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Global gold demand up 3% in second quarter as investment jumps, WGC says

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Reuters

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July 31, 2025

Global gold demand including over-the-counter (OTC) trading rose by 3% year-on-year to 1,248.8 metric tons in the second quarter of 2025 as investment jumped 78%, the World Gold Council said on Thursday.

Reuters

Spot gold prices are up 26% so far this year after hitting a record $3,500 per troy ounce in April as uncertain global trade policy and geopolitical turbulence fuelled inflows into safe-haven assets.

Demand for gold bars rose 21% in the second quarter, offsetting a continuing slump in demand for coins, said the WGC, an industry body whose members are global gold miners.

Physically backed gold exchange-traded funds recorded their largest semi-annual inflow since the first half of 2020 from January to June, the WGC said earlier in July.

Global gold jewellery consumption, the main category of physical demand, fell 14% to 341.0 tons, the lowest level since the pandemic-swept third quarter of 2020, as the high prices deterred buyers.
“Much of the decline came from China and India, whose combined market share fell below 50% for only the third time in the last five years,” the WGC said.

Central banks, another major source of gold demand, reduced purchases by 21% to 166.5 tons in the second quarter, the WGC calculated, based on reported purchases and an estimate of unreported buying.

On the supply front, recycling added 4% to 347.2 tons in the second quarter, but remained relatively subdued despite record prices, as Indian consumers opted to exchange old jewellery for new, or to pledge it as collateral against loans.

The WGC downgraded its estimate of this year’s gold purchases by central banks, adding that the longer-term trend of central banks reallocating from the U.S. assets to gold remains intact.

Gold ETFs have further upside potential in the second half of this year with retail investment due to soften modestly, the WGC added.

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Safilo will not make an offer for British group Inspecs

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December 15, 2025

Safilo has confirmed that it will not make a binding offer to acquire British business Inspecs Group plc. The Italian eyewear group disclosed this following the announcement made on December 10 by Inspecs, noting Bidco 1125 Limited’s proposal to acquire it at a price of 84 pence per share.

Safilo

The Padua-based global eyewear company had expressed interest last October in acquiring Inspecs, making an initial approach to the UK-based eyewear designer, manufacturer, and distributor in relation to a potential acquisition of its Eschenbach Group and BoDe assets. Safilo subsequently made two possible non-binding cash offers to acquire the entire issued and to be issued share capital of Inspecs. Both proposals were rejected by Inspecs.

Today Safilo issued an announcement pursuant to Rule 2.8 of the Takeover Code. Accordingly, the company stated that, unless the Panel consents, Safilo (together with any persons acting in concert) will be subject to the restrictions set out in Rule 2.8. These restrictions include, among other things, that for a period of six months Safilo may not announce an offer or possible offer for Inspecs, nor acquire any interest in Inspecs shares that, in aggregate, would confer 30% or more of the voting rights in the British company.

However, Safilo pointed out that, pursuant to Note 2 of Rule 2.8 of the Takeover Code, it reserves the right to depart from these restrictions should certain circumstances arise: if a third party (other than Bidco 1125) announces a firm intention to make an offer for Inspecs; if Inspecs announces a proposed waiver of Rule 9 (relating to the obligation to make a mandatory takeover offer) subject to the approval of independent shareholders, or a reverse takeover (as defined in the Takeover Code); or if the Takeover Panel determines that there has been a material change of circumstances.

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Kaia Gerber is new face of NARS

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December 15, 2025

NARS Cosmetics has revealed Kaia Gerber as its newest global brand ambassador, saying she’s a “beauty and fashion icon [and] a longtime collaborator” of founder and creative director, François Nars.

Kaia Gerber by François Nars

She certainly adds a newsworthy element to any brand she fronts having walked the runways for the biggest global designer labels as well as appearing on the covers of the world’s top glossy magazines.

She’s been in demand by high end and mass-market labels this year and in May was announced as Mango’s latest face in a deal that the retailer called a “collaboration” set to run throughout the year. Two months earlier she’d appeared with her mother Cindy Crawford for Mango’s rival Zara with the duo headlining a new session of its ‘Zara Streaming’ initiative.

She makes her debut for NARS with the launch of a campaign shot by François Nars for the new Afterglow Lip Balm. That product launches in January and continues the trend for high-end brands diving deep into a once-humble category and backing their launches with major campaigns.

Shiseido-owned NARS has been expanding in recent periods and only in October announced a strategic partnership with Indian giant Reliance Retail’s omnichannel business Tira to boost accessibility in the country. Gerber’s presence is likely to be a boost for its growth plans.

François Nars said of her: “Kaia is a true beauty, a supermodel of today who carries with her the spirit of another era. Working with her on this campaign felt like stepping back into the age of the original icons. Those supermodels were more than faces; what I always loved about them was their joy. They loved the camera, the artistry of makeup and hair, and fashion itself. Most importantly, they gave everything in front of the camera, pouring their energy into creating the most beautiful images possible. Kaia has that same spirit and photographing her was like reliving the magic—one of the very things that made me fall in love with this industry in the first place.”

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Nude Project makes German debut, opens its doors in Berlin

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December 15, 2025

Nude Project is advancing its European expansion. The Spanish urban fashion brand has added Germany to the list of markets in which it has a retail presence: on Friday December 12, it opened a store on Alte Schönhauser Straße in Berlin.

New Nude Project store in Berlin – Nude Project

The store is the brand’s first permanent location in the German capital, although it tested the market in the city last spring with a pop-up. With this opening, Nude Project now operates four international brick-and-mortar stores, alongside existing locations in Milan, Lisbon, and Amsterdam. In October, the brand crossed the Atlantic to make its first foray into US retail with a temporary pop-up in Miami.

The brand’s commercial network is complemented by its stores in Spain, spread across Madrid (it operates a store on Calle Fuencarral and another at La Roca Village), Bilbao, Valencia, Ibiza, and Barcelona. Also in the Catalan capital, where it is headquartered, Nude Project recently strengthened its logistics in collaboration with the specialised company Logisfashion.

Founded in 2019 by Bruno Casanovas and Alex Benlloch, the firm has become a phenomenon among younger consumers and has progressively expanded its catalogue in recent years, spanning both womenswear and menswear, as well as accessories.

Collaborations are a key part of the brand’s identity; in fact, it has just unveiled a new capsule with Playboy, its third joint launch. In financial terms, it reported revenue of €26 million in the 2023 financial year (the most recent figures available).

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