Global Scans · Beauty & fashion · Weekly Summary

WHAT'S NEXT?: Wearables, 3D printing, sensors and other technological advancements are likely to change the world of perceived beauty and fashion towards more integrative, online services. Find out how body scanners and conductive clothing will help us live better, more healthy lives and the downside risks emanating from those who would seek to interfere with them.

• [New] The proteins extracted by the NTU researchers were found to be rich in antioxidants, which could not only protect human skin from pollutants but could also extend the shelf life of cosmetics like body lotions and moisturizers. phys.org
• [New] Gucci has used AI in combination with human creativity to predict upcoming fashion trends and to design new collections that resonate with evolving consumer preferences. Forbes
• Fashion companies' sourcing practices, from their crucial sourcing factors and sourcing destinations to operational priorities, will gradually shift in 2024 in response to the evolving business environment. FASH455 Global Apparel & Textile Trade and Sourcing
• Consumers plan to spend more on beauty, apparel, home, and footwear in 2024. Yahoo Finance
• Consumers plan to spend an average of $177.06 per person on top items like candy, food, gifts and clothing in 2024. National Retail Federation
• France will apply criteria such as volumes of clothes produced and turnover speed of new collections in determining what constitutes fast fashion. The Guardian
• France plans a ban on advertising by ultra-fast fashion companies and the introduction of a financial incentives system to make ultra fast-fashion more expensive while sustainable fashion will become cheaper. MarketScreener
• To offset the environmental impact of ultra-fast fashion, the MPs propose penalties of up to 10 euros per item sold, or up to 50% of the selling price, by 2030. MarketScreener
• The spending on jewelry, flowers, clothing, and evening outings is predicted to break previous records, with jewelry alone expected to rake in $6.4 billion. Retailwire
• Fast fashion may have hit a roadblock: last week French lawmakers unanimously approved a bill to impose increasing penalties on fast fashion products, rising to €10 on each item of clothing by 2030. The Guardian
• STYLE Bangkok 2024 will play a crucial role in elevating global competitiveness in lifestyle and fashion products, projecting export revenues to surpass 323 billion baht in 2024. Yahoo Finance
• All of us at the Board of Trade of Thailand and DITP are confident that STYLE Bangkok 2024 will serve Thai entrepreneurs well in negotiating trades with key partners from around the world, adding value to the exports of lifestyle and fashion products, and thereby driving the national economy. Bangkok Post
• The Seamless scheme, launched by Plibersek in June last year and led by the Australian Fashion Council, aims to have 60% of the clothing industry sign up by 2027 and has so far attracted brands including Big W, Cotton On Group, The Iconic and David Jones. The Sydney Morning Herald
• Retail shops will be expanded with new shopping brands - including Hublot (luxury Swiss watches) and Shinola (luxury watches, jewelry, premium leather goods). CruiseMapper
• While fashion and beauty brands often find success on Instagram, tech products could have better engagement on Facebook or LinkedIn. Sprinklr
• Europe's commitment to fund circular economy research and innovation is a beacon of hope for the fashion industry. European Research Executive Agency
• Other significant legislation anticipated for 2024 will address toxic plastics, safe drinking water, and hazardous chemicals in cosmetics and personal care products. Safer States
• One of the Big Three companies, McKinsey's analysis paints a pretty exciting picture: AI has the potential to inject a whopping $ 150-275 billion into the profits of the apparel, fashion, and luxury sectors over the next five years. The Daily Star
• Although PCPC member companies have long provided more product information than is required by law, MoCRA will further increase transparency as cosmetics manufacturers must now list each product with the FDA, including its ingredients and where it is manufactured. cosmeticsdesign.com
• 73% of fashion executives expect to prioritise gen AI in 2024, as cited in BoF and McKinsey's State of Fashion 2024, while 62% of fashion businesses already use gen AI in the workplace. The Business of Fashion
• Gen AI could add $275 billion of economic potential to apparel, fashion and luxury sectors' operating profits. The Business of Fashion
• Sales of the fashion and connected industries (including textiles, clothing, leather goods, footwear, jewelry, eyewear and cosmetics) are expected to grow 4% to 102.8 billion euros compared to the previous year. WWD
• While growth in China should remain under pressure due to a lacklustre macro backdrop, investors expect its Consumer Products and Dermatological Beauty divisions to remain healthy. Morningstar UK

Last updated: 15 April 2024