India’s most famous bridalwear designer is calling an end to the industry he helped supersize.
Sabyasachi
Sales of elaborate bridal outfits — typically weighing up to 17 pounds and costing more than $6,800 — are declining, according to Sabyasachi Mukherjee, who has dressed some of India’s most famous women, including billionaire heiress Isha Ambani. Modern brides are now looking for more low-key designs as part of a broader shift away from traditionally ostentatious wedding celebrations, he said.
“The wedding industry in India as we know of it today is breathing its last,” Mukherjee said in an interview at his 25,000-square-foot (2,323 square meter) store in Mumbai.
Sustained economic growth is transforming India’s consumer landscape and its increasingly affluent population has made the country one of the fastest-growing luxury markets in the world.
At the top end, the number of people with a net worth of more than $30 million is expected to grow 50% between 2023 and 2028, according to McKinsey & Co. But aspirational customers are set to balloon too, hitting 100 million by 2027, the consulting firm estimates.
That presents immense opportunity, and Mukherjee said there’s been an increase in purchases of “entry-level” saris. But it’s also made carving out market share “survival of the fittest,” he said. His company is set to earn about $60 million in revenue this year, he estimates.
Mukherjee says his current focus is on adding stores in India, before any significant global expansion, and launching additional product lines.
That includes boosting his offerings of jewelry, which already account for about a quarter of revenue and will soon surpass his label’s apparel sales, to include smaller ornaments at competitive prices. Perfume and beauty products are set to launch within a year and Mukherjee said he wants to leverage his wallpaper and furnishings line into designing homes and hotels.
“I’ve never considered Sabyasachi to be a fashion brand, it’s a lifestyle brand,” he said. Some of his expansion plans will rely on collaborations, he said. So far, he’s worked with Hennes & Mauritz AB and Starbucks Corp., as well as Bergdorf Goodman.
The growth of India’s premium sector is attracting some of the country’s wealthiest tycoons. Mukesh Ambani’s Reliance Brands Ltd. has invested in MM Styles Ltd., which owns the eponymous fashion house run by Bollywood stylist Manish Malhotra. The conglomerate has also taken a 52% stake in the label of Ritu Kumar, another Indian designer.
Kumar Mangalam Birla has also added a luxury presence. That includes a 51% stake in Mukherjee’s Sabyasachi brand bought in 2021.
That backing is core to Mukherjee’s ambitions to build a homegrown luxury brand that can compete with European and American labels. “Soon, India will be the biggest and I want to ride that wave,” he said.
Beauty brand Stila Cosmetics announced on Monday the appointment of Steve Rosen to the role of chief financial officer, and David Reece as chief operating officer.
Stila Cosmetics
Both Rosen and Reece bring decades of industry expertise and leadership experience to California-based Stila.
Rosen is a financial leader with over 30 years of experience in the cosmetics industry. He most recently served as CFO for ZO Skin Health, a BlackstonePrivate Equity portfolio company. Prior to ZO Skin Health, Rosen spent 22 years at Estée Lauder in various finance and M&A roles for brands such as Crème de la Mer, Jo Malone, Aramis, Designer Fragrances, and Becca Cosmetics.
Likewise, Reece veteran executive with more than 20 years of leadership experience in the beauty, health, and wellness industries, with his expertise spanning supply chain, logistics, operations, and regulatory fields.
He has held key roles at Herbalife, Beachbody, and Beautycounter, and most recently served as chief operating officer at Ritual.
“Steve and David are exceptional leaders with proven track records in the beauty and wellness industry, and we are thrilled to welcome them to the Stila team,” said Michelle Kluz, CEO of Stila.
“Steve’s financial background and strategic insight, paired with David’s operational expertise and deep industry experience, will play an instrumental role as we continue to reinvigorate and expand Stila’s presence in the global market.”
The appointments come as Stila continues to expand its portfolio globally, after 31 years of business.
The color cosmetics brand launched in the Indian market in January this year, with multi-brand makeup giant Nykaa to offer a selection of its signature face products in the country.
Nautica is expanding in the fragrance market with the launch of two new mood-boosting scents for women, inspired by the brand’s coastal heritage including Rose Island and Jasmine Coast.
Nautica expands into women’s fragrance market with 2 new scents. – Nautica
Rose Island offers a floral amber scent, evoking the energy of the sea with mood-boosting ingredients. The fragrance features top notes of lemon sorbet accord, orange, and mandarin, a heart of rose, bamboo, and ginger gold apple, and a grounding base of dewy marine, sea moss, and cedarwood.
Meanwhile, Jasmine Coast, provides a floral fruity scent inspired by the tranquility of the sea. This fragrance features bright top notes of pear, pink pepper leaf, and mandarin, a soothing heart of coastal jasmine, ylang-ylang, and violet, and a cozy base of sea moss, ambergris, and cloud musk.
The collection launches with a campaign fronted by American actress and YouTuber, Lily Chee.
“I am thrilled to partner with Nautica to represent this exciting time for the brand. I love the connection to the ocean and the coastal culture that the brand is rooted in. There are so many things I love about being by the ocean,” said Chee.
“I love feeling all salty, I love the way that my hair feels, my skin feels. You have to be fully present and in the moment and there’s something really beautiful about that. I can’t wait to embark on this journey with Nautica and inspire those who follow me to reconnect with their true selves.”
The new fragrance line is designed to reflect Nautica’s campaign creative concept, “It’s In Your Nature.”
The packaging draws inspiration from the calming waters of the ocean and the golden hour glow of the beach. The bottle’s cap represents the sun, while the bottle itself mimics the reflection of sunlight on the ocean during sunrise or sunset.
“Coty is thrilled to expand Nautica’s fragrance offerings, engaging existing brand consumers and reaching a whole new audience. As a strong partner with Nautica, we believe Lily is the perfect choice to authentically represent the brand’s heritage and new vision for women’s fragrances,” added Coty chief brands officer, consumer beauty, Stefano Curti.
The Rose Island and Jasmine Coast fragrances will be available on Amazon starting this month, for $34.99.
Fashion/lifestyle retail giant Next has secured 11,500 sq ft of office space at the newly refurbished 31 Alfred Place in London’s Fitzrovia area of WC1. The space has been let on a five-year term from London-based property giant Great Portland Estates (GPE).
Next said it has required the additional office space to complement its existing London offices and will be moving into the building at the end of March, occupying four floors.
Alfred Place is a newly refurbished 42,000 sq ft building offering premium offices as well as a communal roof terrace, private terraces on selected floors, a spacious shared lounge and meeting room suite, and flexible wellness space.
David Korman, GPE’s senior leasing manager, said: “The rapid and positive leasing at Alfred Place highlights the strong demand for our well-located, amenity rich, premium Fully Managed spaces, while also demonstrating the expanding appeal to larger corporates that may have initially sought a more traditional arrangement.”
In November the central London landlord reported a rebound in half-year results, reporting “strong” leasing at levels well ahead of rental values, “exceptional” development returns and “profitable” asset sales. GPE returned to net profit showing a gain of £62.2 million for the six months ended 30 September, compared with a £154.8 million loss a year earlier.