The world’s biggest jewelry market is boosting its gold bets.
With the precious metal setting successive records this year, jewelers and retail traders in India are turning to options on gold futures both for speculation and to hedge physical holdings. Cheaper than futures, the bets have gained new appeal with the recent surge in bullion, according to Sugandha Sachdeva, founder of financial research firm SS WealthStreet.
Bloomberg
The increase in investor interest has become apparent on the Multi Commodity Exchange of India Ltd., India’s leading commodities bourse: The average daily turnover of options on gold futures surged to 605 billion rupees ($7 billion) in February, representing 26% of the total options volume on the exchange — the biggest proportion since October 2021. Options on crude contracts still led the trading, but their share fell to 52% from more than 70% overall last year.
Concerns over US President Trump’s tariffs policy sent oil to a six-month low last week, pushing investors toward assets deemed safer, like bullion — up more than 7% since his inauguration in January. While the trading of options will keep evolving, market players are generally bullish on gold, said Gnanasekar Thiagarajan, director of commodity research firm Commtrendz Research.
“Trump uses shock value — 20%-30% tariff — and then negotiates. All of this uncertainty is bullish gold,” he said.
The precious metal occupies a revered position in India, where it’s seen not only as a store of value and symbol of wealth, but also as a sacred asset imbued with auspicious significance. Gold jewelry, which fell in almost all the countries last year, slipped only 2% for India after a July cut in import duties spurred demand, allowing the nation to retake its spot as the largest jewelry market.
As the metal hit record levels in February, trading of options on its futures for the month was nearly triple the 2024 average, MCX data show. Meanwhile, the average daily turnover for options on oil futures dropped to 1.2 trillion rupees, the least since June.
In the US, trading of gold options almost doubled last month from February 2024, according to CME Group Inc.
“Traders shifted away from crude oil options as they found better opportunities in gold,” said Rahul Kalantri, vice president for commodities at Mehta Equities Ltd.
It remains to be seen whether the trend will continue — turnover of options on oil futures rebounded last week and fell for gold. But with the current concerns surrounding the pace of economic growth in India and the trajectory of the stock market, bullion will remain a favorite among investors, according to Thiagarajan.
“Interest in gold and oil is generally inverse,” he said. “What is good for the economy is good for oil. And when it’s not good for the economy or there is uncertainty, people rush to gold.”
Selfridges continues to be the launchpad of choice for many luxury brands, particularly those planning something eye-catching or out of the ordinary.
Sergio Tacchini
And this season, Sergio Tacchini is celebrating its SS25 collection launch at the retailer’s London flagship by wrapping its DeLorean car in black velour and a print inspired by the brand’s Slice Track Jacket.
The design blends the brand’s heritage with new designs, focusing attention the label’s “timeless aesthetic within sportswear”.
Beyond the jacket, the collection features other reimagined classics alongside Selfridges exclusive pieces, including printed shirts and cotton jackets with bold prints.
The brand said the launch at the store (and on Selfridges’ webstore) “reinforces Sergio Tacchini’s commitment to blending retro inspiration with contemporary style”.
It’s an ongoing link between the label and the retailer and it’s not the first time Sergio Tacchini has opened a pop-up there.
Back in summer 2023, it opened a tennis-themed pop-up, dubbed Causing a Racquet. It went for a mix of tennis and Italian references with marble-effect oversized tennis rackets, tennis balls, Roman statues, and broken columns creating a ‘Roman ruins’ atmosphere.
The almost-60-year-old company, which was previously owned by American funds Twin Lakes Capital and B Riley Principal Investments, became part of the business empire of billionaire Kim Chang-Soo in summer 2022, via his South Korean clothing group F&F Holdings.
Quintessentially French label Carven has selected another Briton to be its new design director with Mark Thomas having stepped into the seat left vacant when Louis Trotter left to take the helm at Bottega Veneta in January.
Carven
Thomas, who was trained at Central Saint Martins and Ravensbourne, has been promoted from within by Icicle, the China-based parent company of Carven.
He’s been senior designer at Carven since 2023 and before that spent almost four years in a senior menswear role at another major French label, Lacoste, also working with Trotter.
He’s also been creative director at Helmut Lang, based in New York and was head menswear designer at Joseph in the mid 2010s. Before that he was at Givenchy, and earlier in his career also worked at Neil Barrett and Burberry.
Trotter clearly thought highly of him but it’s interesting that with his strong menswear focus, he’ll be creatively directing a label best known for its womenswear.
It’s one that enjoyed a higher profile under Trotter even though she had only three seasons to reshape it before taking up with coveted Bottega Veneta role.
Despite the absence of a creative chief, Carven showed its AW25 offer, which Thomas has largely been responsible for, in Paris this season. But the first full collection under his direct control will be for SS26 during PFW this autumn.
Carven was founded in 1945 by Marie-Louise Carven-Grog and relaunched by Henri Sebaoun who had bought it in 2008. It enjoyed a high profile under the creative control of Guillaume Henry from 2009 to 2014 but struggled later before its purchase by Icicle. The Chinese firm has invested in it and reopened on its historic address, the Champs-Elysées, in 2021.
Turnover has been growing for the business under CEO Shawna Tao but the latest year for which accounts are available (FY23) saw it with a loss of over €7 million on turnover a little over €15 million.
Gap Inc. soared after strong quarterly sales showed that Chief Executive Officer Richard Dickson’s turnaround playbook is working.
Gap x Cult Gaia
The retailer exceeded analyst estimates for comparable sales, led by better-than-expected results at the namesake brand, Old Navy and Banana Republic. Athleta, the struggling athleisure brand, posted an unexpected decline.
Gap shares surged 17% in trading before US markets opened on Friday. The stock had fallen 18% this year through Thursday’s close.
The performance of Gap’s namesake brand was “particularly impressive,” Paul Lejuez, an analyst for Citi wrote in a research note. The unit’s comparable sales rose 7%, topping Wall Street’s prediction for an average gain of 1.7%. This performance suggests it’s resonating with consumers, he said.
Under Dickson, the company has leaned into celebrity partnerships and is refreshing its leadership roster, including appointing fashion designer Zac Posen as creative director.
Gap sees revenue flat to up slightly in the current quarter. Analysts surveyed by Bloomberg were looking for 1% growth, on average. For the full year, Gap forecasts revenue will be up as much as 2%.
The retailer included 20% tariffs on China and 25% tariffs on Canada and Mexico in its forecast. Less than 10% of Gap products are sourced from China and less than 1% are from Canada and Mexico combined, Dickson said in an interview with Bloomberg News.
“It’s important to note we’ve been operating in a highly dynamic backdrop for the last few years, and we’re expecting the same for 2025,” Dickson said.