SUM is a fully integrated branding and marketing agency collaborating with globally recognised luxury and fashion brands and ambitious startups on strategy, visual identity, content, and digital.
While the notion of craftsmanship – as it relates to luxury fashion – has traditionally been associated with European artisans, in particular those in Italy, France, and the UK, India has in fact been an active force in intricate design since the 1600s.
The challenge for India has been its recessive image among Western consumers, with many oblivious of the provenance of the beautiful embroidery, fabrics, and jewellery that form part of their luxury wardrobes.
The identity of the craft has so often been subsumed within the identity of the international mega-brand or designer for whom it was commissioned.
In early 2023, Business of Fashion identified that during the year ahead the Middle East would offer the most promising growth prospects for luxury fashion of all global regions.
This impressive market evolution is accounted for by societal changes such as increased social freedoms, and a Gen-Z customer base increasingly in search of luxury brands.
It is also a result of government initiatives such as Saudi Vision 2030, whose ambitions are to enable the Kingdom to develop a thriving economy and a vibrant society that are not solely based on incomes from petroleum.
In the diamond jewellery category lies a conundrum.
While Bloomberg report that ‘prices are in free fall in one corner of the market’, this is not yet being seen across the whole industry.
The corner in question is focused on the more affordable one- or two-carat solitaire bridal rings, which are experiencing soaring demand among price-sensitive consumers.
Post-pandemic, they have been able to ‘splash out on travel and experiences’ as well as being able to buy a real diamond at a much cheaper price.
Since the launch of Chat-GPT, the use of AI and the news coverage about it, have spread like wildfire.
Among students at schools and universities it has taken on such incredible momentum as to have already become a totally unstoppable force, and has left educators across the globe grappling with their new reality.
We are also witnessing an intense race among Microsoft, Google, IBM to launch generative AI tools, with billions being spent by each. As time passes machine-learning will ensure that AI will only get better and better at the things it does.