Navigating Trade-offs in the Fashion Industry in 2023

The fashion industry faced complexities in 2023, with trade-offs in markets like China, India, the Middle East, Latin America, Eastern Europe, and Africa. Global brands focused on underserved pockets of wealth in Shenzhen, while luxury players shifted to friendshoring strategies. LVMH, Hermès, and Gucci strengthened ties with Japan's artisanal producers, and luxury brands signed Thai celebrities as ambassadors for rising local demand. The BoF Podcast discussed South Korea's rise as a global creative juggernaut.