusion, the dialogue between social design and

objects but also building a more equitable and

luxury remains complex and multifaceted. While

sustainable future.

challenges exist due to the inherent nature of luxury, the evolving landscape of social consciousness is driving a

A Shifting Landscape: Social Design Enters the World of Art and Luxury The winds of change are blowing through the world of design, particularly within the hallowed halls of art schools like ECAL in Lausanne. Nicolas Le Moigne, designer and director of the Master in Luxury at ECAL, observes a distinct shift in student priorities. "In recent years," he explains, "the topics that concern students have been increasingly influenced by social, ethical, and environmental causes." This translates into a design approach

that

transcends

mere

aesthetics,

incorporating these critical lenses into the creation of objects and experiences. However, ECAL maintains a delicate balance. While encouraging the exploration of social impact within design, Le Moigne emphasizes the importance of artistic freedom. "We don't impose any specific direction," he says, "and we always keep the door wide open for freedom of expression." But the question remains: is there a genuine future for the convergence of luxury and social design? Professor Félicitas Morhart, of Marketing at HEC Lausanne, offers a nuanced perspective. "Luxury, by its very definition, seeks to differentiate and elevate social status," she notes. "Democratizing luxury, in a sense, contradicts its core essence." Morhart argues that luxury caters to a select group attracted to exclusivity and rarity, where social

considerations

remain

secondary.

While

sustainability may hold increasing importance for consumers, luxury, in its current form, remains primarily 14

shift within the industry. Whether this translates into a genuine commitment to social good or a mere marketing strategy remains to be seen. Nevertheless, the emergence of new voices and the growing influence of social responsibility represent a captivating chapter in the story of design.

15

Are Your Luxury Investments Safe? The Volatility of the Luxury Home Market

2023 has been a year of measured steps and watchful pauses, with people walking on eggshells. The current cost-of-living crisis which still runs rampant only adds fuel to this fire. While the pandemic's unbridled crescendo has faded, a deeper, more intricate melody whispers beneath the surface, one that speaks of adaptability and the enduring power of well-placed bricks and mortar. In a study published by Colibri Real Estate, they found troubling times ahead for the luxury real estate market. They claim, “ To date, all indications are that those who need to buy and/or sell will continue to do so, but for those whose criteria is more based on ‘wanting to buy,’ there will continue to be a hesitancy while they hope for

The real estate market is one of the most ironic markets

inventory choice to improve and/or prices to become

in the world. For an industry that is so shaky, that it can

more favorable.

hardly balance the land it sits on, fluctuating like a rollercoaster, the idea of selling homes, I find is

Equally, sellers will remain resistant, not just because

incredibly sardonic to say the least. The world of luxury

they do not want to give up their current low mortgage

real estate, was once a vibrant and thriving market of

rates, but because they see little inventory to purchase

skyrocketing prices and frenzied bidding wars, but now

and therefore less reason to lower their prices.”

has settled into a more nuanced waltz of resilience and cautious optimism. 16

While October was the only month that showed signs of

improvement it doesn’t really set the precedent for change.

estate frenzy have been replaced by a steady glass of reality.

For the first time this year, the number of sold luxury

Headlines scream "crash" and "correction," but beneath the

properties pirouetted past their 2022 counterparts,

surface, the market hums with a different tune: one of

single-family homes waltzing to a 2.73% increase and

resilience, cautious optimism, and a subtle shift in rhythm.

attached properties sashaying to a 7.72% rise. While the era of breakneck price surges is over, the median One of the key factors for this is inventory. By following the

sold price for single-family homes has held steady around

basic principles of economics - more supply= more

$1.3 million since July 2022, and attached properties remain

demand, realtors were able to provide buyers with more

stable at $860,000. This stability underscores the enduring

options when it came to buying homes. The housing crisis

value proposition of luxury real estate, even in the face of

has been affecting major cities all across Nort America,

economic headwinds.

making it harder to buy a house. But when buyers have more reasonable options, the opportunity to buy homes

The question everyone's asking is: will prices drop? The

also increase. This, coupled with the recent stabilization

answer isn't a simple yes or no. Experts predict potential

(and potential future decrease) of mortgage rates, has

dips, but a dramatic crash seems unlikely. The key players in

injected a much-needed dose of confidence into the room.

this dance are supply and demand. While a small decrease in interest rates could boost buyer confidence, it's unlikely

This is further confirmed by the Mortgage Bankers

to trigger a sudden flood of inventory. Instead, it might lead

Association

that

to an uptick in sales, as pent-up demand that has been

a

waiting on the side-lines finally takes the floor. This suggests a

(MBA)

who

30-year-fixed-rate-mortgages

announced

have

dropped

by

staggering 67 basis points. From a high of 8.03% earlier

market finding its groove, not one on the verge of collapse.

this year, mortgage rates have dropped to 7.36% in October 2023. This resulted in a 3% increase in mortgage

However, the dizzying pace of the pandemic years is unlikely

applications.

to return. Those were extraordinary times. Today's market is more measured, with buyers prioritizing long-term value and stability over short-term gains. This shift in focus reflects a broader understanding of luxury real estate as a low-risk asset, a safe haven amidst economic uncertainty, political turmoil, and volatile financial markets. This perception, coupled with the inherent stability of real estate as an investment, paints a picture of a market that, while evolving, remains fundamentally sound. It's not a monolith; regional variations and intricate rhythms exist, requiring a discerning eye and a willingness to

The report further adds, “ There is also downward pressure

listen to the music.

in Canada as fixed-rate mortgages fell between 0.05 to 0.35% points in the last week. However, expectations are

For those who can navigate the changing landscape,

that any significant rate changes will not happen until later

opportunity still twirls on the dance floor. Hidden gems

in 2024, as Canada takes a more cautionary approach and

await in niche markets, shifting demand cycles offer

seeks to bring inflation back down to their 2% goal.

strategic entry points, and long-term plays hold potential for significant returns.

Importantly, this shows us that when mortgage rates fall, this not only certainly boosts optimism in the real estate

As big as this change is though, the market which will

market but should see sellers moving forward with the

be impacted the most are local market levels and

plans they put on hold for the last year.”

depending on the current demand profile of their buyers against ongoing supply, some buyers might be

The champagne flutes of the pandemic-era luxury real

looking at an uphill battle. All markets are very different, 17

18

and the way they respond to changes is also drastically

estate market and a belief in the stability of property

different. There will be a lot of conflicting analysis

ownership, regardless of the wealthy buyer's financial

because all markets are not equal and results from a

situation. Even though some of those buyers gave up on

North American perspective could look very different at

buying

the grassroots level.

disappointment or perhaps hesitation, by 2024 they may

property

in

2023

because

of

fatigue,

be able to come back as the inventory has improved. As with any market, there will be much debate about how things are going to work in the coming year.

The art of selling and buying in this market needs a

However, it is always an opportunity for those who have

critical and analytical approach; understanding the

been prepared. There are niches in every market:

realities and setting expectations accordingly will

whether you move to a place that offers a better cost of

ensure that goals are achieved. For those who can

living, recognize luxury pockets or types of real estate

navigate the changing landscape, opportunity still twirls

that are next in the demand cycle, or simply wait until

on the dance floor. Hidden gems await in niche markets,

you find a property that is below market value.

shifting demand cycles offer strategic entry points, and long-term plays hold potential for significant returns.

There is still considerable confidence in the luxury real

19 19

Digital Fashion A Revolution in Self-Expression and Identity While some may be quick to dismiss the metaverse as a

tech-savvy generation wants from brands in the digital

passing fad, a recent report from Roblox suggests

world. The data reveals a clear demand for branded

otherwise.

fastest-growing

attire that mirrors their physical wardrobes, along with

demographic, continues to spend significant time and

the ability to effortlessly modify appearances, including

money in these virtual spaces, particularly when it

hairstyles and body types. In the first nine months of

comes to digital fashion.

2023 alone, Roblox saw a remarkable 165 billion avatar

Gen

Z,

the

platform's

updates (a 38% increase from the previous year) and an I was taken aback after reading the numbers from a

impressive 1.65 billion digital fashion items purchased (a

recent to report published by Vogue which claims that-

15% increase).

Roblox boasts a staggering 70 million daily active users,

20

with Gen Z individuals (aged 17-24) leading the charge.

"It's not just about picking one look," explains Christina

This age group offers invaluable insights into what this

Wootton, Chief Partnerships Officer at Roblox. "They are

21

actively experimenting with their digital identities,

To gain deeper insights into Gen Z's preferences regarding

constantly evolving their avatars." This insight is crucial

avatar styling, Roblox conducted a survey of 1,545 individuals

for brands looking to connect with Gen Z in these

aged 14-26 across the United States and the United

burgeoning digital spaces.

Kingdom who self-identified as active in virtual worlds, not just limited to Roblox. The research also analysed behavioural

While metaverse hype may have cooled off in recent

data collected throughout 2023 until September.

months, with many brands shifting focus towards more practical technology applications, the potential of this

The findings reveal a significant willingness among Gen Z

new frontier remains undeniable. Global searches for

users to invest in digital fashion. Over half of respondents

"metaverse" may have dropped, but industry analysts

expressed their openness to spending up to $10 per month

like Globaldata predict a significant rise in revenue,

on avatar styling, while 19% and 18% expressed interest in

reaching a staggering $400 billion by 2030. The gaming

spending up to $20 and $50-$100, respectively.

market, meanwhile, is expected to soar past $665 billion in the same timeframe, highlighting the immense

These statistics highlight the growing importance of digital

potential of interactive digital experiences.

self-expression within this generation. As Christina Wootton, Chief Partnerships Officer at Roblox, emphasizes, over half of the surveyed individuals prioritize expressing themselves through their avatar's wardrobe compared to their physical appearance (compared to 42% in the previous year's survey). Additionally, 85% believe the importance of digital fashion has escalated despite the declining metaverse hype. Interestingly, Gen Z's engagement with virtual spaces extends beyond the digital realm, with physical trends influencing digital styles and vice versa. At least 84% of the participants acknowledge how their physical style is inspired by their own and others' avatars. This influence has led them to experiment with hairstyles, embrace bolder fashions, and

Wootton believes Gen Z doesn't view Roblox through

even explore gender-fluid styles in the physical world.

the lens of the broader metaverse narrative. "This isn't a

Moreover, 84% expressed a strong likelihood of trying a

platform that simply popped up and became a trend,"

brand in the physical world after experiencing it virtually.

she emphasizes. "Our users have been deeply engaged for over a decade, so their understanding and

Wootton further points out that digital self-expression and

approach are quite different." This sentiment was

authenticity within immersive spaces positively impact

echoed in Roblox's recent stock jump after exceeding

mental health. A staggering 88% of respondents believe

third-quarter revenue estimates and experiencing a

expressing themselves in these spaces has fostered greater

20% user growth.

comfort in expressing themselves physically. They also perceive the metaverse as less judgmental compared to the real world.

Looking beyond the hype, one thing is clear: Gen Z is

22

actively shaping the future of digital fashion and

As Roblox's avatar ecosystem evolves, incorporating layered

pushing boundaries within virtual spaces. For brands

clothing options, diverse body types, and enhanced

seeking to remain relevant and engage this influential

communication tools, Gen Z's interest intensifies. To resonate

generation, understanding their desires and embracing

with this audience, successful brands prioritize listening to

the potential of platforms like Roblox is crucial. This new

the community

frontier offers exciting opportunities for creativity,

preferences. Wootton, who guides brands in developing

connection, and self-expression, and Gen Z is leading

their Roblox strategies, observes a growing focus on

the charge, proving that digital fashion is here to stay.

incorporating creators' perspectives.

rather

than

dictating

their

own

"Gen Z demands influence over their avatar's wardrobe and

identified by Gen Z in the survey were Y2K fashion, pink,

expects brands to listen," Wootton says. "Communication

neutral colours and beige, cargo pants, and sheer dresses.

within immersive experiences and brand engagement

Cultural moments are also reflected digitally, with purchases

with Gen Z are undergoing a fundamental shift. Brands

of mermaid-themed items increasing by 182% this year.

can no longer simply present something and hope it resonates. Actively listening and incorporating community feedback is crucial for staying relevant." This in-depth analysis of Gen Z's preferences and behaviour within the metaverse sheds light on their evolving approach to digital fashion and self-expression. Brands seeking to connect with this generation must acknowledge their desire for agency and embrace collaborative approaches that prioritize their voices and perspectives.

Fashion in the Metaverse: A New Frontier for Self-Expression

But the metaverse isn't just about trends; it's also about

As the metaverse continues to evolve, fashion brands are

self-expression and representation. When asked which

finding new ways to engage with the next generation of

avatar options helped them feel fully represented, hair, skin

consumers - Gen Z. This digitally native demographic is

tone, facial features, and body size were all rated as highly

already spending significant time and money in these virtual

important by users. This highlights a growing need for

worlds, and their demand for digital fashion is growing rapidly.

brands to offer a wide range of customization options, allowing users to create avatars that truly reflect their unique

According to a recent survey by Roblox, over 70% of Gen Z

identities.

users update their avatar's clothing on a regular basis. This desire for personalization extends beyond clothing, with

Brands like Fenty Beauty, Elf, Givenchy Beauty, Maybelline,

users also expressing a strong interest in customizing their

Nars Cosmetics, Nyx Cosmetics, and L'Oréal have already

avatar's hair, skin tone, body size, and makeup.

established a presence on Roblox, recognizing the opportunity to reach a new audience in this emerging

Interestingly, trends in the physical world are having a

market. They have also partnered with endemic creators to

significant impact on digital fashion. The top five trends

co-create products, tapping into the community's creativity and understanding of what resonates with users. The potential for brands within the metaverse extends far beyond

traditional

fashion

items.

Special

emotes

(movements and dances), virtual accessories, and even limited-edition items like the Gucci ice cream cone that was "served" within eight hours, demonstrate the potential for creative expression and engagement within these virtual spaces. For brands looking to stay ahead of the curve, we believe that understanding the needs and desires of Gen Z is crucial. By focusing on brand recognition, exclusivity, customization, and creativity, fashion brands can tap into the vast potential of the metaverse and connect with a generation that is defining the future of digital self-expression. 23

C O V E R

S T O R Y

Interview with Mr. Hatem Dowidar, Group CEO, e& Hatem Dowidar is the Group CEO of e&. He joined the

principle is clear: innovation that delivers superior value.

Group in September 2015 as Group Chief Operating

It is this forward-thinking approach that has driven the

Officer and was appointed as Chief Executive Officer,

exponential growth of our businesses.

International in March 2016.Following is the short conversation Katie Noakes, Editor of Global Brands

The market's confidence in our strategic efforts is

Magazine had with him:

reflected in our third quarter financial results. e&

Given then current state of affairs, where every company is only focused on its balance sheets and keeping its investors happy, how does e& stand out from the crowd? What key areas of operations, both internally and externally does the company focus on?

reported consolidated revenues of AED 13.4 billion with a YoY increase of 3.3 per cent while consolidated net profit was AED 3.0 billion, a year-over-year increase of 20 per

cent.

Our

subscriber

base

has

also

grown

remarkably and our financial indicators reflect the strong demand for our digital and data services.

e& embodies a vision that is powered by a growth mindset, progressive outlook, and an innovative spirit,

As we move towards technological leadership, we are

this commitment has been the cornerstone of our

taking advantage of transformative technologies such

success. At the heart of our vision is the focus on

as 5G, AI, blockchain and IoT. You only need to look at e&

hyper-scaling, achieved through a deep understanding

life's efforts in the non-telecom space to see this. Our

of our customers across our markets. Whether it's

acquisition of a 57 per cent stake in STARZPLAY Arabia

feedback from our customers, shareholders, partners or

demonstrates

employees, we listen and act. This has enabled us to

international presence and deepen our activities in

revolutionise the way businesses operate in the markets

digital verticals. With the investment into Careem, there

we serve, and to continually innovate to bring

are also several growth opportunities with our strengths

communities together in new ways.

in fintech and multimedia, coupled with their services

our

ambition

to

strengthen

our

and regional footprint, will accelerate our joint vision The digital age is calling, our evolution as a technology

towards a regional super app. This partnership will set

group is reflected in our significant investment in

new standards of product innovation and customer

innovative digital solutions. This is accelerating the digital transformation of the communities across the 16 markets we serve. Our business structure reflects a carefully considered diversification into five key verticals: etisalat by e&, e& international, e& life, e& enterprise and e& capital. Each of these verticals has distinct strategies that enable us to respond to the needs of our different stakeholders, both locally and globally. They symbolise our proactive approach to harnessing the immense potential of the rapidly changing digital environment. The guiding 25

C O V E R experience throughout the region.

S T O R Y the right partnerships and also incorporate technologies in our services and solutions to achieve our vision.

By broadening our horizons, our verticals such as e& capital and e& enterprise have strengthened our

In the industry and internally, AI is a technology that has

capabilities. Recent collaborations with companies such

left a profound impact and is also transforming industries,

as Smartworld and Bespin Global MEA have extended

which will only grow in the coming years. At e&, we

our reach, while strategic investments such as VUZ and

partnered with Microsoft to explore the integration of the

Lablabee demonstrate our determination to remain at

technology into our services, becoming a powerful tool for

the forefront of technological progress.

improving customer experience helping businesses provide more personalised customer support. Our UAE

e& is evolving and always pushing boundaries. our

operations led by etisalat by e& are already setting industry

journey is just beginning.

benchmarks with certifications on Open API that has reflected internally in efficient integration, streamlining

e& has already established itself as a major player in the telecommunication industry, and it is exciting to see you embracing and making the move to 5G through your latest efforts in investing research and technology. How does e& plan to continue this growth trajectory and stay competitive in the market?

the development and operation of complex services.

e& is not just a telecom company; we are a heritage built

vision of fostering a robust knowledge-driven economy. 3

over 47 years, constantly evolving and innovating to stay

The impact of AI on the region's economic augmentation

at the forefront of the digital age. Our aim has always

is monumental. Projections show that by 2030, AI will

been to be more than a service provider; we want to be

infuse a staggering $320 billion into the Middle East and

the trusted partner in the interconnected digital world. We

North Africa region, predominantly through industrial

do this by adopting a customer-centric approach while

automation savings. On a global scale, AI's economic

leveraging the latest technologies, analytics and innovation.

contribution is anticipated to hit a massive $15.7 trillion.

The strong growth of our subscriber base, which has

Similarly, 5G has revolutionised every industry since its

reached 167 million by the third quarter of 2023, is a

launch with its faster speeds and lower latency, supporting

testament to our progressive approach. This significant

the growth of IoT, autonomous vehicles and smart cities in

leap has been achieved through network expansion,

the Middle East and globally. At e& with continuous

smart investment and commitment to delivering a

investments over decades into the networks, today the

seamless digital experience.

UAE ranks globally among 143 countries in 5G mobile

Thanks to the UAE’s leadership’s vision this has also supported us in charting out our ambitious plans for AI. In the last year, the country has rolled out multiple digital strategies to establish itself as a global AI powerhouse by 2031. that aligns seamlessly with the UAE Centennial 2071

speeds and in the NPS (Net Promoter Score) as well, that The strength of our brand is unrivalled, with 'etisalat by e&'

determines the customer experience on the network.

reigning as the leading brand across all sectors in the Middle East and Africa. This is reflected in our 'AAA' rating

Edge computing is another technology that will help with

and prominent position as one of the world's top telecoms

real time data processing and is being used in a variety of

brands in the 2023 Brand Finance Global 500 report.

industries in the Middle East, especially oil and gas, manufacturing and transportation. With etisalat by e&’s

26 22

But we're not just about connectivity, we're about

successful launch of the ‘Microsoft Azure for Multi-Access

enhancing lifestyles. As we embarked on this journey of

Edge Computing for Enterprises (MEC)’ service, it was

making a mark in the global technology industry, and

another first in the region that was made available across

moving from a telco to a techco, it was essential to strike

various sectors.

C O V E R

S T O R Y

The distributed ledger technology blockchain is making a

With ADDED, they will look at Industry 4.0 and sustainable

major difference in creating secure and transparent

manufacturing, as part of efforts to achieve the Abu Dhabi

transactions. UTC, the fintech blockchain platform of e&

Industrial

enterprise is the first commercialised solution now that

technologies like cloud computing, cybersecurity, Internet

has 12 banks onboard, which is a cloud-native solution that

of Things (IoT), and Artificial Intelligence (AI) to empower

detects suspicious transactions, prevents fraud and

manufacturing enterprises in Abu Dhabi.

Strategy's

(ADIS)

objectives

by

adopting

duplication, and supports a wide range of trade-related documents that are validated and inspected in real time.

All these technologies are transforming our lives and making a major impact regionally and globally in the

5G has also supported the growth of IoT which is

coming years. At e&, we are in a unique position to

expected to have a major impact on the global

contribute to the future of the region by investing in these

economy in the coming years. According to a report by

technologies and developing new products and services

McKinsey, IoT could generate up to $11.1 trillion in

that leverage them, while creating more sustainable and

economic value each year by 2025. The Middle East is

greener future.

also expected to see significant growth in the IoT market in the coming years. According to recent reports and

In short, the telecoms and technology landscape is

studies 4 , the IoT market in the Middle East is expected

changing and so are we, enabling e& to remain not only

to grow to 42.8 billion by 2028.

relevant, but indispensable.

e& enterprise’s focus on IoT support governments and

Governments can use IoT to improve the quality of life

In a world marred by corporate social responsibility, and where sustainability is the focal point for many businesses and consumers alike, how does e& align its corporate goals with the growing environmental concerns and the need for a sustainable future?

for their citizens by developing smart cities and smart

In

infrastructure.

recent

organisations need to lead with purpose, especially when

collaboration with Emirates Health Services (EHS) and

it comes to sustainability and corporate responsibility. At

Abu Dhabi Department of Economic Development

e&, we are deeply committed to playing our part in global

(ADDED) to develop and advance technologies and

climate action and understand the importance of aligning

initiatives to improve the overall customer experience in

our mission with global environmental, social and

healthcare and manufacturing. EHS will work with e&

governance (ESG) standards.

enterprises to ramp up their

efforts

to elevate to

data-driven and highly automated organisations. By investing in IoT technologies, businesses can improve their

efficiency,

A

productivity,

great

and

example

is

profitability.

the

today's

rapidly

changing

business

landscape,

enterprise to explore cloud-based enterprise system and platforms for community health programmes,

Embedding sustainability into our DNA is at the heart of

specifically focused on healthcare seekers in the

our ethos, not an afterthought. Through a focused effort,

Northern Emirates. Together with e& enterprise, they

we have integrated these principles into our systems and

developed the ‘Digital Clinic’, the aim was to improve access and quality of care through the integration of digital

technologies

into

clinical

workflows,

evidence-based care and shared decision making in a sustainable and scalable way.

27

C O V E R

S T O R Y

processes, with a particular emphasis on energy efficiency

ESG-centric services while preserving the environment for

and the use of renewable energy. We see it as our duty not

future generations.

only to manage our environmental footprint, but also to cultivate a vision of a sustainable future that resonates

Our commitment to education and the democratisation

with governments and the business community.

of technology is exemplified by our collaboration with Code.org, which aims to enrich computer science

The UAE's ambition to be at the forefront of climate

education in the Middle East, Asia and Africa. By joining

change solutions has found a committed partner in e&.

forces with partners, we stimulate innovation and pave

Every facet of our business embodies sustainability, as

the way for transformative solutions that improve the

clearly demonstrated by the pivotal role we played in

education ecosystem.

joining

the

UAE

Independent

Climate

Change

Accelerators (UICCA). Our participation in major events

e&'s commitment to inclusion extends beyond technology

such as the COP28 conference is not just a representation;

and is reflected in our efforts to ensure gender balance

it is a demonstration of our commitment and underlines

and the empowerment of women within our Group and in

our goal of achieving zero net emissions from our Group's

the markets in which we operate. As a technology

operations in the UAE by 2030.

conglomerate, we have leveraged our capabilities to provide free communication services to communities in

e&'s pursuit of sustainability is demonstrated through

need, such as those in Morocco and Libya, demonstrating

tangible

our unwavering commitment to social responsibility.

actions.

For

example,

our

switch

to

energy-efficient wireless equipment at mobile network sites has resulted in a staggering 52 per cent reduction in

In conclusion, as e& continues its growth trajectory, our

energy consumption. In real terms, this equates to an

core principles of sustainability, inclusion and corporate

annual reduction of 7.6 tonnes of carbon emissions per

responsibility remain firm and guide us every step of the

site. Through these initiatives, we hope to lead the way for

way. Our journey is not just about business expansion; it's

others to join us in our collective journey towards a

about ensuring that every step we take leaves a positive

sustainable future.

and lasting impact on our world.

Our responsibility extends beyond the environment to the such as the Edison Alliance reinforces our commitment to

What positive impact will the strategic partnership with Vodafone and e& have on the current customer base and the region as a whole?

digital inclusion and supports the United Nations'

The recent partnership with Vodafone marks a pivotal

Sustainable Development Goals. e& has also been at the

moment in the development of e&. As we move forward, it

forefront of electric mobility in the UAE with its

is imperative that we articulate the strategic nuances and

well-being of society. Our membership of global initiatives

'Charge&Go' initiative. More than just a charging network, this initiative embodies our commitment to a sustainable future and aligns perfectly with milestones such as Emirates Net Zero 2050 and the Dubai Integrated Energy Strategy 2030. Technology inclusion remains at the forefront of our vision. We have launched digital accessibility initiatives, as a result of significant collaboration with key players in the energy sector. At the same time, the relentless influence of AI on our industry is driving us to partner with global technology and ESG stalwarts, enabling us to deliver 28

C O V E R

S T O R Y

potential benefits that this collaboration brings to our

transformation, ensuring that businesses and the public

clients and the region as a whole.

sector benefit from our combined offerings.

Our partnership is a testament to e&'s unwavering

In short, this partnership -is about shaping the future of

commitment to leadership and innovation. As we

the technology and telecoms landscape in globally by

consolidate our position as Vodafone's cornerstone

ensuring unrivalled quality of service and innovation.

shareholder, we are advancing a strategic relationship that

want to redefine the way cross-border digital services are

A company is just as efficient as the employees it hires, and with instances of remote work having proved to be largely successful, what are e&’s thoughts on the future of remote work? Do you see it as a necessary part that needs to be adopted in to today’s work culture, and do you think by implementing it on a company wide scale will impact your operations?

delivered to multinational companies and government

The

organisations. We envisage a full range of services, from fixed

transformation, largely driven by the increasing use of

and mobile connectivity, IoT, cybersecurity to cloud services,

remote working. I believe it is essential to articulate our

promising holistic digital transformation.

strategic perspective on this transformation and its

began in May 2022 when e& first invested in Vodafone. The depth of this partnership allows us to leverage our respective operational strengths, as well as our extensive and complementary geographies. Among the opportunities for business collaboration, the enterprise segment stands out. Together with Vodafone, we

world

of

work

has

undergone

a

profound

implications for our operations and people management. Procurement is another key area. By pooling our

The appeal of remote working is not hard to see. Its

knowledge, we are not only sharing best practice, but also

potential benefits, such as cost savings, increased

looking at joint procurement to drive efficiencies and

productivity, employee retention and improved work-life

value. What's more, our combined ambitions in carrier,

balance, make it a powerful strategy for modern

wholesale and roaming make us potential leaders in

businesses. But with these benefits come challenges.

delivering an unrivalled digital infrastructure.

Managing geographically dispersed teams, ensuring seamless communication and combating feelings of

Technological progress remains at the heart of our

isolation all require deliberate strategies.

concerns. Together, e& and Vodafone are charting a technological course that includes the evolution of

At e&, we are not just spectators of this evolution, but

OpenRAN, ensuring that our technology solutions are

active

ready for the future.

professional culture. Our initiatives such as 'work from

participants

in

shaping

the

future

of

our

home Fridays' and the two-day hybrid working policy are Our strategic collaboration is already bearing fruit. Our

evidence of our adaptive approach. In addition, our

joint venture with Vodafone Business, which resulted in

targeted efforts, such as the Remote Working for New

the acquisition of a major customer, the Al Futtaim Group,

Mothers programme, underscore our commitment to

to develop a software-driven network of the Al Futtaim

employee wellbeing.

Group, is an important milestone. This partnership underlines our ability to deliver superior value to

Harnessing the benefits of remote working also means

multinational customers by leveraging our combined

tapping into global talent pools, fostering agility and

scale and regional expertise.

promoting

a

culture

of

innovation.

This

requires

infrastructure investment in collaboration tools and a shift

30

The MoU signed between Vodafone Business and e&

in management mindset towards trust. What's more, as we

further strengthens our commitment. Our shared

embark on this journey, we must ensure that our remote

intention is clear: to be at the forefront of digital

workers are integrated into the Group culture and events.

C O V E R

S T O R Y

Governments and regulators have a key role to play in

utilises the power of technology and digital solutions to

developing a broader ecosystem. At a time when there are

refine our services and drive operational excellence.

concerns about the potential decline of urban areas due to remote working, I see this as an opportunity. The key is not to

Our strategy is based on a holistic approach to

choose between remote and face-to-face working, but

innovation and technology. It's not just about adapting,

to integrate the strengths of both, a hybrid model. This

it's about reimagining our future. Our vision is not just

approach can rejuvenate urban centres while offering

growth, but sustainable growth. We aim to broaden our

individuals the flexibility they seek.

scope through the seamless integration of non-telecom verticals and a diversified geographic footprint. Key our

acquisitions in the telecoms and technology sectors such as

approach. In 2022, we introduced a 24/7 helpline,

elGrocer, Smartworld, STARZPLAY Arabiya, Bespin Global

reaffirming our commitment to the mental health of

and the merger with Khazna underline our intention.

Mental

wellbeing

remains

a

cornerstone

of

our team. Employers must be proactive in addressing any mental health issues that may be exacerbated by

While these acquisitions play a key role in our digital

remote working.

journey, it is the partnerships that crystallise our technology strategy. Collaborations with giants such as

Furthermore, equipping our remote workforce with the

Microsoft, META, NICE and Oracle equip us with

necessary technology and tools is not just an obligation,

cutting-edge digital solutions, ensuring e& stays ahead

but a strategic investment. It ensures efficiency, aligns

of the rapidly evolving digital curve. What's more, our

with our commitment to supporting our employees

investment in Smartworld and alliance with DataRobot

and strengthens our drive to achieve the collective goals

strengthens our capabilities in IoT and AI. It's not just

of the organisation.

about acquiring technology, it's about orchestrating transformative

solutions

for

our

customers

and

Finally, when it comes to the dynamics of working hours

strengthening our positioning in cybersecurity, cloud,

for remote workers, flexibility is key. While some roles

IoT and AI.

may require strict adherence to specific schedules, others may thrive on a more flexible schedule. As long as

Collaboration remains at the heart of our approach. Our

the outcome meets the organisation's objectives, the

engagement with technology leaders such as Microsoft,

approach can remain adaptable.

Google and Amazon accelerates our pace of innovation. This synergy allows us to design and refine products,

In conclusion, as we navigate this evolving terrain, our

gain

deep

customer

insights

compass at e& is clear: prioritise employee wellbeing,

previously uncharted territory.

and

venture

into

ensure operational efficiency and remain committed to fostering a culture of trust, inclusion and innovation. The

At the same time, we recognise the importance of

future of work is a collaborative journey, and at e& we're

digital financial solutions. Strategic alliances with

excited by the prospects.

financial

giants

such

as

MoneyGram,

VISA

and

Mastercard reinforce our commitment to disrupting the

Digital transformations are the key to a successful future for any organisation. How is e& keeping up with the times, and adding new technologies to repertoire to improve its areas of operations?

traditional financial paradigm. With e& life our ambition

In today's dynamic business landscape, the need for digital

the

transformation is clear and at e& we have strategically

authorised by the Central Bank, its vision is bold: to

positioned ourselves at the forefront of this change. e&

become the UAE's financial super-app of choice. This

goes beyond simple transactional offerings; we aim to revolutionise financial inclusion for the people of the UAE by combiningsecurity, flexibility and intuitiveness. Our fintech arm, e& money, embodies this ambition. As UAE's

pioneering

digital

payment

service,

31

Remit Choice money transfer was initiated by a team of seasoned professionals with remarkable expertise and entrepreneurial acumen. Since 2019, Remit Choice has been committed to revolutionizing the remittance industry by offering exceptional services that prioritize expats' convenience and satisfaction. The journey to Remit Choice began in the United Kingdom, and within 4 years, we extended our network to 70+ countries, and our roots keep growing across the world. Remit Choice's CEO, Mr. Ansab Rizwan, shared his visionary aspirations, "Our ultimate goal is to serve communities globally by becoming the preferred choice for people seeking to send money across borders. At Remit Choice, we're not just doing remittances; we focus on empowering lives, transforming economies, and creating a world where everyone has a fair chance to flourish. We strive to facilitate seamless international money transfers, empowering millions of overseas individuals and supporting their loved ones back home. Our unwavering determination and hard work have made us a true testament to enhancing the lives of those we serve." Remit Choice Money Transfer has already made significant strides in achieving its vision. Through dedication and innovation, we have achieved remarkable success. Remit Choice was awarded 'Best Online Payment Platform UK,' 'Most Innovative Online Remittance App UK,' and 'Most Trusted Online Payment Platform, UK' 2023 by GBM in the recent past." Our services are accessible around the clock, making it incredibly convenient for customers to move money abroad whenever needed. Remit Choice makes remittance easier than ever for 300K overseas and aims to make the same for struggling unsung heroes wherever they are. Our mission, vision, objective, and goal revolve around how we can make a positive impact in the lives of people overseas and prosperity in world economies, and we are well on our way. Our achievements thus far are a testament to our unwavering commitment to serving our global community with complete satisfaction. 32

C O V E R includes an unwavering commitment to innovation,

S T O R Y shopping journey.

demonstrated by a wide range of fintech products covering

everything

from

remittances

and

bill

This is a significant milestone in our journey of becoming a digital telco, and a testimony to our

payments to investments and insurance.

constant endeavour to implement innovative digital The road ahead for e& money is exciting. We are on the

solutions. With the launch of the 'EASE' store, we

verge of launching new capabilities such as companion

proudly become the world's first telecom company to

cards, loans and investments. Leveraging our core

offer such a distinctive customer experience.

strengths, our horizon includes a wide range of fintech offerings tailored to a diverse customer base, in line with

Today we also stand at the intersection of innovation

our ambition to be the pinnacle of digital wallets and

and sustainability, and it is only fitting that we take this

financial apps in the UAE.

moment to reflect on the profound impact of technological advancement on our world. We are

In summary, e&'s digital transformation journey is not a

committed

to

embracing

this

responsibility

reactive strategy, but a proactive plan, finely tuned to

wholeheartedly, and taken a major step to support

the evolving needs of our customers and the market at

electric mobility in UAE with the soft launch of

large. We're not just navigating the digital age, we're

‘Charge&Go’.

shaping it. With Charge& Go, e& isn't just part of the conversation;

e& is well recognised for its dedication to innovation. Could you tell us about some of the recent ground-breaking innovations or initiatives especially in AI that have notably influenced the company's achievements?

we're leading it. It signifies our commitment to shaping

In today's hyper-competitive marketplace, adapting to

expected to grow exponentially, with global sales

change is no longer enough. It's about anticipating it,

soaring, and the UAE is making significant strides.

managing it and using it as a catalyst for sustainable

Industry statistics reveal that more than 10 million

growth. At e&, we don't just keep up with innovation, we

electric cars were sold worldwide in 2022 and this is

define it. Let's look at some of our recent transformative

expected to grow by another 35 per cent to reach 14 million.

a sustainable future and cements e&’s position at the helm of the electric mobility metamorphosis. The momentum behind Electric Vehicles (EVs) is

initiatives that not only enhance our offering, but also We expect annual EV demand growth of 30 per cent

set a new course for the industry.

from 2022 to 2028. Charge& Go is more than just a This year we have taken a major step by launching our

charging station network. It's a commitment to a

own AI autonomous store experience with ‘EASE’, the

greener future and part of our commitments to reach

self-service store in Dubai at Al Kifaf, a

first in the

net zero in our UAE operations by 2030. We're

country. EASE stores leverages on our expertise and

strategically placing our stations nationwide to offer

technological capabilities to align with future customer

users a dependable, affordable, and easily accessible

needs to offer a unique shopping experience. With

charging

access to all consumer products and services including

transformative goals such as the Emirates Net Zero 20502

mobile devices and accessories at their fingertips the

and the Dubai Integrated Energy Strategy (DIES) 2030.

fully

automated

store

incorporates

solution.

The

initiative

aligns

us

with

cutting-edge

technologies such as AI, machine learning, sensors,

This ecosystem results from collaborative ventures with

smart gates, digital touch points, and autonomous

key energy stakeholders aiming to provide a reliable,

device and trade-in machines. These technologies work

user-focused charging journey. e& is aiming to establish

together to provide our customers with a seamless

one of the largest electric vehicle charging ecosystem, 33

C O V E R

S T O R Y

collaborating with both government and private

brings knowledge to millions of people. And our

sectors to achieve this vision.

investment

in

Ikigai

Labs

underlines

our

commitment to the democratisation of technology. At e&, we don't just envision a greener tomorrow;

In a world increasingly dominated by data, making AI

we're

accessible isn't just good business, it's responsible

actively

enabling

it.

we're

working

collaboratively to realise the UAE's vision of its most

business.

expansive EV charging network. Through Charge& Go, we're promoting electric mobility and building a

Beyond

holistic, end-to-end EV charging solution that's both

remains deeply rooted in its commitment to

reliable and accessible.The soft launch of our ‘Charge

integrating smart living solutions across all of its

& Go’ epitomises our sustained efforts in the

services. It is embedded in our ethos, ensuring that

sustainability sector while simultaneously advancing

our B2B clients benefit from increased operational

technology, particularly within the mobility services

efficiency, improved customer engagement and

sector.

data-driven insights.

Further reinforcing our commitment to disruptive

As we move forward, our goal remains clear: to stay at

innovation, our venture capital arm, e& capital, has

the forefront of technological advancement and

been at the forefront of investing in companies that

ensure that our clients, partners and stakeholders

are

our

benefit from the myriad opportunities this dynamic

investment in almentor, a video learning production

era offers. We are not just part of the digital

company. Its focus on creating compelling Arabic

revolution, we are its architects.

redefining

industry

standards.

Take

content not only fills a regional content gap, but also

34

strategic

moves

and

investments,

e&

35

Exploring China’s New Luxury Consumer China's digital revolution has unleashed a fascinating phenomenon - the rise of the young luxury consumer. Gen Z and millennials, armed with tech-savvy skills and growing purchasing power, are now driving the luxury market in unexpected ways. Not only are they embracing established brands like handbags, ready-to-wear, and shoes, but they're also developing a keen interest in hard luxury items like fine jewellery and watches. This trend is fuelled by two key factors. Firstly, the lingering effects of the pandemic have heightened the perceived value of high-end products as investments. Hard luxury, with its enduring quality and timeless appeal, sits at the heart of this phenomenon, offering both present and future gratification. Secondly, Chinese luxury consumers are looking beyond tradition. While they respect established watchmaking

To shed light on this evolving consumer base, Vogue

houses, they're also captivated by fashion watches and

Business China conducted a comprehensive survey

lines from the same luxury groups. This discerning

among its young readership. The findings, presented in

audience seeks timepieces that align with their unique

our white paper, Decoding China's Young Luxury Watch

aesthetics, resonate with their emotional needs, and serve

Consumer, offer invaluable insights into the preferences

as powerful symbols of their social status.

and motivations of this influential demographic.

Beyond

aesthetics,

are

With 500 participants, representing both Gen Z and

production

millennials, the survey delves deep into their lifestyles,

refinement, and exclusive price points. This presents a

luxury consumption habits, watch-wearing preferences,

unique opportunity for luxury watchmaking brands in

purchase motivations, brand preferences, and product

China's vast, yet underpenetrated market. However, the

needs. This data-driven analysis provides a roadmap for

landscape remains dynamic, and brands must adapt

luxury

and implement timely strategic planning to stay ahead

complexities of the Chinese market.

increasingly

discerning

scrutinizing

consumers

branding,

watchmaking

brands

navigating

the

of the curve. By understanding the aspirations and desires of this new generation of connoisseurs, brands can tailor their

The landscape remains dynamic, and brands must adapt and implement timely strategic planning to stay ahead of the curve. 36

offerings to resonate with their individualistic tastes and investment-driven mindset. This is a crucial step in unlocking the immense potential of the Chinese luxury watch market and crafting a future where fine timepieces

remain

coveted

symbols

self-expression, and enduring value.

of

status,

A New Era of Sensible Luxury: Chinese Consumers Redefine Opulence Forget the days of frivolous spending and impulsive splurges. In China, a new generation of luxury consumers is emerging, one characterized by sensibility and pragmatism. While their desire for luxury remains strong,

their

approach

is

more

measured

and

investment-oriented. However, amidst this broader trend, one category stands This shift is evident in a recent study by Vogue Business

out: luxury watches. Despite economic uncertainties,

and Barclays Research, which reveals that over half of

Swiss watch imports into China have seen remarkable

China's

growth, increasing by an average of 8.7% since 2021. This

high-spending

demographic

aged

18-24

prioritize savings and investments over immediate gratification. This financially savvy generation is actively diversifying their portfolios, with nearly 50% investing in stocks and shares. Clearly, luxury purchases are no

enduring appeal can be attributed to the perception of luxury watches as tangible assets with high-value preservation. In times of economic flux, owning a

longer just about indulgence, but about long-term

well-crafted timepiece offers a sense of stability and

value and financial security.

security, making it a worthwhile investment. 37

38

The Chinese luxury watch market has experienced

long-term value. This shift presents exciting opportunities for

consistent growth throughout 2023. Vogue Business

brands that can adapt to the evolving preferences of their

and Barclays Research highlight that the purchasing

increasingly sophisticated clientele. By focusing on quality,

power of high-net-worth individuals has steadily risen,

craftsmanship, and cultural relevance, luxury watchmakers

driving demand for premium products. Notably, over

can position themselves for continued success in this

half of respondents spent more than RMB 22,500

dynamic and ever-evolving market.

(£2,500) on luxury items in Q3, with 28% specifically to

Beyond Timekeeping: The Rise of Luxury Watches as Fashion Statements and Identity Markers

rebound in Q4, fuelled by the upcoming gifting season.

Gone are the days when luxury watches were solely

purchasing luxury watches. This trend is expected to continue,

with

consumer

spending

projected

considered instruments of timekeeping. For a growing number of consumers, these exquisite timepieces have transcended their practical function, evolving into powerful symbols of self-expression, social status, and personal accomplishment. Recent surveys reveal a fascinating shift in consumer attitudes towards luxury watches. A staggering 60% of respondents view these timepieces as fashion accessories, crucial for expressing their individual style and sophisticated taste. Owning a luxury watch is no longer just about telling One of the key drivers behind this revival is the growing sophistication of the younger generation. For them, luxury consumption is not just about ostentation but about enhancing their personal brand and showcasing their discerning

taste.

They

appreciate

high-quality

craftsmanship, heritage, and timeless design, making luxury watches a natural fit for their investment portfolio. Moreover, luxury watches are deeply embedded within Chinese culture. As the study reveals, over 50% of professionals wear luxury watches in professional settings, highlighting their association with status and professionalism.

This

cultural

significance

further

elevates the appeal of luxury watches and positions them as a valuable asset beyond their financial worth. Chinese

consumers

are

demonstrating

a

refined

understanding of the luxury watch market. They are adept at selecting timepieces that seamlessly align with different occasions and contexts, enhancing their individual style and sophistication. This discerning approach is shaping the future of the luxury watch market, which will undoubtedly cater to the evolving needs and aspirations of this new generation of Chinese consumers. The Chinese luxury landscape is undergoing a fascinating

time; it's about making a statement about who you are and what you value. For nearly half of consumers (48%), acquiring a luxury watch is a deeply personal act of self-reward and motivation. It represents a tangible symbol of their achievements and a reminder of their aspirations. Wearing a luxury watch becomes a daily affirmation of their personal journey and a source of pride. Beyond

personal

satisfaction,

33%

of

respondents

acknowledge the social significance of luxury watches. These individuals view them as a powerful tool for conveying their social status and belonging within their circles. In a society increasingly focused on image and perception, owning a prestigious timepiece can elevate one's social standing and command respect. Interestingly, the factors influencing purchasing decisions paint a clear picture of this changing landscape. The brand's prestige (45%) and exterior design (43%) emerge as the top considerations

for

consumers.

This

highlights

the

importance of both the brand's heritage and the watch's aesthetic appeal, which ultimately contribute to the wearer's desired image and social standing.

transformation, one that emphasizes sensible choices and 39

The Chinese luxury watch market boasts a diverse and dynamic consumer base, with distinct segments exhibiting unique preferences and behaviors. Here, we delve into three key segments shaping the future of this market: 1. The Watch Connoisseur: Representing the core of the socioeconomic landscape, this segment

is

primarily

comprised

of

traditional,

male-dominated individuals. These discerning collectors are However, it's not just about outward appearances. Nearly a third of consumers (29%) value the meticulous craftsmanship and legacy of the brand. This enduring appreciation for high-quality Swiss-made watches speaks

to

the

enduring

value

of

tradition

and

craftsmanship in a world increasingly dominated by mass production and fast fashion. The rise of luxury watches as fashion statements and identity markers presents a fascinating opportunity for brands. By understanding the evolving motivations of their consumers, brands can tailor their marketing and design strategies to resonate with this new generation of passionate collectors and style-conscious individuals. In a world where image and self-expression are paramount, luxury watches have moved beyond their functional purpose, becoming coveted accessories that define and elevate the wearer's individuality and social standing. This trend is undoubtedly here to stay, and watchmakers who can adapt to this evolving landscape will continue to enjoy success and influence in the world of luxury. The research further classified the Chinese luxury watch market into three segments.

deeply passionate about horology, valuing exquisite craftsmanship, heritage, and technical innovation. They actively seek investment-worthy timepieces from renowned brands, appreciating the history and stories embedded within each piece. 2. The Aspirational Elite: This segment consists of financially prosperous individuals climbing the career ladder. Driven by ambition and success, they view luxury watches as a symbol of accomplishment and social status. Their preferences lean towards established brands with bold, recognizable designs that reflect their aspirations and newfound wealth. 3. The Fashionologist: Economically

independent

and

socially

savvy,

the

Fashionologist is a millennial woman who embraces individuality and self-expression. For her, luxury watches are fashion statements that complement her personal style and enhance her sophisticated image. She gravitates towards unique, trendy designs that make a bold statement, often venturing beyond traditional brands to explore niche or independent watchmakers. It is exciting to see how the watch market reacts and responds

to

brands

trying

new

partnerships

and

approaches. For example, recently, Richard Mille unveiled the thinnest watch ever. The Richard Mille RM UP-01 Ferrari is a marvel of engineering. Unveiling the Thinnest Watch Ever Made: The Marvel of Engineering Behind the Richard Mille RM UP-01 Ferrari

40

The world of haute horology witnessed a historic feat in

The initiative's goal of resource conservation is also on our

earlier this year with the unveiling of the Richard Mille

radar, including our circular water recovery system. We use

RM UP-01 Ferrari. This ultra-thin timepiece, a testament

almost 100% recycled gold, the rest is grandfathered, and

to human ingenuity and engineering prowess, has

85% recycled steel. As for the third objective dedicated to

shattered all previous records, claiming the title of the

inclusiveness, we have a charter that ensures equal pay for

thinnest watch ever made. At a mere 1.75mm thick, it

men and women. So, yes, we are in line with the initiative.”

eclipses the previous record holder, the Bulgari Octo Finissimo Ultra, by a hair-thin 0.05mm. But beyond its record-breaking thinness, the RM UP-01 Ferrari is a marvel of intricate craftsmanship and

The IWC Miratex doubles down on IWC’s sustainability approach using only sustainable products to make the straps and has an extremely low carbon Footprint.

technical innovation. Richard Mille, renowned for pushing the boundaries of watchmaking, has once again redefined the possibilities of this intricate art form.

The future of luxury watches in China glimmers with a promise of continued ascent, fuelled by the rising affluence

Another interesting watch to keep an eye out for how it

of young professionals who increasingly value quality and

would perform is IWC. Formula 1 teammates for

craftsmanship. To captivate this discerning generation,

Mercedes AMG, Lewis Hamilton and George Russell

brands must cultivate vibrant online communities, fostering

were seen in an ad sporting the new IWC Schaffhausen

personal connections and forging narratives that resonate.

Performance Chronograph AMG.

Sustainability and ethical practices, once whispers on the periphery, will become central chords in the symphony of luxury,

demanding

brands

to

demonstrate

their

commitment with unwavering clarity. As technology and design waltz hand-in-hand, we'll witness a flurry of innovation, pushing the boundaries of what a timepiece can be. And finally, the lines between luxury and fashion will blur into a vibrant tapestry, as consumers yearn for watches that not only tell time, but tell the story of their unique style.

With

IWC

also

undergoing

important

personnel

changes and releasing new products, it is worthwhile to see how the Chinese market react to their new launch. They also entered into an agreement with supermodel Giselle Bündchen last year to build and deliver on their environmental and sustainable goals. When asked in an interview by Cristina D’Agostino about their sustainability policy, Giselle said,” Yes, we are in line. It's a very important initiative and I'm delighted

In this dynamic dance of pragmatism, passion, and progress, the brands that embrace the rhythm of this symphony will be the ones whose timepieces continue to shine the brightest in the ever-evolving landscape of Chinese luxury. It is exciting to see how brands continue to fit the luxury narrative as spending powers shift, and so does the taste of consumers. Will reaching towards a sustainable goal help luxury watchmakers stay ahead or will it come down to their celebrity endorsements or something completely different? Only time will tell.

that it has come to life. For ten years, we have been at the forefront in tracing our watches’  components at IWC. But it is true that the current environmental challenges are too great to be met alone, we must join forces to accelerate.”

She further added “one of the

three goals of the initiative is climate resilience, and on this point our total supply of renewable energy meets it, as does the implementation of our Green IT strategy. 41

42

The Ice Begins to Crack: Rare Whisky Market Experiences a Historic Downturn For over a decade, the world of rare whisky auctions

Several factors contribute to this softening market. The

has been a haven of seemingly unshakable growth,

ongoing economic slowdown in China, a key player in

offering investors a seemingly safe haven in a volatile

the luxury goods market, is undoubtedly playing a

market. Yet, the tide appears to be turning, with

significant role. Additionally, the wider slump in

recent data revealing a concerning trend: a 7% drop

demand for luxury items, evident in the recent

in the value of transactions for "fine and rare" single

warnings from industry giants like Diageo and the

malts in the 12 months to September 2023. This

Scotch Whisky Association, suggests that the whisky

significant decline, following the previous year's 19%

market is not immune to broader economic anxieties.

increase, marks a chilling shift and raises questions about the future of this once untouchable asset class.

Key Performance Metrics Fine wine has proven to be a robust investment,

The analysis, conducted by investment bank Noble &

surpassing bonds, fine art, and stamps over the

Co and based on over 8,500 transactions, paints a

analyzed period and nearly matching the performance

picture of a market in transition. While the number of

of UK equities. The compounding effect over time is

bottles sold increased by 10%, the overall value fell to

crucial, as evidenced by real returns of 90x for wine,

£27 million, representing the first major drop since

compared to 14x and 22x for art and stamps, and 292x

2012 (excluding the 51% plunge during the COVID-19

for UK equities.

pandemic).

This

stark

contrast

highlights

the

significant impact of the current economic climate, even on previously resilient sectors like rare whisky.

43

Examining the appreciation pattern of high-quality

Vintage Variability - Each year in Bordeaux wines has

wines, particularly first growth clarets, reveals a strong

distinct characteristics, and vintages are not mixed. The

appreciation over three to four decades post-vintage,

value of wines from different vintages of the same wine

with an estimated real average price appreciation of

can vary significantly. For example, as of the report's

2.7% over the initial 40 years. Although there is limited

writing, Farr Vintners offers a case of 2000 Mouton

appreciation between 40 to 80 years, these wines

Rothschild for £19,500 (in bond) and a case of 2002 for a

experience a resurgence in value as they become

considerably lower £4,650 (in bond).

antiques, driven by collectors. Maturation Process - Bordeaux wines mature in barrel Historical trends showcase that fine wine did not

and subsequently in the bottle, undergoing an evolving

appreciate in real terms during the first quarter of the

flavor profile due to oxidation. This evolution may render

20th Century. Notably, during the Second World War,

the wine undrinkable, but collectors may still purchase

wine prices surged over 600%, disrupted by trade issues,

them at this stage. In contrast, Single Malt Scotch

followed by a sharp decrease post-war. Subsequent

Whisky, once bottled, remains inert, and the bottle can

growth occurred mainly from the 1960s, with real price

be opened and resealed without impacting the quality

drops exceeding 20% coinciding with wealth shocks in

of the remaining whisky. Vintages in Scotch whisky are

1973-75, 1980, 1990-1992, 2003, and 2011-12.

typically expressed as simple age statements with minimal variation objectives.

The findings emphasize market volatility, indicating that the wine market experienced significant price

Bottle Life and Storage - A bottle of wine, once opened,

fluctuations during certain periods, aligned with wealth

has a limited life, even with advanced storage

shocks. It is important to note that investing in fine wine

mechanisms. Conversely, drinkers can return to single

carries risks, and past performance does not guarantee

malt Scotch Whisky even months after the bottle has

future results.

been opened. However, the "angel's share" in whisky, where liquid evaporates from the cask, results in a

The appreciation of premium Single Malt Scotch

declining volume over time, unlike wine.

Whisky, although likely influenced by similar dynamics, exhibits significant distinctions compared to the fine

Fifthly, the extension of vineyards poses a challenge,

Bordeaux wine upon which this analysis is based.

making it exceptionally difficult to expand wine production. In Bordeaux, the renowned Chateaux are

Supply Constraints- In Bordeaux wines, despite being

closely situated, often separated only by walls or roads.

collectively branded as first growths under the 1855

In contrast, while some distilleries may reach capacity,

classification, individual wines face greater constraints.

most have the flexibility to respond to demand by

The wines are blends of grape varieties, and each

installing additional distilling capacity. However, the

vineyard possesses a unique style that varies yearly

spirit from this expanded capacity won't be released to

based on the harvest. This stands in contrast to

the market for many years as it matures, contributing to

distilleries, where the mechanism of distilling is more

the delayed emergence of fine and rare products.

consistent. 46

The scarcity of supply, a key allure in the wine market, shares parallels with Single Malt Scotch Whisky. In the 1990s, the influx of Asian buyers, drawn by scarcity, became the catalyst for sustained price increases in fine wine. An interesting perspective was shared by a tee-total property developer from Indonesia who explained that purchasing significant stocks of wine, such as a 1982 Cheval Blanc, had strategic value. Opening

a

bottle

reduced

the

supply,

thereby

increasing the value of the remaining stock. While scarcity also exists in older Scotch Whisky stocks, this might be a temporary phenomenon. Over time, it could be mitigated by additional whisky production maturing and entering the market. Currently, the industry

is

actively

differentiation

to

employing

create

scarcity

mechanisms and

of

exclusivity,

showcasing a deliberate effort to maintain and enhance the perceived value of these premium spirits. However, the impact is not uniform across the market.

Looking beyond the immediate challenges, it's crucial

High-end bottles, valued at £10,000 and above, are

to consider the broader context of the rare whisky

experiencing a more noticeable decline. Potential

market. The past decade has witnessed unprecedented

buyers, wary of the current climate, are choosing to hold

growth, driven by a confluence of factors like rising

onto their prized possessions rather than risk selling at

disposable incomes, increased interest in luxury goods,

lower prices. This is evidenced by the flat prices of

and the emergence of online auction platforms. This

bottles in the broader premium whisky market, despite

period of sustained growth has inflated prices to

a 17% increase in volumes. This cautious behaviour

previously unimaginable levels, raising questions about

indicates a clear shift in buyer sentiment and a

the long-term sustainability of such a trajectory.

reluctance to invest heavily in the current environment. The current softening might be a much-needed remain

correction, introducing a sense of equilibrium to a

optimistic. They believe that the growing demand from

market that has been outpacing itself. It may offer an

new markets in Asia, combined with the timeless

opportunity for the industry to focus on the quality and

appeal of premium brands and well-crafted whiskies,

craftsmanship of the product itself, rather than solely

will ultimately sustain growth. Huw Wright, managing

relying on the allure of exclusivity and investment

director

potential.

Despite

these

of

challenges,

Holyrood

some

Distillery,

distillers

emphasizes

the

importance of quality and storytelling, stating that "whiskies with a good taste and a captivating story" will

Ultimately, the future of the rare whisky market remains

ultimately weather any economic storm.

uncertain.

However,

one

thing

is

certain:

the

once-unstoppable force is now facing a new set of While the long-term impact of this softening remains

challenges. Whether the tremors in the market develop

uncertain, it presents a potential opportunity for

into a full-blown earthquake or simply a temporary blip

collectors seeking to acquire valuable bottles at more

on the radar remains to be seen. One thing is for sure,

attractive prices. However, the market's resilience will

though: the story of the rare whisky market is far from

depend on a complex interplay of factors, including the

over, and the next chapter is set to be a fascinating one,

global economic climate, consumer confidence, and

filled with twists, turns, and unexpected developments.

the continued emergence of new markets. 47

Zara Embraces Haircare with a Glittering Holiday Debut “All That Glitters Is Not Gold,” but your hair sure is! Zara is one of my favourite brand and never fails to keep itself out of the limelight. In my eyes, it is one of the few brands that has been consistently improving and growing, throwing caution to the wind and arguably becoming one of the more popular luxury brands in the world renowned for its trendsetting designs and dynamic approach to the industry; is making waves once again with its unexpected and daring foray into haircare. This bold move marks a significant shift for the brand, venturing beyond the confines of clothing and accessories to embrace the vast world of hair beauty. The launch of "Glitter In Gold, Make-Up For Your Hair", a limited-edition capsule collection, isn't merely a fleeting experiment. It's a carefully curated and meticulously crafted testament to Zara's commitment to innovation and collaboration. To helm this exciting new project, the brand has enlisted the expertise of Guido Palau, a legendary hairstylist whose name is synonymous with iconic editorials and campaigns for renowned brands like Vogue, Prada, and Yves Saint Laurent. Palau's creative vision shines through in the collection's captivating products, aimed at transforming holiday hairstyles into dazzling works of art. Each piece is meticulously designed to elevate your festive look, adding a touch of sparkle and playful sophistication. The "Glitter In Gold" Collection comes beautifully packed with all the essentials you need to be the star of the night. The Gold Fixing Gel allows you to perfectly sculpt your hair- capturing your vision and leaving behind a sleek and polished finished with a hint of shimmering gold. But that’s not all, the “Glitter In Gold” Collection also brings with it the Shiny Effect Spray, Golden Finish Hairpins and a Wide-Tooth Comb, to give you that perfect voluminous hair. These carefully curated products come together in a beautifully designed gift set, priced at €39.95. This exquisite package makes the perfect holiday indulgence for yourself or a loved one who

While this may help Zara see a spike in their sales this

appreciates a touch of glamour and originality.

holiday season, it is still too early to tell how their hair division But the brilliance of "Glitter In Gold" extends far beyond

will fair in the long run. Multiple reports claim that 2023 may

the products themselves. To truly capture the essence

be a difficult year for luxury brands in general, so whether this

of the collection and showcase its versatility, Zara has

move proves to be successful remains to be seen . However,

partnered with the renowned Kaia Gerber, daughter of

Zara Hair is a name to keep an eye on. Their commitment to

the legendary Cindy Crawford. Gerber's infectious

quality, creativity, and affordability promises to revolutionize

energy and undeniable beauty bring the collection to

the haircare landscape, offering fashion-forward consumers a

life in a series of playful tutorial videos, demonstrating

unique and empowering way to express themselves through

how easily you can incorporate these products into your

their locks. As Zara embarks on this exciting new journey into

own holiday hair looks.

haircare, one thing is certain: the future of beauty is undoubtedly bright and full of glittering possibilities.

"I trust no one more than Guido when it comes to my hair," says Gerber, highlighting the strong bond between her and Palau. "He always knows how to make it look amazing, and he's so much fun to work with." This foray into haircare marks another chapter in Zara's ongoing exploration of beauty. In 2021, they collaborated with renowned makeup artist Diane Kendal to launch their first-ever comprehensive makeup line, showcasing their dedication to offering consumers a diverse range of

high-quality

beauty

essentials.

In

2020,

their

partnership with the iconic British fragrance house Jo Malone resulted in a unique collection of affordable luxury perfumes, further solidifying their commitment to providing customers with curated selections of beauty products beyond just clothing. However, "Glitter In Gold" serves as a mere teaser for what the future holds for Zara Hair. The brand has confirmed that this initial capsule collection is just a glimpse into their larger vision, with a full line of essential hair care products set to launch in 2024. This ambitious expansion, fuelled by their collaborative spirit and dedication to innovation, marks a significant step forward for the fashion giant, solidifying their place as a brand that caters to all aspects of self-expression and personal care. With the combined forces of industry legends like Palau and Gerber, Zara is poised to make a significant impact on the haircare world. Their reputation for cutting-edge design, affordability, and collaboration with leading industry figures positions them perfectly to disrupt the market and offer consumers a fresh and exciting alternative to existing brands. 50

Women Leaders Shaping The Future: Ba&sh continues its Power Blazer Initiative Inclusivity and women empowerment have been

A large number of projects that have an impact in

notions that the business world has always struggled

different sectors are presented by the beneficiaries of

with. It’s a movement that we are passionate about and

this edition. From using digital technology to improve

so are many other successful brands across the world.

mental

Which is where Ba&sh comes in.

patient-doctor

health

in

business

relationships,

and

to

enhancing

providing

digital

education for young people and supporting women Ba&sh has taken up the fight against inequality. Since

who experience sexual assault, Ba&sh is funding

its inception, the brand has been going against the

projects led by businesswomen who seek to change the

grain and creating beautiful designs and stellar

world. Each region sends nominations, which are

products, that have made a name for themselves.

reviewed by the Company's global team.

Started by two best friends in 2003, Barbara Boccara &

The Power Blazer initiative selected four exceptional

Sharon Krief joined forces after years of friendship and

women who embody leadership, innovation, and

formed Ba&sh. Boccara and Sharon share the same

unwavering commitment to making a positive impact.

energy and passion for fashion, which is reflected in

These

their designs. “We both love pieces that make us feel

backgrounds and fields, yet share a common thread:

confident and give that effortless look, but we always

their dedication to empowering others and driving

add our own personal flare,” Barbara says.

positive change.

For a brand that is so heavily focused on women

Delphine Groll (France) is a pioneer in healthcare

empowerment, it comes as no one’s surprise that their

efficiency.

Power Blazer Campaign aims to find similar like minded

technology's potential to revolutionize healthcare delivery.

and strong women entrepreneurs who are reshaping

Nabla's

their destiny. By giving a special amount to recognize the

healthcare professionals resonates deeply, allowing them

Power Blazer Partnership and Campaign, Power Blazer

to prioritize patient care and elevate the quality of service.

remarkable

individuals

Co-founder

mission

to

of

hail

Nabla,

reduce

from

she

diverse

champions

non-medical

tasks

for

selects inspiring women founders, businesswomen and advocates at an international level that are supportive of

Julia Neel Biz (France) is a passionate advocate for mental

their company, organization or initiative.

wellbeing.

Her

co-founding

of

Teale

reflects

her

understanding of the critical need for accessible mental Pierre-Arnaud Grenade, CEO of Ba&sh says, “For this

health support, particularly within the workplace. Teale's

third edition, Ba&sh has opted to back four impactful

comprehensive

female-led projects. We’re putting the spotlight on the

prioritize their mental health, fostering a culture of

blazer

well-being within organizations.

—

an

item

often

worn

when

female

platform

empowers

employees

to

entrepreneurs pitch their projects to investors. It’s also a wardrobe staple within the business world. Supporting women in business is the very foundation of our success — our board and our organization are 75 percent and 85 percent female, respectively.” 51

Delphie Groll

Verena Pausder

Amanda Nugyen

Juliar Neel

Julia Neel Biz (France) is a passionate advocate for mental wellbeing. Her co-founding of Teale reflects her understanding of the critical need for accessible mental health support, particularly within the workplace. Teale's comprehensive platform empowers employees to prioritize their mental health, fostering a culture of well-being within organizations. Verena Pausder (Germany) is a champion for educational equity and social inclusion. Her Digital Bildung für Alle association tackles the challenge of integrating young people facing difficulties in the German education system. By leveraging digital tools, she empowers them to reach their full potential and navigate the complexities of choosing their academic paths. Pausder's dedication extends beyond education; she also co-runs the Berlin women's football club, FC Victoria, showcasing her commitment to fostering leadership and empowerment through sports. Amanda Nguyen (USA) is a force for justice and social change. Driven by her own experience with sexual assault, she founded Rise in 2014. This organization has empowered millions through its advocacy and instrumental role in passing over 80 laws aimed at protecting and supporting survivors. Nguyen's contributions extend beyond sexual assault awareness; she drafted the groundbreaking Sexual Assault Survivors' Bill of Rights Act and spearheaded the Stop Asian Hate movement. Her diverse experiences, including working for the White House and NASA, coupled with her current pursuit of becoming an astronaut, showcase her unwavering commitment to service and pushing boundaries. These four remarkable women are shining examples of the power of leadership, innovation, and unwavering dedication to making the world a better place. Their achievements in healthcare, mental health, education, and social justice inspire us all to strive for a brighter future.

52

WORTH FLYING FOR

Over 40,000 sq. metres of spectacular shopping. Thousands of limited editions and travel exclusives. Hundreds of the world’s most desirable brands. But only one glorious destination: Dubai Duty Free.

53

In the Gilded Underbelly of Desire: A Dizzying Descent into the Global Luxury Market Times seem to be improving but also not. It’s like we’re

recessionary whispers, a subterranean world pulsates

constantly in a paradox, always fighting the economy.

with an unwavering rhythm. Here, beneath the polished

The current cost of living crisis is having a major impact

veneer of high-rises and the hushed whispers of

on the global economy. In a report published by JP

exclusive boutiques, lies the global luxury market, a

Morgan in 2022, they explored the cost of living crisis,

shimmering testament to human resilience and the

which still bleeds in to the present as we speak.

enduring allure of extravagance. This is a realm where handcrafted dreams are spun into tangible realities, where desires are whispered in the language of silk and diamonds,

and

where

the

pursuit

of

exquisite

experiences transcends mere necessity. Fuelling this opulent engine is the insatiable appetite of China, a behemoth whose economic muscles ripple across the globe. Its burgeoning middle class, a demographic tsunami in its own right, craves the symbols of success and status that luxury brands so The report further went to state “  In the same vein,

masterfully craft. Owning a Louis Vuitton trunk isn't

research by intelligence company Morning Consult

just about storing clothes; it's about etching one's

shows that 56% of U.S. consumers are willing to shop

name in the annals of aspiration, a silent testament to

less overall. Shoppers are prioritizing staples over

a hard-earned place in the pantheon of the elite.

discretionary goods and big-ticket items—some 75% said they will delay the purchase of an electronic device,

But this isn't a story solely etched in material

while only 36% said they will buy fewer groceries.”

possessions. Another recent study by JP Morgan revealed that in China, luxury transcends the mundane,

Amidst the cacophony of economic anxieties and 54

morphing into a cultural currency, a badge of honour

worn proudly on the lapels of ambition. Government policies, like invisible puppet masters, pull the strings of domestic

consumption,

further

amplifying

the

symphony of luxury desire. Brands, in turn, become cultural ambassadors, weaving their narratives into the very fabric of Chinese identity.

experiences

and

sustainability

over

material

possessions, they pose a unique challenge to the Yet, the resilience of the global luxury market is a story in itself, a testament to the human spirit's unwavering pursuit of beauty in the face of adversity. While economic headwinds howl like mournful wolves, the affluent, armed with pandemic-forged savings, engage in a curious dance – revenge spending. This unleashing of pent-up desires, a whispered rebellion against economic anxieties, fuels a demand for experiences and lasting treasures. A Rolex watch becomes more than a timepiece; it's a symbol of weathering the storm, a reminder that even in the darkest of nights, the human desire for joy refuses to be extinguished.

strong even in tumultuous times, their legacies a beacon of trust and quality. Decades of meticulous whispered

promises

of

excellence

passed down through generations, have built fortresses of loyalty that even the fiercest economic gales cannot topple. For these discerning customers, a Chanel suit isn't just fabric and thread; it's a whispered legacy, a silent pact with a brand that speaks the language of timeless elegance.

restless

hands,

is

not

without

its

shadows.

Macroeconomic uncertainties, like phantoms dancing on the horizon, could dampen consumer confidence and tighten the purse strings of even the most ardent luxury

enthusiasts.

experiences that connect with their desire for purpose and social responsibility. Think bespoke eco-adventures tailored to their passions, or upcycling initiatives that breathe new life into vintage treasures. But within these challenges lies an opportunity for innovation, a fertile ground for those who dare to embrace the future. The resilience of demand, the enduring power of established brands, and the emergence of trends like digital luxury and personalized new vision of luxury. Brands that prioritize ethical practices, cultivate meaningful connections with their customers, and offer experiences that transcend the realm of mere consumption will be the ones who continue to bathe in the warm glow of luxury's unending allure. The global luxury market, then, is more than just a playground for the wealthy; it's a microcosm of human desires, a reflection of our cultural shifts, and a testament to the enduring power of craftsmanship and

However, the future of luxury, like a kaleidoscope turned in

resonate with these values-driven consumers, offering

experiences offer a canvas for those who can paint a

In this uncertain landscape, established brands stand

craftsmanship,

established order. Brands must adapt their strategies to

Geopolitical

tensions,

like

brushstrokes of discord across a pristine canvas, threaten to disrupt supply chains and cast a pall over consumer sentiment. And then there are the younger generations, a force of

exquisite experiences. It's a story of resilience in the face of uncertainty, adaptation in the face of change, and a reminder that even when the world around us seems to be teetering on the edge, the human desire for beauty and joy will always find a way to shine through. So, as we delve deeper into the shimmering underbelly of this fascinating world, let us remember the lessons of the luxury market – that resilience, innovation, and a connection to our values are the keys to unlocking the dazzling potential that lies within, not just in the realm of extravagance, but in our own lives as well.

nature rewriting the very definition of luxury. Drawn to 55

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Bringing clean energy to you.

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G L O B A L

B R A N D

Q U I Z

Test Your Knowledge Think you know your brands?

Which Brand Designed the World’s First Bag? A

Louis Vuitton

B

Chloe

C

Fendi

D

Hermes

Which Popular French Shoe Brand Opened Its Doors In 1992 and Quickly Became A Hollywood Classic With It’s Classic Red-Soles? A

Cartier

B

Monoprix

C

Dior

D

Christian Louboutin

Which Famous Clothing Brand Was Dedicated To Dressing The Royal Family?

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A

Jimmy Choo

B

Burberry

C

Mulberry

D

Balenciaga

61

G L O B A L

B R A N D

Q U I Z

Test Your Knowledge Think you know your brands?

Which Brand’s Logo Is Shown In The Image Above? A

Kenneth Cole

B

Ferragamo

C

Cavalli

D

Fendi

Who Is The Luxury Handbag Designer, renowned for her Cupcake Minaudiere which featured in the movie Sex And The City?

Owing To The Limited Options Market, Which Frustrated Designer Invented Gabardine As A Means Creating Stylish And Comfortable Rainwear?

62 22

A

Jimmy Choo

B

Coco Chanel

C

Robert Dumas

D

Thomas Burberry

A

Lana Marks

B

Hilde Palladino

C

Gwyneth Paltrow

D

Judith Leiber

63

G L O B A L

B R A N D

Q U I Z

Test Your Knowledge Think you know your brands?

What Everyday Product In The 1800s Was Initially Launched To Cater To Women? A

Hair Gel

C

Shoes

B

Watches

D

Coats

Which Famous Brand Has A Logo Inspired By Greek Mythology? A

Ferragamo

C

Versace

B

Hermes

D

Starbucks

Which Actress Wore The Famous “Little Black Dress” Designed By Givenchy?

Which Was The First Brand To Make A Luxury Watch For Men?

48

A

Breitling

C

Cartier

B

Rolex

D

Tag Heuer

A

Audrey Hepburn

C

Tori Amos

B

Marilyn Monroe

D

Laura Solari

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The Baa-d New World of Advertising: AI-Powered Sheep Take Over Sheep Inc. Campaign

In a daring move that highlights the growing influence

This bold initiative marks a significant shift within the

of artificial intelligence (AI) within the fashion industry,

traditional whisky industry, where established brands

London-based

a

often rely on conventional marketing strategies. Sheep

ground-breaking campaign for its new The Sheepscape

Inc.'s embrace of AI technology demonstrates their

crewneck. This innovative campaign utilizes advanced

commitment to pushing boundaries and exploring new

AI technology to seamlessly integrate sheep into the

avenues for creative expression. The resulting campaign

campaign photoshoot, creating a stunning visual

is a captivating spectacle, sure to resonate with

representation of the brand's signature motif.

consumers seeking unique and engaging experiences.

Sheep

Inc.

has

unveiled

AI: A Powerful Tool for Visual Storytelling The campaign's utilization of AI goes beyond simply adding sheep to the photoshoot. It represents a deliberate choice to leverage the power of this 66

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67

technology to enhance the brand's narrative and create

Additional Considerations

a truly immersive experience for the audience. By

Ethical implications of AI: The use of AI raises ethical

seamlessly integrating sheep into the environment, the

considerations, particularly around data privacy and

campaign creates a sense of wonder and intrigue,

potential biases. It's crucial for brands to ensure

inviting viewers to explore the world of Sheep Inc. and

responsible

discover its unique story.

technology in their marketing campaigns.

This

innovative

approach

to

visual

and

ethical

implementation

of

AI

storytelling

Transparency and communication: Brands leveraging AI

showcases the limitless potential of AI in the fashion

should be transparent about their use of the technology

industry. With its ability to create realistic and engaging

and communicate its purpose to their audience. This

visuals, AI can be used to craft compelling narratives

fosters trust and builds confidence in the brand's

that resonate with consumers on an emotional level.

commitment to ethical practices.

This opens up exciting possibilities for brands to connect with their audiences in more meaningful and

Long-term impact: It will be interesting to observe the

memorable ways.

long-term impact of Sheep Inc.'s campaign on the fashion industry. Will it inspire other brands to embrace

The Sheepscape: A Timeless Motif with Modern Appeal

AI? Will it lead to a shift in consumer expectations for brand experiences?

The Sheepscape crewneck, at the heart of the campaign, features an all-over sheep motif that embodies the brand's playful and carefree spirit. This timeless design, reimagined through a contemporary lens, appeals to a broad audience seeking stylish and comfortable apparel. The campaign's use of AI further elevates the design, showcasing its versatility and adaptability to diverse environments.

Sheep Inc.'s innovative campaign marks a significant milestone in the intersection of fashion and technology. By embracing AI and pushing creative boundaries, the brand has established itself as a pioneer in the industry. As the world of fashion continues to evolve, Sheep Inc.'s vision serves as an inspiration for others to embrace innovation and explore the limitless possibilities that lie ahead.

Sheep Inc.'s groundbreaking AI-based campaign serves as a testament to the ever-evolving landscape of the fashion

industry.

By

embracing

innovation

and

exploring new technologies, brands like Sheep Inc. are shaping the future of fashion and paving the way for a more creative and engaging industry. This bold move sets a precedent for other brands to follow, encouraging them to experiment with new approaches and redefine the boundaries of fashion marketing. While the full impact of the campaign remains to be seen, it has already garnered significant attention and sparked conversations within the industry. Ultimately, Sheep Inc.'s AI-powered campaign demonstrates the potential of this technology to revolutionize the way we experience and engage with fashion. As AI continues to evolve and become more accessible, we can expect to see

even

more

creative

and

groundbreaking

applications within the fashion world and beyond.

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69

Lessons In Luxury: An Understanding Of Global Luxury Fashion Luxury fashion has captivated hearts and imaginations

These garments were not merely functional attire; they

for centuries, serving as a potent symbol of status,

were meticulously crafted expressions of power, prestige,

wealth, and cultural identity. From the opulent court

and cultural identity. In medieval Europe, sumptuary laws

attire of bygone eras to the sleek minimalism of modern

attempted to restrict the ostentatious display of wealth

haute couture, luxury fashion has consistently evolved

through clothing, highlighting the inherent link between

to reflect the desires and aspirations of the times. This

luxury fashion and social hierarchy.

comprehensive article delves into the fascinating world of global luxury fashion trends, tracing their historical

The Renaissance ushered in a new era of artistic and

trajectory, dissecting their cultural significance, and

cultural expression, and fashion followed suit. Intricate

exploring their impact on the world stage.

embroidery, rich fabrics, and bold silhouettes became hallmarks of luxury attire, reflecting the burgeoning

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A Storied Past: From Royal Robes to Runway Revolutions

individualism and artistic spirit of the time. The rise of

The roots of luxury fashion can be traced back to the

fashion, as exotic materials and design influences from

courts of ancient civilizations, where extravagant

far-flung corners of the world found their way into the

garments adorned emperors, pharaohs, and nobility.

wardrobes of the elite.

global trade further fueled the evolution of luxury

The 18th and 19th centuries saw the rise of haute

employs a vast network of skilled artisans, designers, and

couture, a uniquely Parisian phenomenon that elevated

entrepreneurs.

fashion design to an art form. Visionary couturiers like Charles Frederick Worth and Coco Chanel challenged traditional

notions

of

beauty

and

introduced

The Future of Luxury: Embracing Sustainability and Ethical Practices

the

As the world grapples with issues of climate change and

landscape of luxury fashion. The 20th century witnessed

social inequality, the future of luxury fashion hinges on its

a further democratization of luxury fashion, with iconic

ability to adapt and evolve. Consumers are increasingly

designers like Yves Saint Laurent and Giorgio Armani

demanding transparency and ethical practices from the

blurring

brands they support. This has led to a growing emphasis

groundbreaking

the

silhouettes

lines

that

between

redefined

haute

couture

and

on

ready-to-wear.

sustainable

sourcing,

fair

labor

practices,

and

environmental responsibility within the luxury fashion

A Tapestry of Cultural Influences: Globalizing Luxury

industry.

In today's interconnected world, luxury fashion is no

Many leading luxury brands are now incorporating

longer confined to the ateliers of Paris or Milan. It has

recycled materials and eco-friendly production processes

become a truly global phenomenon, drawing inspiration

into their collections. They are also partnering with fair

and influences from diverse cultures and traditions. The

trade

rise of Asian economies has fueled a surge in demand for

communities around the world. This shift towards

luxury goods, with Chinese consumers becoming a major

sustainability and ethical practices is not merely a trend; it

driving force in the industry.

is a fundamental transformation that is reshaping the very

organizations

and

supporting

artisanal

definition of luxury in the 21st century. This

global

exchange

has

led

to

a

fascinating

cross-pollination of styles and trends. Western designers

Conclusion: A World Adorned in Luxury

are

and

Luxury fashion is more than just expensive clothing; it is a

techniques into their collections, while Asian designers are

cultural force that shapes our understanding of beauty,

reinterpreting

a

identity, and status. From its storied past to its globalized

contemporary twist. This cultural exchange has not only

present, luxury fashion has captivated and challenged us

enriched the vocabulary of luxury fashion but also

in equal measure. As we look to the future, it is clear that

challenged traditional notions of what constitutes luxury.

this dynamic and ever-evolving industry will continue to

increasingly

incorporating

classic

Western

Eastern

motifs

silhouettes

with

play a significant role in our world, adorning it not only

Beyond Material Opulence: The Significance of Luxury Fashion

with

exquisite

garments

but

also

with

creativity,

innovation, and a sense of cultural exchange.

Luxury fashion is often dismissed as frivolous and superficial, concerned solely with the pursuit of material possessions. However, this perspective overlooks the deeper significance of this cultural phenomenon. Luxury fashion serves as a barometer of social and cultural change, reflecting the evolving values and aspirations of society. It pushes the boundaries of creativity and innovation, driving advancements in textile technology, design, and craftsmanship. Furthermore, luxury fashion plays a vital role in the global economy, generating billions of dollars in revenue and creating countless jobs. From the ateliers of Paris to the factories of Bangladesh, the luxury fashion industry 71

G L O B A L

B R A N D

Q U I Z

Test Your Knowledge

Answers

Answers to the Quiz

72

01

Chloe

02

Christian Louboutin

03

Balenciaga

04

Fendi

05

Judith Leiber

06

Thomas Burberry

07

Watches

08

Versace

09

Audrey Hepburn

10

Cartier

72

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