The new V8 2+ coupé is set to replace the Ferrari Roma, and is promising a sporty and sophisticated aesthetic.

Prices will begin at about $250,000 and will boast a formidable 640 horsepower and a top speed of 320 km/h.

In Pakistan, the import of luxury vehicles is heavily impacted by high duties and taxes, as well as restrictions on used car imports. While completely built unit (CBU) imports face duties potentially up to 200%, used car imports are generally banned, with exceptions like the gift scheme which has fixed duties based on engine capacity.

Pakistan is also looking at the rise of Electric Vehicles (EVs), with the government setting ambitious targets, such as 30% of new vehicle sales being electric by 2030.

However, infrastructure limitations and high initial costs remain significant hurdles. Despite these challenges, there’s a noticeable increase in EV models available, particularly from Chinese manufacturers such as BYD and growing public interest.

The Amalfi is set to positions itself competitively against models like the Porsche 911 Carrera GTS and Aston Martin DB12. Its pricing, combined with elegant design is aimed at attracting first-time buyers.

The watch dealer and trading platform Subdial observed a 160% bump in April – far above the average 112% bump experienced over the past year, added the report.

The trend was noted mostly in the US and UK.

Analysts have attributed this hike to a flurry by customers to splurge before Trump’s tariffs hit, which will raise the prices of imported Swiss goods in the US by at least 10%.

Swiss watchmaker Rolex debuts new model for 2025

The phenomenon echoed another trend seen in Switzerland, where watch exports jumped by nearly a fifth in April – with shipments to the US more than doubling ahead of expanded tariffs, added Bloomberg.

Rolex begins selling used watches, but at a premium

Tariffs are also threatening the prices of metals – silver and gold to rise even further.

The current gold rally has also driven up the demand and prices of specifically gold timepieces.

Last month, Bloomberg reported that demand for used gold Rolex watches was rising as precious metal prices soared and collectors seek out dressier models.

Three gold timepieces made by the Swiss luxury brand have climbed the most places since the 2022 launch of the Bloomberg Subdial Watch Index, which tracks prices for the 50 most-traded models by transaction value, added the report.

The yellow-gold Day-Date 228238, which Rolex suggests retailing for €43,800 ($48,050), was the index’s fastest climber, rising from 30th place to ninth in that period.

Richemont, which also owns jewellery brand Van Cleef & Arpels and watchmaker Piaget, said its jewellery sales jumped 11% in its fourth quarter to the end of March, from a year earlier.

That offset an 11% decline in its watches division, where Chinese sales have been hit as the country’s property crisis shrank the appetite for luxury purchases.

Swiss-based Richemont’s total sales for the quarter amounted to 5.17 billion euros ($5.80 billion), a 7% rise in constant currencies, beating a 6% rise forecast in a Visible Alpha consensus cited by HSBC.

Strong jewellery sales were “more than enough” to offset weakness in watches, said JPMorgan, adding it showed Richemont has “truly shifted towards the higher quality, more profitable and less cyclical part of the business.”

Richemont shares rose 5% on Friday morning.

The group, which caters to an extremely wealthy clientele, is viewed by analysts as more resilient to a downturn than other luxury groups that rely more on fashion sales.

“Richemont continued to gain significant market share in jewellery,” Vontobel analyst Jean-Philippe Bertschy said, noting the division accounted for 54% of sales, compared to 36% in 2019.

Bertschy also flagged what he said was spectacular growth and profit, especially when compared with competitor LVMH which owns jewellery labels Bulgari and Tiffany, although he said Richemont was “not impervious” to the current volatile environment.

The logo of luxury goods company Richemont seen at its headquarters in Bellevue near Geneva

Luxury groups started the year with hopes that robust demand in the United States would lift the sector out of its biggest slump in years, but from mid-February, signs emerged of a weakening U.S. economy and tariff announcements in April brought more uncertainty.

Richemont shares have now gained 18% since the start of the year, while shares of Hermes which also caters to ultra wealthy shoppers, are up 14%. LVMH and Gucci-owner Kering are down 20% and 25% respectively.

Price hikes

Richemont executives, who were more cautious than peers in raising prices during the post-pandemic surge in demand, said they were closely watching tariffs in the United States, and will consider “all different options” to mitigate the impact while sticking to a strategy of keeping prices globally at the same level.

“We will adjust,” Richemont Chairman Johann Rupert said in a call with journalists.

Cartier, which cites exchange rate movements as a key reason for price hikes, already raised prices in March.

U.S. tariffs could include a 20% charge on European fashion and 31% for Swiss-produced watches if fully applied, but in April U.S. President Donald Trump paused most of his tariffs for 90 days, setting a general 10% duty rate instead.

Richemont’s peer Hermes has said it is passing the full amount of tariffs to customers in the United States.

Fears of a global recession have prompted downward revisions in estimates with consultancy Bain lowering its annual sales forecast for luxury goods to a likely 2% to 5% drop, following the sector’s 1% decline in 2024.

‘The Mediterranean Blue’, a fancy vivid blue diamond weighing 10.3 carats with an estimated value of $20 million, attracted an intense bidding battle.

Bidding began at nine million Swiss francs ($10.8 million), with a fierce back and forth before the diamond was ultimately sold to a private US collector, whose name was not given, for 17.9 million francs ($21.5 million), Sotheby’s said.

‘Mediterranean Blue Diamond’ could fetch $20 million at auction

The Mediterranean Blue, which is a brand-new blue diamond recently mined from the legendary Cullinan mines of South Africa, generated huge excitement within the diamond industry ever since it was first announced in March, the auction house said.

Ahead of its final showing in Geneva on Tuesday, it was unveiled as part of a Sotheby’s debut exhibition in Abu Dhabi last month, where it was showcased alongside seven other “extraordinary” diamonds and gemstones collectively worth over $100 million.

“At the top of the rarity pyramid are blue diamonds,” Quig Bruning, head of jewels for Sotheby’s in North America, Europe and the Middle East, said at the Abu Dhabi show.

After serving as auctioneer at Tuesday’s event, he hailed the gem as “undoubtedly the defining stone of the season”, saying in a statement that it “ranks among the top blue diamonds we have sold”.

Tobias Kormind, head of Europe’s largest online diamond jeweller 77 Diamonds, was less upbeat, describing the sale as “less dazzling than anticipated”.

“The diamond did exceed its $20 million estimate, suggesting there was meaningful interest,” he acknowledged.

“But broader uncertainty, including the ongoing US-China trade tensions, may have dampened bidder confidence and muted what could have been a more frenzied atmosphere.”

The cushion-shaped piece, known as the “Mediterranean Blue Diamond,” was mined in South Africa and displayed a rare colour that qualified as fancy vivid blue, Sotheby’s said.

“The market for coloured diamonds continues to go from strength to strength,” said Jessica Wyndham of Sotheby’s, added that she expected a price in the region of $20 million.

In 2016, another vivid blue diamond sold for 56.8 million Swiss francs ($68.7 million) at a Christie’s auction in Geneva.

Sotheby’s high jewellery collection, which includes other coloured gemstones, was presented to journalists in Geneva ahead of a live auction scheduled for May 13 at the Mandarin Oriental Hotel.

British companies, public bodies and institutions have been hit by a wave of cyber attacks in recent years, costing them tens of millions of pounds and often months of disruption.

“We recently experienced attempts to gain unauthorised access to some of our systems,” a statement from Harrods, owned by the Qatar Investment Authority, said.

“Our seasoned IT security team immediately took proactive steps to keep systems safe and as a result we have restricted internet access at our sites today.”

It said all its sites, including its flagship Knightsbridge store in London, H beauty stores and airport stores remained open and customers could also continue to shop online.

The Harrods and Co-op incidents appear to have had less of an impact than the attack on M&S, one of Britain’s best known retailers, which has paused taking clothing and home orders through its website and app for the last seven days.

The attack on M&S has come during a bout of warm weather in Britain, when retailers would normally report an increase in demand for summer clothing, fresh food and drinks. Availability of some food products has also been affected in some stores.

The National Cyber Security Centre (NCSC) is working with both M&S and the Co-op, while the Metropolitan Police’s Cyber Crime Unit and the National Crime Agency (NCA) is investigating the M&S attack.

Technology specialist site BleepingComputer, citing multiple sources, said a ransomware attack that encrypted M&S’s servers was believed to have been conducted by a hacking collective known as “Scattered Spider”.

But as news spread on social media, buyers rushed to try one of the world’s most expensive delicacies paired with a humble and highly commoditised piece of deep-fried chicken while limited stocks lasted.

For 19 euros ($22), they got seven nuggets, mayonnaise and a 10-gram (0.35-ounce) pouch of Chinese-origin caviar from the Astana brand, which explained it had worked with the fast-food giant to “make the caviar of chefs available to as many people as possible”.

It was a marketing coup – the story quickly went viral after being picked up by French news outlets – but it also revealed how the image of caviar as an out-of-reach luxury product is rapidly changing.

As with most new food trends, interest in the exclusive fish eggs is being driven by online influencers and celebrities.

Rihanna posted a video to her 150 million followers on Instagram on December 20 last year showing her eating nuggets topped with caviar.

“I don’t like how much I like this,” she began.

US celebrity chef David Chang is also a champion, with a 2022 Instagram video showing him dunking a deep-fried chicken leg into a one-kilogram tin of caviar – “one of my favourite most obscene things to do” – which racked up more than three million views.

He credits New York chef Wylie Dufresne with first adding it to the menu at his influential WD~50 restaurant in the 2010s.

Last year, the US Open tennis tournament caused a stir by selling a $100 box of six nuggets with caviar created by the luxury Manhattan fried chicken restaurant Coqodaq.

‘Less formal’

Producers and food writers have mixed feelings about the popularisation of the culinary indulgence, which sells for 1,000 to 30,000 euros a kilogram depending on the type.

The high prices are due to rarity and the high investment producers make in the sturgeon fish needed for caviar, which start to produce eggs only after eight or 10 years.

The most expensive caviar – the one famously preferred by Hollywood star Elizabeth Taylor – is the roe of the beluga sturgeon, which takes at least 15 years to mature.

Mikael Petrossian, head of the French brand Petrossian, said there was a “demystification” of caviar underway.

“Caviar doesn’t necessarily have to come in a large tin with silver serving pieces… You can enjoy the product in a much more relaxed way,” he said. “I personally like eating caviar with crisps.”

The founder of French caviar producer Neuvic, Laurent Deverlanges, says his company also aims to make it “less formal”.

He posted a review of the “King Nugget Caviar” menu online, concluding that “it works, even if you can’t really taste the caviar much”.

But Olivier Cabarrot, the head of the France-based Prunier brand whose caviar restaurant is one of the most famous in the world, pushes back on the idea of it becoming a regular product.

“In terms of gastronomy, there is nothing as expensive. It’s hard to talk about it becoming ‘democratised’,” he said. “But we can speak of greater accessibility, achieved through the sale of smaller quantities rather than lower prices.”

Many distributors including Petrossian and Prunier offer tins of 10, 20 or 30 grams, helping to attract a younger clientele.

Dreamy

Remi Dechambre, a food journalist at Le Parisien newspaper, said people associated caviar with opulence and refinement less and less.

“We’ve completely moved on from that… Consumption has become a little more common, a little less formal – even though it still makes people dream,” he told AFP.

But knowing how to enjoy the product properly remains essential, said Francoise Boisseaud, managing director of the supplier Le Comptoir du Caviar.

“There’s a whole education to be done,” she said about the different types – baeri, oscietre, sevruga or beluga – adding that “the richness of the world of caviar is infinite – just like wine”.

For her, the best way to enjoy it is with a crusty baguette and butter, not with fried chicken or crisps.

Robin Panfili, a food journalist who runs the food blog ‘Entree, Plat, Dessert’, said Burger King had pulled off a “marketing trick”.

“By trying to bring together two worlds that are completely opposed – luxury and fast food – the aim is to shake up the codes, to demystify a product historically seen as luxurious and elitist. It’s visual, it’s viral, it sparks discussion because it’s provocative,” he told AFP.

Models walked down a broad, pebbled path and over a footbridge, parading long overcoats and dresses in mostly sombre colours, some worn wrapped Kimono-style across the chest.

There were loose trousers, wide-sleeved jackets and long, airy dresses with glittering flower patterns. Some looks were accessorized with a single earring, or a cross-body bag.

The French fashion house worked with local specialists, including traditional Japanese textile company Tatsumura Textile Co., for the designs, which drew on 15th and 16th century styles.

“We made several different prototypes, and from those, the final version was selected for production,” Iku Tatsumura, president of the Kyoto-based company told Reuters.

A silver-based fabric was made less shiny to give it a more modern look, while navy garments were lightened with tones of gray, he said.

“Altogether, the whole process took about a year.”

LVMH-owned Dior’s ties to Japan, where it has held exhibits and fashion shows and dressed royals, date back to its founder, Christian Dior, who in 1957 designed coats to fit over the shape of the Kimono.

For the finale, models lined up in front of the pagoda-style temple that was founded in 796, as Chiuri, who joined Dior in 2016, walked out for her bow, pausing for a quick nod to the audience.

Prada is seeking to expand, having defied a slowdown in luxury demand, while Versace has been operating at a loss in recent quarters.

Owning Versace, with its bold, baroque-style prints, will bring new customers to Prada, known for its minimalist style.

“There are no overlaps in terms of creativity, in terms of customers,” said Lorenzo Bertelli, marketing director and a member of the family that controls Prada.

The merger strengthens Italy’s hand in a luxury industry led by French conglomerates, the biggest being Louis Vuitton owner, LVMH.

“We will provide (Versace) with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships,” Prada Chairman Patrizio Bertelli said in a statement.

Bertelli is the husband of Prada designer Miuccia Prada, and the couple are leading shareholders in the company.

Prada and Capri braved the uncertainty over U.S. tariffs and market volatility to sign the deal, according to people familiar with the matter. Capri needed to divest Versace to focus on turning around its Michael Kors fashion brand, one of the sources said. For Prada, the bet on Versace comes at a time when it is looking to revive growth as its existing stable of brands start to mature, the source added.

Both Prada and Versace, which have global supply chains and boast of a widespread customer base, were willing to “swallow a bunch of geopolitical risk” to get the deal done, the source said.

The acquisition is a long-term project for Prada and is aimed mainly at expanding revenues rather than cost-savings, Prada Chief Executive Andrea Guerra told analysts in a conference call.

It follows the announcement on March 13 that Donatella Versace was stepping down as the chief creative officer of the brand founded by her late brother Gianni in 1978.

“Gianni and I have always had a huge admiration for Miuccia, Patrizio and their family,” Donatella said. “I am ready to support this new era for the brand in any way that I can.”

Discount price

Capri Holdings’ shares tumbled 9% in New York and are down nearly 30% since the start of 2025, with analysts noting the deal valuation was lower than expected.

The price Prada has agreed to pay for Versace, which includes debt, is a big discount to the roughly $2.15 billion including debt that U.S.-based Capri, then known as Michael Kors, paid for Versace in 2018 when it was sold by the Versace family and Blackstone.

Prada started to explore a deal for Versace last year when Capri’s sale to Tapestry, whose brands include Coach and Kate Spade, was scrapped after being challenged by antitrust regulators, a second source said.

The purchase price of $1.4 billion for Versace barely changed since negotiations progressed seriously in January, the sources added.

“This transaction reflects our commitment to increase shareholder value, strengthen our balance sheet and power the future growth of Michael Kors and Jimmy Choo,” said Capri CEO John Idol.

Prada said it had committed to 1.5 billion euros of new debt to fund the deal, which is expected to close in the second half of the year.

The deal comes at a time when several acquisitions and IPOs have been scuttled in the wake of a global equity sell-off and fears of recession triggered by U.S. President Donald Trump’s new tariffs this month.

New direction

Since Prada’s acquisitions at the end of the 1990s of Helmut Lang and Jil Sander, which leading Prada shareholder Bertelli called “strategic mistakes”, the group has largely steered clear of major dealmaking.

The Versace acquisition marks a major shift in the group’s strategy and comes two years after the appointment of Guerra at the helm, a role previously held by Patrizio Bertelli and Miuccia Prada. It also reflects the growing influence of Lorenzo Bertelli, their son, who is expected to become CEO in the future. Prada traces its roots back to a leather goods shop founded in Milan by Miuccia Prada’s grandfather in 1913.

The Versace label, known for its Medusa head logo, was founded by Gianni Versace in Milan. Donatella became its creative force following the killing of Gianni in Miami in 1997.

Listed in Hong Kong, Prada has expanded rapidly under Miuccia and Bertelli, owning other brands including the fast-growing Miu Miu and Church’s shoes.

But since the high-profile opening, the factory has faced a host of problems limiting production, 11 former Louis Vuitton employees told Reuters. The site has consistently ranked among the worst-performing for Louis Vuitton globally, “significantly” underperforming other facilities, according to three former Louis Vuitton workers and a senior industry source, who cited internal rankings shared with staff.

The plant’s problems – which haven’t previously been reported – highlight the challenges for LVMH as it attempts to build its production footprint in the U.S. to avoid Trump’s threatened tariffs on European-made goods.

“The ramp-up was harder than we thought it would be, that’s true,” Ludovic Pauchard, Louis Vuitton’s industrial director, said in an interview on Friday in response to detailed questions about Reuters findings.

The Texas site, situated on a 250-acre ranch, has struggled due to a lack of skilled leather workers able to produce at the brand’s quality standards, the three former workers told Reuters. “It took them years to start making the simple pockets of the Neverfull handbag,” one source familiar with operations at the plant said, referring to the classic Louis Vuitton shoulder tote bag.

Errors made during the cutting, preparation and assembly process led to the waste of as many as 40% of the leather hides, said one former employee with detailed knowledge of the factory’s performance. Industry-wide, typical waste rates for leather goods are generally 20%, a senior industry source said.

Several former employees who spoke to Reuters described a high pressure environment. To boost production numbers, supervisors routinely turned a blind eye toward methods to conceal defects, and in some cases encouraged them, four former employees told Reuters.

Pauchard acknowledged there had been such cases in the past, but said the issue had been resolved. “This dates back to 2018 and one particular manager who isn’t part of the company anymore,” he said.

Poorly-crafted handbags deemed unfit for sale are shredded on-site and carted away in trucks for incineration, two of the sources with knowledge of the firm’s supply chain said.

A former production supervisor who often travelled to the site, said Louis Vuitton mostly used the Texas plant for less sophisticated handbag models, producing its most expensive products elsewhere.

Pauchard, Louis Vuitton’s industrial director, said the company was being “patient” with “a young factory.”

“Any bag that goes out of it must be a Louis Vuitton bag, we make sure it meets exactly the same quality,” he said. “I am not aware of any kinds of issues suggesting the quality coming from Texas is any different from that coming from Europe.”

Made in USA

Perched behind a hill, the handbag maker’s two production facilities were built on grounds near grazing cattle and a gas well. Louis Vuitton named the site Rochambeau in tribute to a French general who fought in the Revolutionary War.

Workers at the site make components and entire models of Louis Vuitton handbags like Felice pochettes and Metis bags – with “Made in USA” tags inside. The items sell for around $1,500 and $3,000 at high-end boutiques.

LVMH declined to comment when asked which handbag models are fully or partially made in Texas but former workers interviewed by Reuters mentioned the Carryall, Keepall, Metis, Felice and Neverfull handbag lines among the plant’s products.

In its marketing material, Louis Vuitton says its handbags - typically made at French, Spanish or Italian leather ateliers by artisans known as “petites mains” - are assembled using a process that it has perfected since the mid 19th century. After cutting canvas and leather using hand tools and laser-cutting machines, they stitch pieces together using industrial sewing machines.

Workers at the Texas facility, which includes dedicated floors for cutting and for assembly as well as a warehouse, were initially paid $13 per hour. As of 2024, base pay for a leather worker position at the plant was $17 per hour, according to two people who recently applied for positions. The minimum wage in Texas is $7.25 an hour.

A former leather worker who arrived as a migrant in the U.S. some years before, said she felt proud when she was hired by the prestigious French brand, but said some workers struggled to meet the brand’s quality standards and production targets.

“We were under a lot of pressure to make the daily goals,” said the former worker, who left the factory at the end of 2019.

Another person who worked at the facility until 2023 said she cut corners, like using a hot pin to “melt” canvas and leather to conceal imperfections in a particularly difficult piece called the Vendome Opera Bag.

Another former leather worker said they’d seen people melt material to hide holes or other imperfections in stitching.

Damien Verbrigghe, Louis Vuitton’s international manufacturing director, conceded some at the Texas plant had chosen to change jobs or leave because of its stringent quality requirements.

“There are artisans that we hire, who we train and who, after several weeks, or months, realize in light of the expectations, the level of detail that is required, they would rather work in other fields like logistics,” he said. “Some people chose to leave us, because it’s true that it’s a job that requires a lot of savoir faire.”

Three former workers at the plant said they received between two and five weeks of training. A current Louis Vuitton employee in France said receiving just a few weeks of training wasn’t unusual as most learning happens on the production line supervised by more experienced craftspeople.

“Knowledge of sewing on leather/canvas is a plus, but not required. We offer comprehensive training,” the company said in a job posting for artisan positions in Alvarado published on its website in January.

Verbrigghe said training in Texas is “exactly the same program that we have in all our workshops,” that is, six weeks on the training line, where new artisans do nothing but learn basic operations and skills before going on to train on the assembly line. There, he said, they are “accompanied and continuously mentored by trainers.”

Tax breaks

LVMH got a host of tax breaks and incentives from Johnson County, including a 10-year, 75% property tax cut, promising the company an estimated $29 million in savings. “We look forward to serving this exceptional company,” wrote the county’s top executive, Roger Harmon, in 2017 correspondence seen by Reuters.

In its 2017 application letter for the tax abatement, obtained by Reuters through records request, LVMH said it was aiming to hire 500 people within the first five years of the plan.

At the ribbon-cutting ceremony in 2019, Arnault said, “We will create approximately 1,000 high-skilled jobs here at Rochambeau over the next five years.”

Three former staffers, however, said headcount stood at just under 300 workers in February 2025, a figure Verbrigghe confirmed.

The White House did not respond to a Reuters request for comment. Pauchard said initial recruitment difficulties were largely due to the COVID-19 pandemic and the lockdown that followed, adding that a decline in local demand also played a role.

Despite the problems, LVMH is planning to move even more jobs to Texas. LVMH said in its 2017 filing that its first Texas production facility would cost around $30 million. A second filing from 2022 to local authorities put the cost of its second workshop, completed last year, at $23.5 million.

At a town hall last fall, workers at one of two California production sites were told that it would close 2028 and they could move to Texas or quit, according to a former employee who was present.

Pauchard confirmed the town hall and said Louis Vuitton intended to streamline its California operations and transfer more skilled artisans to Texas - with so far limited success. Its executives, he said, “underestimated the fact that Texas is far away from California.” ​

Watches and Wonders Geneva is a luxury watch fair, and brings together watchmakers and enthusiasts from all over the world.

Federer and Rolex announced the release through a new video on Instagram on Tuesday.

The Land-Dweller – a new model in over a decade – is set to be offered in three versions: white Rolesor with a black dial, Everose gold with a white dial, and platinum with an ice blue dial, each paired with a honeycomb motif and the new Flat Jubilee bracelet, according to the brand’s website.

Seeking to set itself apart from the existing Sea-Dweller, the new model is “designed for those well-grounded men and women who build their own destinies seeing opportunity in every moment,” according to a press release issued by Rolex.

The company also offered updates to several classics with new materials, dials and design refinements.

This year, Rolex is releasing a Daytona with a bright turquoise dial, reminiscent of the ‘Tiffany’ blue associated with the heritage jeweler.

The GMT model, which turns 70 this year will get an upgrade and be offered in a bright “Sprite” green.

This year, the Sky-Dweller arrives with a sunray green dial matched with an 18 carat yellow gold case and Jubilee bracelet, marking the first time Rolex has paired these two tones on this model.

Earlier this year, it was reported that the watchmaker is raising prices on some of its most popular models after gold values surged in 2024, according to Bloomberg.

The Geneva-based company hiked prices as much as 8% on some models made from precious metals.

The latest data collated by the global property consultant highlights India’s expanding wealth landscape, with the High Net Worth Individual (HNWI) population – those comprising assets exceeding $10 million – reaching 85,698 added the report.

India currently boasts 191 billionaires, of which 26 were created within the past year – up from just 7 in 2019.

France, Brazil, and Russia are also seeing significant increases.

India’s HNWIs make up 3.7% of the global $10million+ population, and are projected to reach 93,753 by 2028.

India’s economy expanded by 6.2% in October-December 2024, according to Reuters data, picking up on increased government and consumer spending, and remains the world’s fastest growing major economy.

Pakistan

Meanwhile, cash-strapped Pakistan is awaiting the first review of its $7 billion Extended Fund Facility (EFF) programme with the International Monetary Fund (IMF).

There was no mention of the country within the Wealth Report

Pakistan is still looking to crawl out of an economic impasse that saw the depreciation of its currency from Rs178 to a record low of Rs307 against the greenback in September 2023.

Currently, it hovers around the Rs278 range and its current account deficit sits at $420 million as of January 2025.

India has pegged GDP growth for the year at 6.5% and currently holds the 8th largest gold reserve globally with 840.76 metric tonnes.

The United States remains the primary hub for wealth creation as almost 40% of the world’s HNWI population lives in the US, compared with 20% for its nearest rival, China.

Japan is the only other nation to boast a share of wealthy individuals larger than 5%.

Meanwhile, the population of Ultra High Net Worth Individuals (UHNWIs) those with assets exceeding US$100 million – surpassed 100,000 for the first time, reflecting a broader trend of growing wealth across the world.

It’s perhaps unsurprising, then, that the US led the world in wealth creation during 2024, with a 5.2% expansion in its population of HNWIs.

Asia was close behind seeing growth of 5%, followed by Africa, which saw a 4.7% surge, albeit from a much lower base. Australasia’s HNWI population rose 3.9%, helped by its access to both Asian and North American markets.

Emerging entrepreneurs

An explosion in smartphone access in emerging economies has created “a very entrepreneurial population that is able to grow businesses internationally more quickly than they otherwise would have done,” James Pomeroy, global economist at HSBC was quoted as stating by Knight Frank.

“This has created a start-up culture that’s been a big part of the growth story in places like India and the Philippines,” he added.

“These entrepreneurs can then become super wealthy, so we’re seeing a broadening out from that old Asia driven by manufacturing into a new Asia with a high-tech enterprise culture,” he added.

In terms of the Prime International Residential Index (PIRI), global luxury house prices rose 3.6% through 2024 as Seoul led the index and Delhi and Mumbai followed in 18th and 21st place.

Property prices in Dubai are set to rise by 5-8% annually in 2025, with luxury hotspots like Palm Jumeirah and Downtown Dubai seeing even higher spikes, according to data compiled by UAE developer Damac.

British buyers came in second, while Russian buyers that secured third place in 2023, have now fallen to ninth position while Turkey replaced Poland in the tenth spot.

The total value of property sold in 2024 was AED423 billion, – a 30% YoY increase in transaction value as well as volume, added Better Homes.

Dubai’s real estate sector has shattered sales records, with industry experts identifying Emaar, Ellington, Meraas, Select, and Omniyat as the premier developers poised for exceptional growth and investment returns in 2025, according to Arabian Business.

The luxury property sector in particular has been performing consistently well outpacing cities like London and New York, leaving a glut in the market for $10 million+ homes with prices slated to rise by another 8-10% in 2025, according to Better Homes data.

The city’s ambitious Real Estate Strategy 2033 is also aiming for an eventual AED 1 trillion market valuation, while population is expected to reach 4.34 million by 2027.

In 2024, Dubai welcomed record overnight visitors -18.72 million - as tourism continues to drive economic growth, influencing retail, hospitality and real estate demand.

Additionally, major infrastructure initiatives, including the Etihad Rail Network, Dubai’s Blue Metro Line and improvements to traffic congestion will only enhance this growth.

Dubai also remains on track to continue to attract more and more Ultra High Net Worth Individuals (UHNWI) as developments of luxury designer developments also continue to rise. Dubai is home to nearly 140 branded residences.

Global talent will also continue to descend with initiatives such as golden visa, blue visa and investor programs.

The current real estate trend, which has been defined by analysts as not a mere “bubble”, is also dictating trends in the hospitality sector. In the last year alone, the 5-star hotel industry saw a whopping 111.8% growth, according to real estate consultancy Cavendish Maxwell.

“Introducing La Beauté Louis Vuitton. Broadening the breadth of Louis Vuitton’s creative pursuits, the new métier of the House transcends the tangible, leaving a mark on the world of beauty,” it wrote in a caption accompanying the post.

La Beauté Louis Vuitton is the brand’s first foray into cosmetics since the 1920s when it offered a range of brushes, powder compacts and mirrors.

McGrath has been involved backstage in Louis Vuitton’s shows for 20 years now, and was also responsible for the launches of Armani, Dolce & Gabbana and Gucci’s beauty lines.

“This is a métier—a concept with an artisanal approach to makeup that combines the heritage and legacy of the fashion house with the best innovation that the French product labs have to offer,” she was quoted as saying by Vogue.

The brand will launch a line of lipsticks, tinted lip balms, and eyeshadows. Currently, it offers bespoke fragrances that begin at $330.

For six days, the northern Italian capital of fashion will showcase Autumn/Winter 2025-2026 women’s looks – while scrambling behind the scenes to react to macroeconomic headwinds cutting into sales.

Milan’s glamorous showcase for the latest fashion trends, which ends Sunday, comes during a difficult moment for Italian fashion, with estimates showing sales having fallen by 5 percent last year.

Italy’s woes are part of a global slump in the sector, driven by weakness in the key market of China, reduced appetite for high-priced goods, and widespread economic uncertainty.

Gucci – once the pride of fashion week but now the worst performer in Kering’s portfolio – kicks off the week-long party this week in Milan.

The French group earlier this month announced a jaw-dropping 23 percent drop in sales at Gucci, its flagship brand accounting for almost half of the revenue of the group, whose sales have not recovered despite an announced turnaround.

Just over two weeks before the show, Gucci announced the departure of its creative director, Sabato de Sarno – after just two years on the job.

Kering Chief Executive Francois-Henri Pinault tried to temper the fallout, telling analysts during its annual presentation this month that measures were being taken to “strengthen the health and desirability of our brands for the long term.”

“Gucci will come back. I have absolutely no doubt,” Pinault said.

The net profit of Kering – which also owns Saint Laurent and Bottega Veneta, the latter a bright spot in the portfolio – plunged 62 percent last year to 1.13 billion euros ($1.18 billion).

Cutting back

Consultants Bain & Company have estimated that only about a third of the world’s luxury brands experienced growth in 2024.

“Global luxury consumers, grappling with macroeconomic uncertainty and continued price elevation by brands, cut back slightly on discretionary items,” said Bain in a January report.

In Italy, the fashion sector, including eyewear, jewellery, and beauty, is expected to post turnover of just under 96 billion euros in 2024, a drop of 5.3 percent compared to 2023, according to forecasts by Italian Fashion Chamber.

The body’s president, Carlo Capasa, said earlier this month that the week of shows, buying, and networking demonstrated the sector’s willingness “to address the complexity of the moment the sector is facing.”

“Creativity, pragmatism, and flexibility,” will help the sector confront “such a challenging moment,” he told a press conference, with efforts needed to boost innovation and strengthen Italy’s supply chain.

He said the chamber would lobby the government for “support policies” for the sector.

The Italian leather and footwear sector is faring worse than fashion, with estimates from trade association Confindustria showing an anticipated revenue drop of 8.1 percent in 2024.

In Tuscany, the hub of Italy’s leather industry, nearly 100,000 people are estimated to be on furlough.

The Italian government has put aside about 110 million euros to boost the fashion sector this year and last.

But that hasn’t been able to pull some factories back from the brink of closure.

Swiss brand Bally – whose runway show is scheduled for Saturday – announced in December it would shut its production facility near Florence which employs 55 workers.

Negotiations with trade unions are ongoing to avert the closure.

Some brands are celebrating big anniversaries this year in Milan, notably Fendi’s 100th birthday with a co-ed catwalk show under the interim creative direction of Silvia Venturini Fendi.

DSquared celebrates its 30th birthday while Kway celebrates 60 years since it was established in Paris in 1965.

Also on the calendar are Milan stalwarts Prada, Giorgio Armani, Versace, Max Mara, Ferragamo, and Dolce & Gabbana.

Bottega Veneta will be absent, having postponed its first show under new artistic director Louise Trotter to September, after previous director Matthieu Blazy left for Chanel in December.

A star-studded cast including Naomi Campbell, actors Lesley Manville, Richard E Grant and Elizabeth McGovern, and Lila Moss, daughter of supermodel Kate Moss modelled creative director Daniel Lee’s fifth collection for the British brand.

It is the second show since CEO Joshua Schulman took the reins at Burberry and began implementing a new strategy focused on outerwear, scarves, and marketing the brand’s British heritage in a bid to turn sales around.

The catwalk was carpeted in bright blue, a colour Lee has made his trademark at Burberry, and the museum’s neoclassical architecture was complemented by drapes with an impressionist print inspired by great British landscape artists.

The collection’s colour palette of warm browns, greys, and taupe also evoked the British countryside, with some red and yellow accents.

Jacquard-woven trenches and brocade jackets were inspired by the tapestries and wallpaper of stately homes, with silk pyjama shirts and trousers evoking domesticity.

“It’s that great Friday night exodus from London to the countryside for long rainy walks and to disconnect in the great outdoors,” Lee said of his inspiration for the collection.

Accessories included oversized scarves with chunky fringes and leather boots featuring Burberry’s signature check.

In keeping with its renewed emphasis on scarves, Burberry sent each guest a dark green and navy check scarf along with their invitation.

Burberry’s was the closing show of London Fashion Week, the second leg of the autumn-winter 2025 catwalk calendar, which began in New York and will go to Milan and Paris.

The UAE constitutes 45% of the Ultra High Net Worth (UHNW) population in the Middle East, making it a key driver of the luxury yacht market and the number of superyachts in the region has increased 20% in the last 5 years, according to data provided by DIBS.

Earlier this week, Dubai also announced a new 10-year Golden Visa scheme for yacht owners, according to the General Directorate of Residency and Foreigners Affairs (GDRFA) on Monday.

This would allow visa-holders to live, work and study in the UAE without a sponsor or an employer.

In December, a similar initiative was launched in Abu Dhabi to offer Golden Visa to superyacht owners in the Capital, in an effort to attract high-net-worth individuals (HNWIs) to Abu Dhabi, according to Khaleej Times.

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While superyachts and new launches continue to dominate the limelight, this year, DIBS is noting a marked increase in potential buyers navigating the world of pre-owned luxury vessels, starting from $160,000 and upwards of $8 million, according to a press release issued by the company on Friday.

DIBS is also a networking platform, connecting spectators and buyers with over 1000 brands specialising in boats, yachts and watercraft and is expected to attract over 35,000 visitors over five days.

A representative for Zein Marine, specializing in yachts, boats and water toys told Business Recorder how DIBS is the only international boat show in Dubai and therefore “unmissable”.

Among the showstoppers this year is the Lamborghini 63, a vessel embodying the Italian automotive brand’s performance and design ethos. This marks the first time a Lamborghini yacht has been showcased in the Middle East.

Additionally, the show is also shedding light on the Emirates’ growing role in yacht manufacturing.

One company, Sunreef Yachts, backed by sporting legends such as Formula One icon Fernando Alonso and tennis star Rafael Nadal, is set to debut its first UAE-built vessel, the Sunreef Ultima 55, according to the press statement.

Artur Poloczanski, PR Director at Sunreef said, “Our shipyard in Ras Al Khaimah has been very busy building this yacht – the main reason we are participating at DIBS this year,” as per the press release.

The yacht charter market is estimated to grow at a CAGR of 5% from 2023 to 2028, according to DIBS.

Dubai is considered a leading global destination for marine tourism attracting millions of visitors annually and contributing billions of dollars to the MENA economy.

Dubai Residential Market Review for Q3 of 2024 noted 435 sales above $10 million, surpassing the 434 transactions registered during 2023, according to the latest analysis.

Faisal Durrani, Partner - Head of Research, MENA at Knight Frank, said Dubai’s attractiveness as a hub for international wealth continues to grow, with developers struggling to match the pace of demand for ultra-luxury residences.

“The magnetic attraction of the city is also reflected in the fact that Dubai’s population has crossed the 3.8 million mark, up by around 170,000, or 4.6 per cent, during 2024 alone, which continues to create new demand for housing at all price points,” he was quoted as saying by Khaleej Times.

“Over the last 18-24 months, Dubai has emerged as the world’s deepest market for $10 million-plus home sales, with high net worth individuals (HNWI) looking for prime luxury beachfront villas,” Durrani had told Business Recorder during a conversation in Dubai earlier.

The UAE has also emerged as one of the leading countries welcoming an inflow of High Net Worth Individuals (HNWIs) along with Singapore, USA and Italy, according to a recent report on wealth migration by Henley & Partners.

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Knight Frank’s latest Destination Dubai report also singled out Dubai as a hub for international HNWIs interested in purchasing a home in the city with a net worth in excess of $15 million.

In fact, Arabian Business reported on Monday that even middle-class Britons were joining the exodus of wealthy individuals from the United Kingdom, following its challenging economy and high taxes.

Global leader in luxury sales

Durrani added that house prices rose by 19.1 per cent in Dubai last year. The attention of the global super-rich remained focused on its villas, with values rising by 20.2 per cent last year, reflecting a 99.8 per cent uplift on the first quarter of 2020 levels.

He also surmised this trend to remain as more and more luxury properties were being purchased for end user purposes rather than investment.

In Q2 2024, Dubai retained its position as the top market globally for the number of home sales over $10 million with 94 sales, with New York (72) and Hong Kong (61) ranking in second and third place, respectively, according to Knight Frank data.

In fact, even during the 12-months to the end of June 2024, Dubai registered 445 home sales, surpassing the combined total of luxury sales in New York (229) and London (214) over the same period

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Palm Jumeirah leads the way

The Palm Jumeirah led the way with 127 deals – 29 per cent of the total volume – worth over $10 million in 2024, amounting to nearly $2.3 billion of property sales and accounting for 32.5 per cent of Dubai’s $10 million-plus sales by total value.

Palm Jebel Ali finished second in transaction volume with 36 deals.

In terms of value, Emirates Hills ranked second, with $514.5 million in transactions. Jumeirah Bay Island, District One, and Dubai Hills Estate followed, contributing 6.7 per cent, 6.6 per cent, and 6.2 per cent of the luxury market, respectively.

Villas accounted for 68.5 per cent of all luxury deals.

Knight Frank added that while global oil price volatility and regional competition are mitigating factors in this growth trajectory.

Although Gulf hubs are heavily investing in reforming and reinventing their economies, this is not an immediate threat to Dubai’s position as the region’s primary travel, tourism and trade hub, added Knight Frank.

With a population of close to 60 million, the GCC region could easily accommodate a second global gateway city, be it Riyadh, or elsewhere.

It is a joint project between Saudi Arabia Railways (SAR) and Arsenale S.p.A., the Italian luxury brand, and the Saudi Tourism Authority (STA).

The journey will begin in the capital city of Riyadh and travel across SAR’s Northern Railway network.

The 1,300-kilometer route will take in the country’s desert landscapes, and stop at the city of Hail on one and two-night trips.

An earlier press release had noted that the itinerary traverses to Qurayyat – close to the northern border with Jordan.

The train is set to feature nearly 40 luxury cabins designed to reflect traditional Saudi architecture in a modern manner, by architect and interior designer Aline Asmar d’Amman and her studio, Culture in architecture.

Set to accomodate up to 82 guests, the train will feature top international chefs and bartenders, luxury accommodations, as well as curated cultural programs.

This development comes as Saudi continues to attract an increasing number of tourists, in an effort to diversify an oil-centric economy.

In 2016, the Saudi government launched Vision 2030, an effort to diversify economically, socially, and culturally, in line with the vision of Saudi Crown Prince and Prime Minister Mohammed bin Salman.

Among plans include the futuristic city of Neom, including drawing tourists, artists and musicians to AlUla with its breathtaking rock formations and historical significance as well as the UNESCO World Heritage Site of Hegra.

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Saudi Arabia also set to host the World Expo 2030 as well as the 2034 World Cup, underlining the Gulf kingdom’s growing influence in world.

The sleek, silver W196 R Stromlinienwagen, one of only four complete examples in existence, was sold by RM Sotheby’s at the Mercedes museum in Stuttgart, Germany, on behalf of the Indianapolis Motor Speedway (IMS).

The car had a price estimate of more than 50 million euros and, while the bidding rapidly reached 40 million in 5-million-euro increments, it eased off before a final hammer figure of 46.5 million.

The final price includes the buyers’ premium. The buyer was not immediately named.

The costliest car ever sold at auction was a 1955 Mercedes 300SLR Uhlenhaut Coupe sportscar that changed hands for 135 million euros in May 2022.

The most expensive grand prix car previously sold at auction was another ex-Fangio Mercedes W196 from 1954 that fetched $29.6 million at Goodwood, England, in 2013.

The IMS car is the first W196 R to become available for private ownership with the streamlined body fitted.

The car was driven to victory by five times world champion Fangio at the non-championship Buenos Aires Grand Prix in 1955, but with a more conventional cigar-shaped body on the same chassis, and fully open wheels.

There are challenges, of course.

Teammate Moss then raced it with the wider, streamlined body extending over the wheels at the season-ending Italian Grand Prix at Monza, retiring after setting the fastest lap at an average speed of 215.7 kph (134.0 mph).

That grand prix marked the end of an era for the Mercedes stable’s ‘Silver Arrows’ as the firm withdrew from factory-sponsored motorsport in 1955 after a Le Mans 24 Hours disaster that killed 84 people.

Mercedes returned to Formula One as an engine provider in 1994 and with its own works team from 2010.

The car sold on Saturday, chassis number 00009/54, was donated to the IMS by Mercedes in 1965 and was auctioned to raise funds for the museum’s restoration efforts and acquisitions with more U.S. focus.

“It’s a beautiful car, it’s a very historic car, it’s just a little bit outside our scope window,” said curator Jason Vansickle.

“We’ve been fortunate to be stewards of this vehicle for nearly 60 years and it has been a great piece in the museum but with this auction and the proceeds raised, it really will allow us … to be better in the future.”

The W196 R Stromlinienwagen (‘Streamline car’), one of only four complete examples in existence, is being sold by RM Sotheby’s on behalf of the Indianapolis Motor Speedway (IMS) at a target price of more than 50 million euros ($52 million).

If it meets the estimate, it would also be the second costliest car ever sold at auction after a 1955 Mercedes 300SLR Uhlenhaut Coupe sportscar that changed hands for 135 million euros in May 2022.

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The most expensive grand prix car sold at auction to date was another ex-Fangio 1954 Mercedes W196 that fetched $29.6 million at Goodwood in 2013.

The IMS car is the first streamline-bodied W196 R to become available for private ownership and, in its open-wheel form, was driven to victory by Fangio at the non-championship Buenos Aires Grand Prix in 1955.

Moss raced it with the streamline body at the Italian Grand Prix at Monza, retiring after setting the fastest lap at an average speed of 215.7 kph.

Mercedes withdrew from factory-sponsored motorsport in 1955 after a Le Mans 24 Hours disaster that killed 84 people, returning to Formula One as an engine maker in 1994.

The car is presented in its Monza livery with full documentation.

“Without any doubt, it’s the most beautiful race car in the world and ever.

Nothing can compare. It’s simply a masterpiece of style and design,“ Marcus Breitschwerdt, head of Mercedes-Benz heritage, told Reuters Television.

“It is very fast. The top speed is actually above and beyond 300 kph. “I wouldn’t expect that it’s too much of an effort to get it back to driving condition. And we gladly will offer whoever buys the car to do it for them.”

The car, chassis number 00009/54, was donated to the IMS by Mercedes in 1965 and is being sold to raise funds for the museum’s restoration efforts. The Indianapolis museum, which is aiming to become more U.S.-focused, is selling a total of 11 cars from its collection at three separate auctions this year.

The Mercedes ‘Silver Arrows’ dominated the immediate pre- and post World War Two era of grand prix racing with the W196 R a world-beater in 1954 and 1955.

The streamlined bodywork with enclosed wheels was used at high-speed circuits, with the open-wheeled version favoured for more twisty tracks.

LVMH, which makes billions selling “made in France” luxury goods from leather handbags to champagne to the world, so far has little production capacity in the United States besides three Louis Vuitton workshops and some Tiffany jewelry-making sites.

But Arnault, who is also LVMH’s main shareholder, said he was open to increasing the company’s footprint in the United States soon.

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“It’s clear that we are being strongly pushed by the American authorities to continue to build out our presence. In the current context, this is something that we’re looking at seriously,” he said, speaking to journalists after the company presented quarterly results.

Arnault and his family attended President Donald Trump’s inauguration for a second term earlier this month.

Arnault and wife Helene Mercier and well as two of his children, Delphine Arnault and Alexandre Arnault, sat just a few metres from Trump’s lectern, alongside other billionaires including Tesla founder Elon Musk and Meta Platforms boss Mark Zuckerberg.

Arnault, who early in his career worked as a real estate developer in the United States after he left France following the election of leftist President Francois Mitterrand, has known Trump for decades. Arnault had criticized Mitterand as anti-business.

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During Trump’s first term, Arnault invited him to cut the ribbon at a new Louis Vuitton leather atelier in Alvarado, Texas.

Arnault said U.S.-based factories benefit from attractive tax conditions and that Trump is encouraging investments in what he called a “very dynamic” market.

At the same time, Arnault - France’s richest man - voiced frustration about his home country’s bureaucracy and recent plans to additionally tax large companies to plug a hole in the state budget.

“I’ve just come back from the U.S. where you can see the wind of optimism going through the country. And when you come back to France after spending a few days in the U.S., it’s a bit of a cold shower, I have to say.”

The U.S. market, where the French conglomerate employs more than 40,000 people, is key for LVMH, accounting for 25% of group sales.

Ghai will spend $28,000 on designer fittings from American giant Kohler and Japan’s Toto, installing a jacuzzi bath tub, showers with steam features and a multifunctional toilet with a heated, temperature-control seat and an automatic deodoriser.

“Japan’s toilets are so futuristic and hygienic, it was like we were in a different world. I wanted to bring that experience home,” said Ghai, recalling a visit to Japan that inspired his purchase.

“I really spend time here, I can relax, I can be with myself. So I want it to be cosy and relaxed.”

India is emerging as a hotspot for Kohler, Toto and Hansgrohe, the German manufacturer renowned for its taps and showers. The bathroom hardware companies are planning more stores, striking deals with developers and stepping up production in the world’s most populous nation as incomes grow.

UBS says that by 2028 India will have some 1 million millionaires, , more than in Singapore, Hong Kong or Brazil. In some ways, the luxury boom is emblematic of India’s divides.

The World Bank’s most recent estimates - from 2022 - showed 11%, of India’s population still defecated in the open.

But even as millions of Indians cut spending in the face of inflation, the newly rich are not afraid to splurge. Indian sales of Mercedes-Benz cars hit a record high last year and so did deals for multimillion-dollar apartments in big and smaller cities.

Luxury homes accounted for 26% of total residential sales last year, more than three times the level of 2020, according to Mumbai-based Anarock Property Consultants.

The homes are mostly apartments in gated communities in India’s seven biggest cities that are priced above 15 million rupees ($173,000).

Kohler currently has three “experience centres” in India where customers can test water temperature settings and shower pressure. It plans to open similar outlets across the major cities - potentially making India one of the biggest hubs for such centres - as well as many smaller stores.

“People are getting a lot more home proud than what they were before. They want to make sure they are spending more money on this entire sanctuary at home,” said Ranjeet Oak, Kohler’s managing director for South Asia.

Kohler describes India as its fastest growing market globally. Local sales rose to around $230 million in 2023-24, representing a compound annual growth rate of 17% from 2019, regulatory records show. Net profit grew by an annual average of about one third over the same period.

‘Comfortable cleaning sensation’

Even with India’s growth, China remains a bigger bathroom market, according to data from research firm Statista. It expects the Chinese market to expand about 11% over the five years to 2029 to $42.7 billion.

India, meanwhile, is set to grow by about 9% over the same period to $12 billion.

In a statement, Toto said rising incomes and aspirations had driven demand for its bathroom products in India’s large cities. It added that it would expand its dealer network by a third to 160 by 2025-26, especially in smaller cities “to grow our reach”. For Kohler and Hansgrohe, the experience centres are at the heart of their strategy.

Located inside an old mill, Kohler’s outlet in Mumbai, a city infamous for slums that lack basic sanitation, is spread across 16,000 square feet, making it as big as three basketball courts.

On display inside are a 1.6 million rupee ($18,500) Alexa-powered toilet with inbuilt tunes of chirping birds and a $5,800 wash basin decorated with hand-painted designs featuring a choice of Indian forts or jungle wildlife.

Hansgrohe will also open its first experience centre in New Delhi this year.

It already has 250 outlets in India, but will increase that to 400 by 2026, said Thomas Stopper, the company’s Asia vice president.

The manufacturer also plans to double its capacity at its existing assembly plant near Mumbai. Its supervisory board will visit India this year and be briefed about the possibility of making India a manufacturing hub, Stopper added.

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“We see India as the biggest, last sizeable strategic opportunity of the future. It reminds me of China 20-30 years ago,” he said.

In Kanpur, Ghai, who made his money from call centres, is spending around $925,000 on his new home, which should be finished by late 2026.

Some of the bathrooms in the seven-bedroom four-storey house will have a “rain and mist shower” and Toto’s $2,313 toilet which comes with seat warming and a “comfortable cleaning sensation”.

His architect Kunal Gupta summed up the plan: “The client’s vision was to get an ultimate eye-candy yet functional luxury bathroom.”

GEMS School of Research and Innovation will be located in Dubai Sports City and will feature a 600-seat auditorium, an Olympic-sized pool, NBA-spec basketball court and a football field that doubles as a helipad, the statement added.

These developments come as the company looks to capitalise on the influx of ultra-wealthy families that have made their way to the Gulf hub that has already been driving the “red-hot” property market to record highs.

Dubai has also consistently seen rising school fees as wealthy families are expecting more and more from the education sector. Dubai is rapidly welcoming more and more hedge funds, private equity firms, crypto traders and bankers looking for a premium education for their families.

Dubai’s financial hub, DIFC, is home to over 120 families and 800 family-related structures and entities who manage more than $1.2 trillion in assets.

Student enrolment at private schools in Dubai grew by 6% during the 2024-25 academic year, with 387,441 students now enrolled at 227 schools offering 17 different curricula, according to recent data collated by the Government of Dubai.

Sana, an Indian national and a Dubai-based mother-of-three, attested to this competitive trend.

“Older estate schools such as Jess Dubai and Dubai English Speaking Schools (DESS) are over 50 years old, where admission is extremely competitive. Wait lists are also huge – anywhere from 5 to 8 years as they are considered excellent institutions.

“These are easier on the pocket as well, but Jess Dubai has a debenture system, as the school is a non-profit making organization.

“However, places like GEMS will thrive as there is no shortage of people looking to enroll their children, especially Dubai natives,” she told Business Recorder.

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Ten new private schools opened during the 2024-25 academic year, in line with Dubai’s ambitious Education 33 (E33) strategy, which aims to open at least 100 new private schools by 2033.

Dubai also remains on track to beat overnight visitor numbers from the record set last year.

At GEMS, the enhanced British curriculum is meticulously designed to blend academic excellence with future-focused subjects, the statement added.

Students will engage with computer science, artificial intelligence, robotics, esports, and game design from an early age while exploring specialist languages, arts, sports, engineering, and business.

On-hand will also be a robotics labs and go-kart engineering workshops, along with a 400-meter track to test their designs.

Furthermore, the statement added how students will connect with schools worldwide, participate in UNESCO conferences and gain access to prestigious universities and top-tier employers through the GEMS for Life programme.

The United Arab Emirates, of which Dubai is a part, is poised to be the top destination for relocating millionaires this year, according to a recent report from migration advisory firm Henley & Partners.

In November, Coach-owner Tapestry abandoned an $8.5 billion deal to buy Michael Kors-owner Capri.

After that deal to create a U.S. luxury conglomerate fell through, Capri executives did not rule out the possibility of a potential sale of its brands.

Capri hired Barclays to look at strategic options including the sale of its Versace and Jimmy Choo brands, two people with direct knowledge of the matter told Reuters.

One person said the entire Capri Holdings group could also be up for sale.

Prada is looking at the file with Citi, the report said. Citi has worked with Prada in the past over a dual-listing project which was put on hold.

Contacted by Reuters, Prada declined to comment. Citi was not immediately available for comment. Prada’s Hong Kong-listed shares closed down 0.4% on Friday.

Versace, founded in Milan in 1978 by late Italian designer Gianni Versace and still led by his sister Donatella as creative director, became known for its bold, opulent prints, including the iconic Medusa motif.

Prada, whose rigorous, intellectual style bears the imprint of creative head Miuccia Prada, has been defying the industry’s downturn with sales up 18% at constant currencies in the third quarter.

Versace accounted for a fifth of Capri’s revenue in the fiscal year through March 30, 2024, or $1 billion out of a total of $5.2 billion for the group, which compared with $5.6 billion the year before.

In November, Capri posted a bigger-than-expected drop in quarterly revenue, hurt by execution missteps and a global slowdown in luxury goods demand.

The Geneva-based company hiked prices as much as 8% on some models made from precious metals.

A yellow gold Day-Date with a 40-millimeter black dial now costs €44,200 ($45,809) as of January 1, up from €41,000, according to Rolex’s website in France.

A yellow gold GMT-Master II now costs €44,600, up from €41,300.

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Previous years

Rolex typically raises prices once a year on January 1, much like other luxury brands. Chanel, Hermes have also followed this edict, depending on various factors.

Price increases can be indicative of the demand for premium luxury products, the cost of materials and labor as well as inflation. Gold recorded its biggest annual price increase in 14 years in 2024, soaring 27%, added Bloomberg.

This year’s increases are notably larger than last year’s. Rolex raised prices on some precious metal models by about 4% in the United Kingdom at the start of 2024.

Country-specific prices for timepieces can also be seen as an indicator of a nation’s economic strength. Rolex produces more than 1 million watches per year, with sales above 10 billion Swiss francs ($11 billion), according to analyst estimates, according to Bloomberg.

However, price hikes in 2025 for steel models were less aggressive. A steel Cosmograph Daytona now costs €16,000, up from €15,500 in 2024. The price of a Submariner dive watch without a date rose by about 1.6% to €9,500.

Produced in small batches with high-quality, natural or rare ingredients, niche perfumes are becoming big business even while retaining their exclusive nature.

“We’ve had absolutely incredible growth,” said Julien Sausset, director of Parfums de Marly, a France-based niche fragrance producer.

The company posted more than 50 percent sales growth in 2023 and expects more than 40 percent growth this year to $600 million in sales.

“People don’t want to smell like others anymore. They want to free themselves, affirm their identity,” Sausset told AFP.

Producers use high concentrations of unconventional ingredients to give their perfumes unique and complex scents, such as amber, bergamot, cedarwood, pink peppercorn, or rhubarb.

Niche perfumes account for 10 to 12 percent of the overall market, according to Sausset.

It will likely continue to expand as it is growing at 13 percent per year while mass market perfumes are growing between three and five percent.

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Something different

Present in more than 80 countries, Parfums de Marly does most of its business in the United States, where a small bottle will set you back at least $250.

It plans to open a boutique in Paris near the Champs-Elysees in a neighbourhood known as the Golden Triangle for its high concentration of luxury shops.

“What is important is to have a place where you can have your own salespeople do some storytelling and present the products,” Sausset said.

The brand was created in 2009 by Julien Sprecher, an aficionado of the 18th century, when modern perfumery was created.

The name comes from the Chateau de Marly, located near Versailles, where Louis XV was known to throw lavish parties.

Niche perfumes tap into that sense of luxury.

Julie El Ghouzzi, who wrote a book on the luxury industry, said the sector developed in reaction to the popularisation of perfumes in the 1990s, when many brands seemed to resemble one another.

Some perfumers wanted to do something different, to “blow up the notion of masculine and feminine and developed perfumes around high-end ingredients, using the names of these ingredients and not brands,” she said.

‘Bottle code’

These independent perfumers “didn’t have the money to order custom bottles, so they used rectangular ones for all their perfumes. And it worked,” said El Ghouzzi.

Their success drove luxury houses like Dior and Cartier to imitate them with simple bottles to signal the product was niche, she added.

This “bottle code” has changed somewhat, with some perfumers now adopting more creative bottles, but beauty products giant L’Oreal still uses it for its niche perfumes.

But while the bottle signals to consumers a difference, it is what’s inside that sets them apart.

“When a consumer pays 400 euros for a bottle of orange blossom perfume, it is in our interest to use top-quality orange blossoms in high concentrations,” said Karine Lebret, L’Oreal’s global vice-president for scent science and fragrance design.

“There isn’t a top brand without its niche perfume today,” said Eric Briones, who wrote a book about luxury and Generation Z (people born between the late 1990s and early 2010s).

He said the Chinese market and Gen Z particularly like niche perfumes in contrast to other luxury goods.

Then there is the ultra niche of bespoke perfumes.

Sylvaine Delacourte, who previously created perfumes for Guerlain, now has her own line of perfumes but also offers to create made-to-order fragrances.

A two-hour meeting is set up with customers to take a “trip in their olfactory memory”.

After that, a unique fragrance is created over several months. The price: 20,000 euros ($21,000) for two litres.

The companies’ renewed focus on more affordable products is meant to appeal to middle-class aspirational customers who are more price sensitive, although the strategy may dent companies’ typically fat profit margins. Advertisement · Scroll to continue

After more than two years of sharp price hikes – with Chanel, Prada and LVMH’s Dior raising handbag prices by over 50% in France in 2023 compared to 2020, according to the Wall Street analysts at Bernstein – luxury labels are finding themselves at risk of alienating the middle class.

U.S. spending on merchandise from top luxury brands fell 6% year on year in November, according to credit-card data from Citi, setting a dour tone to the early holiday shopping season for LVMH, Kering and other global purveyors of designer goods.

As bitcoin soars, luxury brands consider accepting crypto payments

Logos for under $500

Kering label Gucci’s decor and lifestyle gifts this season include a $440 pet leash and a box of sticky notes covered with the brand logo, priced at $200. Louis Vuitton, which belongs to LVMH, offers a $360 card holder and a $395 canvas and metal Monogram Double Spin bracelet for $395 on the gifts section of its e-commerce site.

Burberry plans to change its store layout to emphasise “scarf bars” to drive sales of its cashmere scarves priced from $450 to $1,050.

And Kering and Cartier’s Richemont seek to bring their perfumes and cosmetics lines back in-house while LVMH has been developing cafes and entertainment, said Jonathan Siboni, CEO of Luxurynsight.

Demand fragile after US election

Following the U.S. presidential election on Nov. 5, “luxury demand appears fragile, particularly with the aspirational clientele,” analysts at Citi said, highlighting weak household employment in November following tepid U.S. hiring.

The absence of this consumer is reflected in a decline in global luxury shoppers by 60 million to 355 million, analysts at RBC said. They cite pressures from inflation and growing interest in spending on experiences rather than products as key reasons for the drop-off.

LVMH shares tumble, hit fashion sector as luxury giant’s sales growth slows

Global sales of luxury personal goods like clothing, accessories and beauty products, are expected to be flat at constant exchange rates during the holiday season, according to consulting firm Bain.

Bain earlier forecast that global sales of personal luxury goods would drop 2% this year, one of the weakest on record, with a shrinking client base – especially the so-called aspirational shoppers, who are more price sensitive.

China demand dampened

Appetite for high-end goods in China, one of the luxury goods industry’s biggest markets and main source of growth in recent years, has been dampened by a property crisis and low youth unemployment, with analysts at JPMorgan predicting a “bumpy” outlook for the sector after a tough 2024, as ongoing macro challenges in China continue to weigh.

In this context, luxury spenders are particularly selective. They do not want to buy things perceived as “lower quality or old styles,” said Caroline Reyl, head of premium brands at Pictet Asset Management.

Instead, brands can gain attention through marketing campaigns as well as expanded product categories, along with the shift toward more affordable product categories.

“Still very high quality, but just cheaper in terms of price points,” Reyl added. Siboni, who combines information pulled from brand websites as well as the companies themselves, has seen an average increase of 8% of small leather goods such as wallets in proportion to full-size handbags compared to a year ago.

In November, the average price of small leather goods at LVMH’s Dior brand was down 21% year on year, according to Luxurynsight data. Meanwhile its Louis Vuitton label has increased the ratio of products in its small leather goods selection priced under 500 euros by 9% compared to the same period last year.

Profit margin erosion likely

The emphasis on lower-priced products, while necessary to preserve relevance at a time when middle-class and even wealthy shoppers are balking at high-priced merchandise, is likely to erode the profit margins of players such as LVMH and Balenciaga-parent Kering, which are already facing pressure due to slowing sales.

“What we are trying to do is to stretch the price range,” Andrea Guerra, chief executive officer of industry outperformer Prada, told analysts at the end of October.

Meanwhile, Burberry’s new CEO Joshua Schulman, introducing his turnaround plan for the British luxury label, stressed the broadening of the assortment of entry-level priced products, noting that pricing was pushed “too high across the board.”

Industry bellwether LVMH, however, cautioned against the risk of veering too far off brand, which could damage a label’s exclusive aura. Chief Finance Officer Jean-Jacques Guiony said the group would steer away from introducing a new range of “very affordable product.”

“I think it would be a mistake,” he told analysts in October, stressing the importance of not entirely changing offerings with a “very short-term view.”

Until recently, only a handful of luxury brands including LVMH watch labels Hublot and Tag Heuer as well as Kering-owned fashion brands Gucci and Balenciaga have experimented with crypto payment offers.

In recent weeks, upscale French luxury department store Printemps announced it was teaming up with the world’s largest crypto exchange, Binance, and French financial tech company Lyzi to accept cryptocurrencies including bitcoin and ethereum in its stores in France - becoming the first European department store to do so.

The move, coming as bitcoin rises, has been noticed by other brands and retailers who are showing interest in joining in.

“There have been quite a few calls - it’s generated interest,” said David Princay, president of Binance France, who said the company is in talks with other luxury labels.

Luxury lighter and pen maker S.T. Dupont told Reuters it aims to accept cryptocurrency payments in two Paris stores before the holidays.

In the realm of experiences, cruise company Virgin Voyages began this month offering its first product accepting bitcoin as a payment option - a $120,000 annual pass for up to a year of sailing on its cruise ships.

Regulators have long warned that cryptocurrencies like bitcoin are high-risk assets, with limited uses in the real world. High volatility has been another barrier to wide adoption as a means of payment.

But pledges of support from US President-elect Donald Trump, who is expected to bring in more friendly e-currency regulation, have fueled record-breaking rises for bitcoin.

S&P analysts say the narrative is starting to shift, noting that blockchain innovation in financial markets could increase predictability for cryptocurrencies.

Seeking innovative branding

Luxury labels have long sought to cater to affluent shoppers from the tech industry by opening stores in upscale Silicon Valley malls and issuing products like the Hermes Apple Watch, for example, which combines signature, stitched leather straps of the French Birkin bag maker with tech giant Apple’s connected timepiece.

Now, new wealth generated by bitcoin’s recent highs - topping $107,000 on Monday - comes as the luxury industry faces its biggest slump in years and searches for new sources of growth.

Offering cryptocurrency payments can be a way for companies to brand themselves as innovative rather than “a stuffy old brand that’s only selling to the boomers,” said Andrew O’Neill, digital assets lead analyst at S&P Global Ratings.

Bitcoin tops $106,000

The payment option remains largely symbolic. Retailers usually reconvert the funds to euros or dollars to offset risks of volatility, while for most shoppers, payment methods are seen overall as “something that’s been solved” already by such transaction platforms as PayPal or Venmo, said O’Neill.

But for bitcoin investors who have seen a strong rise in the value of their investment, luxury goods - a designer handbag or high-end watch - are an obvious choice for diversifying one’s portfolio, analysts say.

In a sign of growing interest from designer labels, Balenciaga recently issued a leather card holder designed to hold “Stax” hardware from crypto wallet company Ledger.

The black leather accessory, which retails for 350 euros ($368), includes a keychain and Eiffel Tower charm, and an NFC chip fitted underneath the brand logo.

Ledger’s Stax Crypto hardware, its recently developed higher-end hardware with a curved touch screen, sells for $399 at Best Buy.

The company’s “Flex” hardware, which resembles a mini Amazon Kindle, sells for $249 while the “Nano” version, which looks like a USB key, sells for $79.

Reaching younger clientele

Gregory Boutte, chief client and digital officer for luxury conglomerate Kering, has described the group’s strategy when it comes to technology as “test and learn” rather than “wait and see.”

He emphasized the embrace of new technologies as key to reaching younger and Asian clientele.

Kering’s star label, Gucci, has since 2022 made purchases available through 10 cryptocurrencies for most of its products in the United States.

Printemps is working to expand its crypto payments service to New York City, where it plans to open a multibrand retailer in the Wall Street district in March.

Bitcoin’s rise in late 2021 prompted an initial flurry of interest from luxury brands with Tag Heuer, headed at the time by LVMH luxury scion Frederic Arnault, as well as Gucci, accepting payments in cryptocurrency the following year for some purchases in the United States.

One crypto advocate who recently used digital assets to make luxury purchases is Eunice Wong, an investor and influencer known as “Eunicorn.”

Wong said she used cryptocurrency to buy several high-end watches this year including an Audemars Piguet Royal Oak model.

But she is not interested in being drawn in by high end brands seeking to build a closer client relationship, preferring to bypass traditional retail stores and sales routines.

That takes too much time, in her view. “If I will buy, I’ll buy on the secondary market, not through them,” she told Reuters. “I want it now.”

As the world continues to recover from Covid, wedding celebrations are also fast returning to pre-pandemic scale.

For those still in the market for last-minute festive-wear or looking to plan ahead for next year, here is a selection of bridal designers that have continued to impress.

Sania Maskatiya

The new bridal collection ‘Amara’ just debuted, and will be delivered in 2025. Offering a mix of both contemporary and traditional, their expertise lies in impeccable embroideries, classic colors and premium fabrics.

They have now expanded to Dubai with bridal appointments throughout the year and also offer a menswear line for grooms.

Bridal outfits begin at Rs500,000.

Misha Lakhani

Newer than her contemporaries, Misha Lakhani has established herself as a bridal designer both in Pakistan and globally.

She sticks to her signature ethereal style, working with diaphanous chiffons and silks, layered together with delicate embroideries, and offers them in both traditional and contemporary silhouettes.

Bridal outfits begin at Rs600,000.

Ali Xeeshan Theatre Studio

For the bride who wants a lot of color, pattern and drama, Xeeshan is likely to deliver.

Best known for his use of bold patterns, dramatic silhouettes evoking the Mughal-era, his bridals stand out in a crowd.

He also offers a wide variety of pret and luxury pret outfits for the bridal party.

Bridal outfits begin at Rs500,000

Sana Safinaz

These pioneers have been offering premium bridals at relatively competitive costs for over two decades.

Offering meticulously contemporary designs, their design ethos has remained original while adapting to fun new silhouettes and trends. An excellent choice for experimental customers who do not mind pushing the boundaries of cuts and design.

Bridal designs begin at Rs300,000.

Nida Azwer

This veteran designer, known for her use of flora and fauna as well as menageries in her designs, juxtaposes deep jewel tones against sumptuous three-dimensional silvers and golds.

Best known for her bridals as well as luxury pret, she also has a more casual and affordable ‘Nur’ line, for those looking for resort-wear.

Bridal designs begin at Rs700,000.