LONDON — Thailand might never be the new China, but it’s an emerging market that’s poised for a luxury boom, according to Ledbury Research.
In its latest Luxury Market Insights report, to be published later this week, Ledbury singled out Thailand as the number-one “hotspot,” or emerging market for luxury goods.
The country has a gross domestic product of nearly $346 billion — the largest in Southeast Asia after Indonesia — an unemployment rate of less than one percent, and a flourishing export and tourism industry.
It has another crucial factor in its favor: a large middle class.
“Southeast Asia overall is quite far behind China, the size of the population doesn’t compare and you won’t see the same explosion in luxury consumption. What Thailand has is domestic demand from a big middle class, and there is not a large income inequality in the country,” said Nicola Ko, luxury analyst at Ledbury who helped to research and write the report.
Many big brands are already in Bangkok: Louis Vuitton and Burberry each have four stores, while Gucci and Chanel each have three, and Bulgari has two. Cartier and Ferrari also have a retail presence in the Thai capital.
Over the past year, the number of luxury stores in the country grew 17.6 percent, compared with an average of 8 percent globally.
Thailand took first place in Ledbury’s hotspot ranking, which is based on GDP growth; the amount of business and first-class travel in and out of the country; the growth of luxury stores, and the increase in local stock market valuations over the past year.
The other countries in Ledbury’s top five were India, Peru, Saudi Arabia and the Philippines. Ledbury said that in India, the number of millionaires will surpass 400,000 by 2015. In 2010, there were 173,000.
Qatar, which is number 18 on the list, has the highest density of millionaires globally behind Singapore and Switzerland. The Ledbury report says that close to one in 10 Qatari households has investable assets of $1 million or more.
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye