The latest fashion season marked a period of significant transition with new creative leadership taking centre stage at some of luxury’s biggest houses. Highly anticipated debuts at Dior, Celine and Maison Margiela set the tone for a new direction, while designers like Rick Owens continued to redefine the emotional and aesthetic parameters of fashion. At Balenciaga, Demna bid farewell to his iconic aesthetic, setting the stage for his upcoming tenure at Gucci.

Against this backdrop, BoF’s editor-at-large Tim Blanks and editor-in-chief Imran Amed discuss the realities of a shifting luxury landscape and the growing tension around pricing, accessibility, and the future structure of the luxury market.

Key Insights: 

• Jonathan Anderson's debut at Dior represented the start of a carefully managed transformation. "Dior is like a performance for him; J.W. Anderson is the real Jonathan," says Blanks. "I felt he was on a mission to manage expectations. He was basically saying, give me time." The conceptual collection served as an opening statement rather than a full evolution.

• Rick Owens remains a source of creative independence and authenticity. "There is no compromise in what Rick Owens does. He is a beacon of hope," said Blanks. Amed also highlights how Owens' shows now offer a safe space that celebrates difference: "He's been talking about how he wanted to create a place where people who don't subscribe to conventional notions of beauty can find a place where they can fit in. It's always so remarkable at his shows and presentations because you can really see that all come to life."

• Demna’s final Balenciaga show symbolised a deliberate departure from his signature aesthetic. "He said goodbye to his Balenciaga," said Blanks. Amed observed, “At Balenciaga, Demna needed to put more of his own codes into it. At Gucci, he has so much to work with.” With this pivot, Demna closes one chapter while preparing to reinterpret another legacy house.

• Amid a challenging economic environment, luxury brands are reconsidering their pricing strategies. “Luxury always worked in this pyramid where you had very high-end customer spending at the top. That pyramid structure has been kind of bloated in the middle now,” explained Imran. Brands are being forced to reevaluate what “entry-level” really means. “They're thinking about what they can put at the bottom… the entry-level price points."

Additional Resources:

• Paris Couture’s Life and Lifelessness | BoF 

Couture’s Age of Experience, Experience of Age | BoF

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In nearly two decades since the first “Real Housewives” franchise debuted, reality TV has moved from the fringes of entertainment to become a major cultural force. Today, “Housewives” stars are influencing fashion trends, driving sales, and making inroads into luxury circles that once ignored them. Brands previously wary of the stigma around reality TV are now leveraging the passionate and loyal fanbase of the franchise, positioning these women as both influencers and aspirational figures.

Senior news and features editor Diana Pearl joins The Debrief to explore this evolution, uncovering how and why fashion has finally learned to love “The Real Housewives.”

Key Insights: 

• Reality TV's path from lowbrow entertainment to cultural staple can partly be credited to the Kardashians, whose acceptance by fashion opened the door for shows like “Real Housewives”. “The Kardashians, for a long time, were not embraced by the fashion industry, and then in the 2010s that started to change,” says Pearl. Even when the fashion industry hesitated publicly, its insiders were already hooked privately. “People started watching the shows themselves… That guilty pleasure has just sort of come out of the shadows,” Pearl explains. 

• Fashion has become integral to the storytelling on “Real Housewives.” What started as subtle displays of wealth, such as Chanel bags or accessories, has evolved into head-to-toe designer ensembles and full-blown fashion storylines. “They’re all decked out in designer looks and it’s like the designers play a role in the show. There’s plot points around, ‘This dress costs this much money,’ or ‘Did you buy that diamond necklace?’” Pearl says. “People are more into the Housewives’ clothes now. It’s just become much more a part of the fabric of the show.”

• The demographics of the “Housewives” audience significantly overlap with those targeted by fashion brands. The fanbase, consisting largely of women and gay men, is aspirational, engaged and passionate about style. “People of all stripes like reality TV. Lots of luxury customers watch reality TV,” says Pearl. “If you want to connect with consumers, you have to meet them where they are.”

• Despite increased acceptance, luxury brands remain cautious about fully embracing “Housewives,” partly due to cultural and geographic divides. “The Real Housewives is a very American show. A lot of the luxury industry is in Europe,” Pearl notes. Yet, she adds, embracing these stars can pay off: “When we've seen brands embrace the Housewives, I think the fans reward them for that.”

Additional Resources:

• How Fashion Learned to Love The Real Housewives | BoF

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Rachel Scott, founder of Diotima, has built a reputation for bringing a nuanced portrayal of Caribbean culture to the global fashion stage. Drawing on her Jamaican heritage and global experience, Scott seeks to foreground overlooked craft traditions and champion a narrative that moves beyond exoticised tropes. 

“Craft doesn't have an aesthetic. Craft is technique and execution,” Scott says. “There are endless possibilities, and on a conceptual level, I think that craft is the most intimate form of fashion. Because it is made by hand, there is this energy exchange. So I kept thinking about intimacy, sensuality and desire.

This week on The BoF Podcast, Rachel Scott sits down with BoF founder and CEO Imran Amed to discuss how she is redefining craft and advocating for a more inclusive design industry.  

Key Insights: 

• Scott credits her global outlook to extensive travels during her childhood. "When I was younger, [my mother] was adamant not to take us to Europe because that was easy. So she would take us to Asia… and South America. I already had this grounding of a global perspective," she explained. Her extensive travels through Asia and South America particularly influenced her to view fashion as a form of communication: "I started thinking about clothes as language, especially because I was seeing these different perspectives and these different approaches to dressing.”

• Scott seeks to foreground informal, yet globally shared, knowledge of embroidery and craft techniques. "I remember seeing techniques in India that I had seen in Jamaica… there is this global knowledge, but only one place gets valued," she says. This recognition inspired her mission to challenge the traditional valuation of craftsmanship. "It's almost like an oral tradition that exists that I wanted to find a way to elevate and present to the world," she adds.

• For Scott, craft is inherently sensual and intimate. "Because it is made by hand, there is this energy exchange," she says. This philosophy underpins her creative approach, focusing on tactile and emotional connections: "I would receive the production of the crochet… I would open the box and feel this energy. There is spirit and there is something imparted from the person making it to the person wearing it.”

• Scott’s advice to aspiring fashion designers is to challenge traditional expectations and timelines. "Fashion is really crazy… someone really small is judged on the same level as someone from a conglomerate," she explained, encouraging designers to embrace their unique journeys. "You don't have to abide by these notions of when you should do something, how you should do it… wait until you're ready and find your way."

Additional Resources:

• How Fashion’s Rising Stars Are Surviving the Luxury Slump | BoF
• Diotima’s Rachel Scott, Willy Chavarria Take Home CFDA Fashion Awards | BoF

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After years of disillusionment with fashion tech, investors are once again excited about its potential, but with a very different mindset to the hype-fuelled boom of the last decade.

From AI-powered personal styling apps to virtual try-on tools and personalised search engines, a wave of start-ups is gaining traction – and big backing – by offering real technological solutions to long-standing fashion industry problems.

In this episode, senior e-commerce correspondent Malique Morris joins The Debrief to explore how fashion tech is finally growing up, and which companies are leading this more grounded, results-driven wave of innovation.

Key Insights: 

• In the previous fashion tech boom, investors were heavily investing in e-commerce startups with little true innovation. “DTC brands … positioned themselves as tech companies because they sold goods online, but there was nothing really revolutionary about them listing products on a website. And I don't know how investors didn't cop to that,” says Morris.  Today’s backers are more discerning, favouring startups with clear technical roadmaps and founders who can evolve their product in meaningful ways.
• Investor interest in fashion tech reignited thanks to the rise of generative AI. As Morris explains, venture capital had been sitting on the sidelines during a broader funding freeze, but AI’s real-world applications reignited excitement. “Startups like Daydream are building a platform for personalised search using AI tools from companies like OpenAI and Google, and they want to be the ChatGPT for fashion and be disruptive in the way that ChatGPT has changed how we use the internet,” says Morris. “What was once a dream is now closer to being tangible and investors want to be the first ones in on that.”

• Today’s investors are looking beyond flashy pitches and prioritising founders with real technical know-how. “Something that is really separating the people who are just trying to raise money and not breaking through from those who are, are having some sort of technical experience, technical expertise,” says Morris. With the complexity of AI and other advanced tools, investors want to back teams that can build efficiently and with minimal lift. “They want to back founders who know what they're doing,” he adds.

• While new fashion tech apps offer highly personalised experiences, their complexity may limit mainstream appeal. The question of scale is still unanswered: “There may be a billion people out there who want to do that… There may only be a million. We don't know that just yet.”

Additional Resources:

• How Investors Fell Back in Love With Fashion Tech | BoF 

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As a fashion buyer and creative force at retail institutions like Browns and Liberty, Yasmin Sewell has long been tuned into aesthetics and the power of intuition. But it was during a moment of  personal reset, that her intuition propelled her from fashion into an entirely new world: the business of beauty. 

Founded in 2021, her fragrance brand Vyrao blends traditional perfumery with spiritual practices like Reiki, kinesiology, and neuroscience. 

“When I was in fashion, what made me successful was tapping into my intuition and tapping into energy, which is everything I’ve created now. I was born quite psychic; I’ve always been able to connect with many things, and I used that ability to discover the designers at Browns,” Sewell shared. “That feeling is what I’ve lived by my whole life. It’s what’s led me to where I am now. And actually, what I believe I’ve done is bottled that into fragrance.”

At The Business of Beauty Global Forum 2025, Sewell sat down with BoF founder and CEO Imran Amed to discuss why she built a business rooted in energy, how she learned to manufacture fragrance from scratch, and why intuition is an underrated superpower in business.

Key Insights: 

• Yasmin Sewell transitioned from fashion to beauty not as a rejection of her previous career but rather as an extension of her intuitive abilities, driven by a significant personal shift following her divorce. "When I was in fashion, what made me successful was tapping into my intuition and tapping into energy, which is everything that I've created now,” she explained.

• Vyrao was born from a deeply personal vision Sewell experienced during a transitional period in her life. "I heard this voice saying, 'everything needs to be green'. ... That's all I could hear. It was like a speaker I couldn't turn off," she recounted. "I sat there and Vyrao came to me as an absolute vision from somewhere else." 

• The fragrance brand now sits in a distinct position in the market, combining fragrance formulation with emotional and spiritual wellbeing, backed by neuroscience. "Every single plant and flower and every single fragrance is chosen for how it makes you feel… Now we work with neuroscience. It's proven to trigger certain emotions in the brain," she explained.

• Sewell emphasises the power of intuition as her primary guide, despite the challenges of navigating a business world dominated by analytical thinking. "I tend to lead with the gut... I'm sort of 98% intuition, 2% common sense," she said, describing how this has shaped Vyrao’s strategic direction and her interactions with investors. "I lead with intuition, and I use the brain as a tool. I don’t think the brain can take us that far – for me, it doesn’t.”

Additional Resources:

• The Business of Beauty Global Forum: Connection in the Age of Disruption | BoF 

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As major luxury brands struggle to maintain momentum amid an industry-wide slowdown, one category is bucking the trend: jewellery. While demand for handbags and apparel softens, fine jewellery sales continue to rise, driven by consumer desire for lasting value, emotional resonance and self-expression.

Simone Stern Carbone and Joan Kennedy join The Debrief to discuss how independent jewellers are thriving with creativity and personality, the rising popularity of novelty pieces, and why jewellery is uniquely positioned to attract buyers in today's luxury market.

Key Insights: 

• Despite slowing luxury sales, jewellery sales have continued to boom. As Stern Carbone notes, consumers perceive luxury jewellery as an inherently safer investment. She says, “Instinctively, a lot of people associate jewellery – especially if it's got gold, gemstones or diamonds – with something you would dish out more money for more readily than for a handbag potentially made out of nylon.”

• While big jewellery brands are growing, smaller competitors are booming as they foster deep customer relationships and maintain flexible, manageable supply chains. Stern-Carbone highlights, “Jewellery is so personal. When you have a very distinct aesthetic, you really connect with your customers long term, potentially for life. This is a really personal relationship that smaller brands can capitalise on.”

• Kennedy emphasises that modern jewellery marketing resonates by being accessible and relatable. “One designer I spoke to puts her charm necklaces next to candy necklaces, so that feels fun,” she says. “A lot of these designers are doing things that are very lo-fi. It’s like a picture of a wrist on Instagram. And then they reply to DMs, like, ‘Hey, show me that bracelet with something else.’ So the way that they present it is also really relevant to shoppers, versus the very high-gloss and traditional style of high jewellery.”

• Novelty jewellery began gaining popularity post-Covid. “People were buying camp jewellery, but they were paying $50 for a funky, colourful ring. And then more recently, people are like, okay, let’s bring in the value piece of this,” says Kennedy. Novelty jewellery has surged as consumers seek personal expression in response to uniform dressing and quiet luxury trends. Kennedy continues, “You're leaning into things that are uniform dressing, so how do we spice that up? Let's go for more novelty in jewellery.”

Additional Resources:

• Why Jewellery Feels Like a Better Deal Than a Handbag | BoF 
• Who Would Pay $20,000 For a Hamburger Ring? | BoF
• How Small Jewellery Brands Are Seizing The Moment | BoF 

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When Tracee Ellis Ross launched Pattern Beauty in 2019, she set out to challenge the beauty industry's lack of products for curly, coily and tight-textured hair. Despite numerous obstacles, including scepticism about market viability and systemic biases in the product testing process, Ross has built Pattern into a leading haircare brand addressing an underserved market.

“Black beauty and textured hair was not being mirrored back as a celebration but instead it was a problem,” Ross shared. “[Pattern] is to allow people to have the access to their most beautiful hair and self in their own bathroom as opposed to having to always trust a professional.”

During her conversation with BoF founder Imran Amed at The Business of Beauty Global Forum 2025 in Napa Valley, California, Ross shared her journey from Hollywood actress to entrepreneur, detailed the systemic changes she's driving in the haircare industry and emphasised the importance of humanity in business building. 

Key Insights: 

•  Ross described her early struggle with understanding and accepting her natural hair as a deeply personal and emotional journey. "Making sense of how my hair grew out of my head was difficult," she said. "I had to master and understand and gain a sense of love and celebration in my hair." This experience became the foundation for her brand Pattern, which aims to shift the narrative around textured hair from one of difficulty to one of pride and empowerment.

• Ross articulated how the standard beauty narrative has often required Black women to erase parts of themselves to be seen. “There’s a part of beauty and beauty culture that has been about erasing who we are in order to fit in,” she said. Through Pattern, she seeks to change that narrative by celebrating individuality and authenticity: “I want people to have their hair. They just need the right products to support their hair. That’s what doesn’t exist.”

• Pattern was not an overnight success born of celebrity privilege — it took a decade of perseverance, rejection and self-education, Ross said. “There’s this myth that I was this famous actress who had lots of money to start a company — garbage,” she said. “I’m a Black actress in Hollywood. Let’s be clear about my finances.”

• While products are at the heart of Pattern, Ross stressed that her brand is rooted in community, identity and purpose. “Pattern is about allowing people access to their most beautiful hair, their most beautiful self, in their own bathroom,” she said. “You have an opportunity to take all that wasted space not serving this customer and turn it into money, purpose, and value.”

Additional Resources:

•  The Business of Beauty Global Forum: Tracee Ellis Ross on Community and the Power of Celebrating Differences 

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Earlier this month, cities across the US saw the most significant wave of demonstrations since the 2020 protests following George Floyd's murder. These latest protests have been sparked by immigration raids conducted by the Trump administration, and while some of those enforcement actions have targeted garment workers, the fashion industry has mostly stayed silent. 

Executive editor Brian Baskin, senior correspondent Sheena Butler-Young, and retail editor Cat Chen explore the reasons behind the industry's cautious stance, whether fashion can find a new way to engage with politics, and practical steps brands can take to support vulnerable workers.

Key Insights: 

• During the Black Lives Matter movement, fashion brands were quick to voice support. Today, in the face of immigration raids affecting garment workers, many brands are noticeably quiet as companies now worry that taking a stance on divisive political issues could trigger backlash. “There's a lot of anxiety and discomfort and frustration behind the scenes, but there is also this other piece of the pie, which is fear of retaliation from the Trump administration,” says Chen. Despite the fear of retribution, Butler-Young also notes how the lack of response is being interpreted outside of the industry: “I think that people see the industry as acting cowardly as an industry that does rely on immigrant labor, legal and otherwise.” 

• Fashion isn’t providing much concrete support behind the scenes, either. “I think another huge issue is that people are feeling really helpless in the sector. There aren't any resources,” says Chen. “We're not seeing trade organisations emerge and come up with guidelines for what employers can do in case of a raid.” She adds, “You have these executives who are operating very blindly.”

• Brands that lean too heavily on public declarations of diversity and inclusion without backing them up are losing credibility with values-driven shoppers. As Butler-Young explains, “The liberal consumer is just a little bit over hearing companies say something and then not do it.” Instead of splashing their values across LinkedIn or homepage banners, she notes that “some of the brands that are doing a good job by doing the work internally first and then talking about it.” 

• The focus should also shift from performative allyship to practical, on-the-ground support—ensuring that businesses are equipped to respond meaningfully when their workers are directly impacted by policies like immigration raids. As Chen points out, “The most vulnerable people right now don't need big brands to post something on social media or grand political gestures. What they need is a solution to the problem. What they need is for their employers to be prepared.” 

Additional Resources:

• Garment Workers Are at Risk. Fashion Can’t Afford to Look Away.
• Five Years After George Floyd: Can Fashion Still Stand for Something? 

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When Hailey Bieber launched her beauty and skincare brand Rhode in 2022, it quickly built a loyal customer base and achieved rapid commercial success. By early 2025, Rhode had generated $212 million in net sales and, in May, was acquired by E.l.f. Beauty in a landmark $1 billion deal.

“Rhode is not just about the product; it's the whole entire world of Rhode. I want people to feel something when they get the products. When they use it, I want them to feel that they are a part of something,” Bieber shared at The Business of Beauty Global Forum 2025. “I really do see us being a legacy brand. Rhode is going to go down as one of the greats.”

In her first public appearance since the acquisition, Bieber joins The Business of Beauty’s executive editor Priya Rao on stage at Stanly Ranch in Napa Valley, California, during The Business of Beauty Global Forum to reflect on her launching her brand, her approach to world building and her vision for the future of Rhode. 

Key Insights: 

• Rhode is intentionally positioned as more than a skincare brand. “It’s not just about the product, it’s the whole entire world of Rhode,” Bieber said. She envisions the company evolving into a lifestyle brand with editorial flair and cultural relevance beyond just beauty. "I want people to feel something when they get the products, I want them to feel that they are a part of something."

• Growing Rhode, Bieber rejected traditional beauty incubators and industry insiders in favour of building a close-knit team with a fresh perspective. “I knew I wanted to put my own money into it. I knew I always wanted to be the majority owner,” she said. The result was a brand that felt “super curated and tight” — an intentional strategy to maintain clarity and control.

• The $1 billion sale to E.l.f. Beauty was not a quick decision. Bieber was deliberate about finding a partner that respected Rhode’s DNA. “Rhode is like my baby; I'm so precious about it. The idea of ever even considering [a sale] was a very big deal to me.” Bieber underscores the importance of personal connection and integrity in building a brand that resonates. “I am Rhode and Rhode is me,” she said, explaining that the brand’s tone, aesthetic and communication all reflect her own sensibilities. “That’s why I always say, Rhode is my world. It doesn't feel like a job to me.” 

• Rhode is a long game. “I really do see us being a legacy brand,” Bieber said. “Rhode’s going to go down as one of the greats.” Her goal is to build something that endures, rooted in authenticity and longevity rather than trend-chasing. “It’s not just about the product, it’s the whole entire world of Rhode."

Additional Resources:

• The Business of Beauty Global Forum: Hailey Bieber Is Just Getting Started | BoF
• E.l.f. Beauty Acquires Hailey Bieber’s Rhode Skin for $1 Billion | BoF 

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Nike has been synonymous with sports for decades, but that cultural and commercial cachet has mostly been driven by male athletes like Michael Jordan and Tiger Woods (Serena Williams being a prominent exception). As a result, despite substantial sales, Nike historically struggled to resonate authentically with women, and has at times faced pointed criticism from female athletes, employees and consumers. 

That appears to be changing. Nike’s “So Win” campaign, which launched with the brand’s first Super Bowl ad in decades, centres entirely on female athletes. A’ja Wilson’s sneaker release was a smash, and a new brand with Kim Kardashian’s Skims will be out soon. The head of Nike Women’s now leads the entire Nike brand. 

Key Insights: 

• Nike’s current momentum comes after past attempts to boost its women’s business, including a failed 2005 campaign involving catalogs and dedicated stores. Defections by prominent female athletes to rivals, and media investigations into gender equity issues prompted Nike to rethink its approach starting about five years ago. Sheena explains, "They started a think tank with women athletes and women consumers, and what they heard was that women wanted more from the company. This marked the beginning of initiatives driven by women's opinions and taking more women into leadership roles to guide efforts that would genuinely resonate with women."  

• Featuring her first signature shoe, the Nike A'One, WNBA star A’ja Wilson’s campaign was the latest and biggest in a string of successful marketing and product initiatives targeting women, including maternity lines, leak-proof activewear, and technical collaborations like supporting Kenyan runner Faith Kipyegon’s quest to break the four-minute mile. Sheena emphasises, "Nike’s investing end-to-end. They're not just investing in her wearing the logo at a race someday—they're actually supporting her personal goals."

• The recent appointment of Amy Montagne as Nike’s first female brand president symbolises substantial internal change. Sheena highlights, "Having a woman lead as Nike brand president is another way to activate that lever and get after women's." But consistency remains crucial for lasting success. Sheena stresses, “They've taken their swing before, but it's like the follow-through that counts. Consistency will be the most important thing. If they don’t keep doing all the right things, it could easily shift back.”

Additional Resources:

• Why Women’s Basketball Stars Are Finally Getting Big Sneaker Deals | BoF 
• Nike Forms New Team for Secretive Brand With Kim Kardashian | BoF 
• Is Nike Finally Winning With Women? | BoF 

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Emily grew up far away from the fashion world in Calgary, Canada. After moving to New York for a role at the media company Complex, Oberg quickly built her profile as a tastemaker in the streetwear scene. 

But eventually, she got the entrepreneurial itch and leveraged her experience to turn Sporty & Rich, which started as a mood board on Instagram, into a multi-million-dollar brand with a dedicated community following.

"I think people want to be part of anything that's aspirational. Our sweatshirts are $150, it's not like we're selling a $10,000 handbag, but I think that shirt represents the lifestyle in the world that we have built."

In conversation with BoF founder Imran Amed, Oberg reflects on her unconventional path, her strategic business choices, and the significance of creating an aspirational lifestyle through her brand.

Key Insights: 

• Sporty & Rich started as an Instagram mood board where Oberg began experimenting with different products like magazines, hats, and crewnecks to gauge interest for a brand. To scale without raising capital, Oberg turned to pre-orders. "If we didn't do pre-order, we couldn't have run a business," she says. “We did a crewneck and it made $600,000 in a day,” she says of a drop during the pandemic. “That was a big moment for us because we were like, 'Wow, we can really scale this with just one product.'”

• Oberg thrives in uncertainty and credits her ability to adapt as one key to her success. “I think I like risk because where it scares most people, it kind of excites me and it gives me that feeling of being uncomfortable – I really like that feeling,” she explains. Reflecting on her experience moving to LA and launching Sporty & Rich, she adds: “I was excited and I had a trust in myself that I would always figure it out. So I think when you have that, you know that you'll be okay and there's like nothing to really worry about.”

• Oberg is candid about her business blind spots.She surrounds herself with experts in operations, production, and finance to keep the business growing. “I don’t know how to do everything,” she says. “I just know what I like and what I want things to look like.” 

• Sporty & Rich isn’t just about clothing. Their New York flagship includes a café, spa, — and soon, a gym — offering a full expression of the brand’s values. “It's not necessarily about the monetary things and money and the rich lifestyle. That's a part of it but I think there’s this greater sense of living a full life and I think anything that's aspirational people want to be part of,” she says. “Our sweatshirts are $150; it’s not like we’re selling a $10,000 handbag, but I think that shirt represents the lifestyle and the world that we’ve built.”

Additional Resources:

• For Some Labels, Drops Are Still Working When Nothing Else Is | BoF 
• How and When Brands Should Say 'I’m Sorry’ | BoF 
• Can You Sell Sexual Wellness Without Sex? | BoF 

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Bieber, a celebrity and influential beauty figure with a strong Gen-Z following, launched Rhode just three years ago, quickly distinguishing the brand with minimalist product offerings closely tied to Bieber's personal aesthetic. She just sold to E.l.f. Beauty for $1 billion, even as rival celebrity beauty brands struggle to grow sales or attract buyers. 

Priya Rao, executive editor at The Business of Beauty at BoF, joins the Business of Fashion's Brian Baskin and Sheena Butler-Young to discuss how Rhode distinguished itself in a crowded celebrity beauty landscape, why E.l.f. Beauty saw strategic value in the acquisition, and what this landmark deal signals about the evolving beauty industry.

Key Insights: 

• Rhode’s clean, minimal brand aesthetic also mirrors e.l.f.’s broader mission, albeit at a different price point. "There’s something about Rhode’s branding that really makes sense with what E.l.f. already does. They both want to be accessible but aspirational," Rao notes. Like Rhode, "E.l.f. has always had a really good sense of what young people want," says Rao.

• The success of Rhode demonstrates that differentiated, clearly communicated value propositions continue to resonate strongly in the beauty market. "From the consumer side, this just shows that the right brand can find the right price at any time, as long as you're able to point and show you offer something different," explains Rao.

• Rao highlights how rare it is for a celebrity beauty brand to resonate beyond hype. "Most celebrity beauty brands are not succeeding at this level," she says. Rhode’s limited and focused product assortment have also contributed to its success. "She's not launching everything under the sun," says Rao. "She’s focusing on what she knows and what her audience connects with, and that’s why it’s working."

• The acquisition isn't just about short-term gain – E.l.f. sees lasting value. "This isn't a flash in the pan for them," says Rao. "They’re betting on Rhode being a long-term growth engine, not just a trendy pick-up."

Additional Resources:

• E.l.f. Beauty Acquires Hailey Bieber’s Rhode Skin for $1 Billion | BoF 

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Giancarlo Giammetti met Valentino Garavani by chance on July 31, 1960, setting in motion one of fashion’s most enduring — and most successful — creative partnerships. Together, they transformed Valentino into a global fashion powerhouse, celebrated for its elegance, craftsmanship, and cultural influence. 

In 2016, Giammetti co-founded the Fondazione Valentino Garavani e Giancarlo Giammetti to preserve their remarkable legacy, promote creativity, and foster charitable and educational initiatives.

This week in Rome, BoF founder and CEO Imran Amed had the honour of sitting down with  Mr Giammetti at PM23, the newly opened home of the foundation, located right next to the Valentino headquarters where their journey together first began. 

In this exclusive interview, Mr Giammetti reflects on the founding days of Valentino, the importance of protecting creativity  in a fashion market that prioritises commercialisation, and why it is critical for the industry to support future generations of designers who are overlooked by a fashion system under pressure.

“This continuous change of people, using people to cover jobs … it makes a big confusion. None of them really becomes a part of the legacy of the company. That’s what is a big problem today,” says Giammetti. 

Key Insights: 

• Giammetti highlights the strength of his decades-long partnership with Valentino, emphasising their deep personal and professional connection. “We grew up related so much to each other that we cannot be separate,” he says. “Even when we had some rupture in our private life, after a while, we kept our  family. That’s why we have such a big family – because all of our friends became friends of our family with us.”

• Giammetti expresses concern about the fashion industry's current state, noting the disconnect between creative integrity and business pressures. "Designers have become their own stars, they have their own style, and they don’t want to really become a witness to the work of the companies where they are hired to prolong life – they want to work for themselves," he says. "It’s not just negative, it’s offensive."

• Giammetti believes in preserving the heritage of fashion through new means. “I hate fashion museums. I think that to see all the mannequins like Madame Tussauds look really like wax things. I don’t think there is a life inside,” he says. “With digital work, you have to work with that to project your legacy in a different way.”

• Giving advice to aspiring creatives, Giammetti encourages young designers to remain true to themselves and avoid distractions. "Be yourself. Don't get distracted. You have to believe in yourself and do what you want."

Additional Resources:

• ‘Beauty Creates Beauty’: Valentino Founders Tease New Cultural Space in Rome | BoF 

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The beauty sector historically thrived during economic downturns, earning a recession-proof reputation encapsulated in the “lipstick index.” However, recent earnings from major beauty conglomerates like Estée Lauder, L'Oréal, Coty and Shiseido indicate that beauty’s resilience is being tested. Sales are declining, layoffs are coming and consumer habits appear to be shifting dramatically. 

BoF Senior Beauty Correspondent Daniela Morosini joins Brian Baskin and Sheena Butler-Young on The Debrief to examine what's driving this slowdown and how the industry is adapting.

Key Insights: 

• Traditionally, small luxury purchases like beauty products thrived during economic pressure. But the landscape has changed. “Prices have really, really grown, and there's just so much more to choose from,” says Morosini. The combination of escalating prices, excessive market saturation, and a shift to online platforms like Amazon and TikTok has diluted the impact of small luxury indulgences. "It's really hard to get seen. So even if you have a more affordable product that more people can afford, you still have to get people to come and look at you and come and interact with you," she adds.

• Brands once benefited from consistent replenishment and customer loyalty. Today, consumers are more transient, constantly seeking newness. “Customers seem to have this insatiable appetite for more products and more newness,” Morosini notes.  But after years of heavy consumption, shoppers are starting to tire of new for the sake of new. “Something that’s really starting to come into focus is that, specifically, American middle-class shoppers are starting to buy fewer beauty products – and that’s having a big knock-on effect.”

• As consumers become more price-sensitive, brands need to redefine value beyond just pricing. Morosini suggests brands return to basics, emphasising their core strengths and fostering loyalty through consistent, quality products rather than frequent launches. "People are really, really attuned to perceptions of value," says Morosini.

Additional Resources:

• The Beauty Slowdown, Explained | BoF
• The End of the Lipstick Index | BoF 

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Instead of his usual place in the host’s seat, BoF founder and CEO Imran Amed appears this week as a guest in an interview with Jonathan Wingfield, editor-in-chief of System Magazine, alongside Luca Solca, senior research analyst at Bernstein – as featured in the debut issue of System Collections.

This conversation was recorded on March 14, about two weeks before Donald Trump’s shock announcement of so-called reciprocal tariffs on countries around the world, most notably China.

Together, Amed and Solca explore major shifts in the global luxury market, the growing fatigue with high prices and mass production, and why creativity, innovation and strategic alignment between business and creative leadership are more crucial than ever.

“These companies are run by human beings, and if you don't give people incentives to change, they will kill you. If you see that you're making as much money as you like, and the business is as good as it ever was, then you probably will not change very much,” says Solca. “Adjusting to a more normal environment is causing a lot of soul-searching and getting these companies back in line.”

Amed adds: “Where brands work best is where there is that impeccable alignment between the creative leadership and the business leadership. Many creative directors feel like a lot of decision-making and creativity is being dictated to them rather than being in conversation with them."

Key Insights:

• Excessive price hikes and product ubiquity are causing consumer pushback. Amed says, "When customers look at a €10,000 bag that used to cost half of that, there's real pressure because the value proposition no longer adds up." Solca stresses, "If people need to pay these prices, they must be excited; they need to feel they haven’t seen these products yet, and that they desire them." Amed adds, "Brands need to inject new creative energy to get customers excited again."

• In a stagnant market, luxury brands can no longer rely on organic demand and must compete aggressively for market share. "In order to grow now, brands need to actively win market share from competitors," says Amed. This shift has forced operational changes. "Fashion shows are getting smaller, not just for intimacy, but also to cut costs." Solca agrees: "A lot of the costs in this industry are fixed ... When sales decline by as much as 20 percent, you really need to cut the fixed portion of your costs."

• Maintaining exclusivity remains essential. Solca notes, "The nature of the industry is that you need to sell exclusivity or perceived exclusivity." He warns high visibility can backfire: "Smaller brands hit gold, but at one point, they succumb to that very success because they become too visible and people move elsewhere. They tend to face a glass ceiling around €2 to 3 billion."

• Effective luxury strategies hinge on strong creative-business collaboration. As Amed explains, "Where brands work best is where there is that impeccable alignment between the creative leadership and the business leadership."

Additional Resources:

• System Launches New Bi-Annual ‘System Collections’ | BoF 
• Inside Luxury’s Slowdown | BoF 
• The State of Fashion: Luxury | BoF

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As inflation bites and politics polarise, the fashion industry in 2025 is facing unprecedented pressure to hold onto its customers. Brands are looking to community as a deeper and more emotional form of engagement. But building true community takes more than buzzwords. 

In this episode, BoF correspondent Lei Takanashi joins hosts Sheena Butler-Young and Brian Baskin to unpack his case study on what it really means to cultivate community in fashion and how brands are navigating the pitfalls.

Key Insights: 

• In a time when consumers are thinking hard about every purchase, community offers a sense of connection and meaning that goes beyond the product itself. "When I'm shopping today, I'm thinking more about what eggs I'm going to buy this week than the latest release from a brand," says Takanashi. "What really now drives me to make a purchase is like, what does this brand represent? What are its values? How has it improved my life beyond just something I wear?"

• Different communities serve different purposes, each demanding a unique approach. Takanashi outlines three community types: activity-based, personality-driven and values-driven. Activity-based communities are rooted in shared interests or habits, such as running, where engagement happens naturally through events or clubs. Personality-driven communities hinge on a founder’s charisma and relatability: "People have to see that founder story and kind of see themselves in their shoes." Values-driven communities connect through shared beliefs and causes, but those values must be dynamic. “Your definition of a value can’t be rigid,” says Takanashi. “You have to adapt to how consumers perceive these things.”

• As brands grow, scaling community takes local focus to remain authentic. "As long as you stay committed to a localized approach and understand that it’s not one size fits all," Takanashi says, pointing to Arc'teryx and Supreme as examples of brands that scale through local relevance and hiring. In addition to staying local, real-world interaction matters and brands shouldn’t rely solely on digital engagement. “You should really be there in person at pop-ups, shake hands with people, talk to the customer... Every brand I spoke about in this case study made some effort to show up in real life."

Additional Resources:

• Case Study | How Brands Build Genuine Communities | BoF
• What Makes a True Community Brand? | BoF
• How Brands Make Community More Than a Buzzword | BoF

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Africa is experiencing an exciting shift, creatively and commercially, with growing global attention on its rapidly expanding middle-class population. Yet, local fashion entrepreneurs must navigate unique operational challenges and misconceptions about the quality and reputation of "Made in Africa."

Pink Mango’s Maryse Mbonyumutwa entered apparel manufacturing in Rwanda to address both economic and social sustainability. "[Africa] is sustainable by nature, as we've not fully industrialised yet," he says. 

Laduma Ngxokolo, founder of South African luxury knitwear brand MaXhosa Africa, drew inspiration from his culture's traditional designs: "How do we take local traditional aesthetics and modernise them?" he asked. 

To celebrate African creativity, Reni Folawiyo founded the concept store Alara in Nigeria. "I started Alara from a very emotional place to elevate African creators, both on the continent and the diaspora," Folawiyo says. "The idea of elevating but also empowering remains in everything we do."

On this episode of The BoF Podcast, an illuminating conversation unfolds on stage at BoF CROSSROADS 2025, where Mbonyumutwa, Ngxokolo, and Folawiyo, alongside Sudanese-British writer Rozan Ahmed, discussed Africa's unique contributions to fashion, the opportunities in sustainable manufacturing, and how they are redefining what it means to produce, create and sell in Africa.

Key Insights: 

• Africa's potential lies in sustainable manufacturing and social responsibility. Mbonyumutwa explains, "Africa is here to offer social sustainability ... to make sure that now when we talk about environmental sustainability and social sustainability they are aligned."

• Local retail can powerfully celebrate and elevate global African creativity. Folawiyo's vision for Alara was clear. "I started Alara in a very emotional place. I wanted to celebrate African creators, both on the continent and in the diaspora. I wanted to elevate their work, because I hadn't seen it done anywhere else," she says. “It was a self-empowerment, self-determination moment and I wanted it to be celebratory.” 

• "Made in Africa" must represent prestige, not affordability. Ngxokolo says, "It's not cheap, yet there's a perception that anything that is made in Africa should be reasonably priced or cheap. We put in our heart and souls into our work and present it to the world so that it sits next to their level of brands.”

Additional Resources:

• BoF CROSSROADS 2025: How to Tap into Fashion’s Future Growth Markets
• Designed, Made and Sold in Africa | BoF CROSSROADS 2025 | Youtube

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On May 12, the US and China reached a deal to temporarily reduce tariffs for 90 days, offering a breather from an escalating trade war. Stocks surged on the news, but experts warn this relief might not fully resolve deeper industry uncertainties or consumer anxieties. 

BoF retail editor Cathleen Chen and technology correspondent Marc Bain join hosts Brian Baskin and Sheena Butler-Young to unpack the ramifications of the tariff pause and what the fashion industry can expect moving forward.

Key Insights: 

• Tariffs have reduced, but costs still remain high. The Trump administration’s initial 145 percent tariff effectively banned imports from China, a situation now alleviated but not fully resolved. "Lowering that to 30% is a different situation," Bain explains. "It's saying, go ahead, import your stuff, but it's gonna still be expensive."

• The tariff pause offers temporary clarity, but major production hubs like Vietnam and Cambodia face continuing uncertainty. "Depending on what happens with those negotiations, the whole landscape could shift," Bain notes, as retailers remain cautious about long-term production decisions.

• Tariffs are not the industry's only concern as consumer sentiment will significantly shape demand. "Beyond what's going to happen with tariffs with dozens of countries, there's also the issue of consumer confidence and sentiment and whether there will be demand to drive sales for the products that do end up in the U.S.," Chen highlights, questioning the robustness of future sales.

• Despite an easing in the tariff rate for small shipments from platforms like Shein and Temu, the overall uncertainty around the future of the “de minimis” loophole might dampen consumer enthusiasm. "All the news about Shein and Temu has been enough to just keep that customer away," Chen suggests. "I feel like there might be this attitude of, we had a good run of really cheap stuff for a couple of years and maybe you've had enough of it now."

• Brands should focus on diversifying their supply chains and strengthening industry partnerships. Bain advises brands to "have some redundancy built in. So if one location becomes untenable, you can shift to another spot." Meanwhile, Chen emphasises the importance of collaboration: "Now is a really great time to forge stronger ties to your suppliers, your vendors, even your retail partners," ensuring shared responsibility and minimised impact on consumers.

Additional Resources:

• With the Trade War on Pause, Here’s What’s Next for Fashion | BoF 

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A strange new genre of TikTok videos is challenging long-held assumptions about how luxury products are made. Often shot in anonymous Chinese factories, these videos claim that the so-called "superfakes" flooding the market are indistinguishable from, and sometimes made in the same factories as, high-end bags from the likes of Chanel or Louis Vuitton. 

While all evidence points to these claims being false, the repetition of these videos has amplified a growing narrative: that luxury pricing is inflated, quality is slipping and production secrets are being exposed. Fuelled further by the U.S.-China tariff dispute and the allure of buying a $10,000 bag for $300, this narrative is resonating with a social media audience increasingly disillusioned with luxury’s mystique. 

In this episode, BoF's chief sustainability correspondent Sarah Kent joins hosts Sheena Butler-Young and Brian Baskin to break down what’s really happening behind the scenes – and why silence might not be a viable strategy for brands much longer.

Key Insights: 

• TikTok's "superfake" narrative may be fiction, but it's feeding real consumer doubt. While only a few viral TikTok videos explicitly claim to produce fakes in the same factories as luxury goods, that idea has travelled widely and taken root. "It is supremely unlikely that any factory that had a real relationship with any luxury brand would go on TikTok to market superfakes," Kent notes. Yet the repetition of these claims underscores luxury's ongoing transparency issue. In the absence of accessible facts, falsehoods thrive.

• Today’s best craftsmanship isn’t always in Europe as high-quality manufacturing has shifted globally. “For instance, if you were making performance footwear or sneakers in particular, China, Cambodia, and Vietnam are probably the best factories you can find in the world to do that,” Kent explains. “If you want to make a luxury product of that quality, you probably don’t want to make that in France or Italy."  

• The fake bag narrative is irresistible but damaging to luxury. Even those who know the claims are likely untrue find them hard to shake. "It's a delicious narrative," Kent says. One that plays into an existing story of overpricing, declining quality, and aloofness in luxury. Brands have long relied on mythology and mystique. But as Kent notes, that strategy is less effective in a social media age, where misinformation travels fast and reputations can erode overnight. 

• Consumers are questioning whether luxury is worth the price and Kent says consumer doubt "isn’t going away". Luxury brands need to explain more clearly why their products carry such high price tags to slow this erosion of trust that has accelerated since the pandemic, as prices rose and quality concerns mounted. "If brands aren't giving compelling information that explains where their stuff is made and why it’s valued in this manner then those questions aren't going to fade," Kent warns.

Additional Resources:

• Luxury Has a Fake News Problem. Is Silence the Right Strategy? | BoF 

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It's a pivotal moment for modest fashion. Spending by Muslim consumers on fashion is projected to hit $428 billion by 2027, marking significant annual growth. Yet despite booming demand, modest fashion remains commercially fragmented and struggles for global recognition.

Emirati fashion designer Rabia Zargarpur founded her namesake brand after confronting the severe lack of modest clothing options in post-9/11 America.

"In 2000, you couldn't even find modest basics," Zargarpur says. "That was a huge aha moment for me. We are so neglected. Why isn't there a single label catering to the needs of our women? And so I took charge and created my brand."

Kerim Türe, founder of the Istanbul-based modest fashion e-tailer Modanisa, initially tried to convince existing brands to move online. When they declined, he took matters into his own hands, building a global e-commerce powerhouse from scratch.

"The clothes we put on ourselves, a piece of fabric, it's part of our identity, part of our self-confidence," Türe says. "We believe all women deserve to look their best without compromising their beliefs."

For Linda Anggrea, CEO of the Modinity Group, the absence of modest fashion brands in major Indonesian shopping malls was glaring. She seized the opportunity, growing her brand from a single scarf line to a multi-brand group with over 100 retail locations.

"We want to feel good about ourselves, we want to feel comfortable," Anggrea says. "If we put that concept into whatever we are doing, it will easily translate into a good collection but still fit modest values."

This week on The BoF Podcast, in a compelling conversation with Forbes Middle East presenter Sally Mousa, at BoF CROSSROADS 2025, Rabia Zargarpur, Kerim Ture, and Linda Anggrea explore the growing influence of modest fashion, discuss its evolving presence in mainstream markets, and outline the steps necessary for sustainable growth, authentic collaborations, and global recognition.

Key Insights: 

• Authenticity is vital as modest fashion gains mainstream popularity. “There needs to be authenticity and they need to understand our values and work with us. If they work with, they would have better solutions,” says Zargarpur. Highlighting the transparency of superficial engagement by mainstream brands she adds, “We're not just about caftans. ... We're about sustainability, ethical practices, creativity and innovation. Why can't you make that kind of stuff for me the way you do for your other consumers?”

• The industry stands at a pivotal crossroads between short-term individual success and long-term collective growth. Anggrea underscores the importance of unity, even within her own brands: "We're at a crossroads whether we want to go fast alone or go far together. Each brand has its own voice, but we have one shared mission. That modest fashion is not only accepted, but actually expected."

• Supporting emerging designers is essential for the future of modest fashion. "We need more brands coming from inside," says Türe. "Designers and business people need to come together." He adds, "We are the colonised South. We need to bring our own branch to the world right now."

Additional Resources:

• BoF CROSSROADS 2025: How to Tap into Fashion’s Future Growth Markets 
• Modest Fashion’s Big Asia Opportunity

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