Shoppers to spend more on fashion

AUSTRALIAN shoppers are expected to buy fewer clothes from local retailers in 2013 before starting to splash their cash next year.

An IBISWorld report shows revenue for the Australian fashion industry is expected to slip 1.7 per cent in 2013 to $12.2 billion.

However the outlook for the following few years is brighter, with growth of 1.1 per cent anticipated through to 2017/18.

IBISWorld general manager Australia Karen Dobie said Australian consumers were expected to become a bit more relaxed about their discretionary spending from next year, providing a boost for the local fashion industry.

Luxury and budget retailers were still doing well despite the current cautious approach Australians have towards spending.

"Well-known luxury fashion retailers have continued to perform well, and seem to be somewhat immune to fluctuating consumer confidence, with domestic favourites Oroton and Sass & Bide posting growth alongside international brands including Louis Vuitton, Gucci and Chanel," she said.

Demand for mid-market fashion has been driven by international retailers such as Zara and Topshop.

Online sales continue to grow, with web-based discount fashion stores becoming particularly prosperous.

Ms Dobie said traditional bricks and mortar retailers now risked falling off the fashion radar if they did not have a website.

"A compelling online presence is no longer optional, it has become paramount for fashion retailers," Ms Dobie said.

"Online, together with a sensible pricing structure and product differentiation will be critical for the lower and mid-range clothing segments in the coming years."

View the original article here

Fashion a hit on world's rich list

Investor Warren Buffett has lost the third spot on the Forbes rich list to Spanish fashion boss Amancio Ortega. Photo: Getty Source: Getty Images

• Fashion makes strong showing on rich list
• Billionaires getting richer
• Mind-blowing chart on richest Americans

MEXICAN tycoon Carlos Slim, Microsoft's Bill Gates and Zara fashion house boss Amancio Ortega of Spain topped the Forbes list of the world's wealthiest billionaires today.

Mr Slim, who controls Latin American telecommunications power America Movil and retail/industrial group Grupo Carso, came in first among the mega-rich for the fourth straight year, with a fortune estimated at $US73 billion, up $US4 billion from a year ago.

Microsoft chairman Mr Gates, a perennial top finisher in the list, placed second with $US67 billion, up $US6 billion from 2012, even as he continues to give his fortune away via global charity work of the Bill & Melinda Gates Foundation.

Mr Ortega, whose Inditex fashion group includes the popular Zara chain, vaulted from the fifth position into the third spot. His wealth is now estimated at $US57 billion, rocketing from $US37.5 billion a year ago.

Mr Ortega was the biggest gainer in net worth, while Brazilian metals and oil magnate Eike Batista notched the biggest decline, with a $19.4 billion drop in his fortune. Mr Batista slipped from seventh to 100th.

Mr Slim and Mr Gates were also in the top two spots last year.

After a year in which the the "Occupy Wall Street" movement decried the growing wealth of the so-called "One Per cent" at the expense of the many, the Forbes annual list once again pointed to more billionaires amassing more money.

MInd-blowing chart on the richest Americans

The list now boasts 1426 names, a record, including 210 new members. The aggregate net worth of the group comes in a $US5.4 trillion, up from $US4.6 trillion last year, according to Forbes.

There was significant jump in women billionaires, with 138 in total, an increase of 34.

The US led the list with 442 tycoons, followed by China with 122, Russia with 110 and Germany with 58.

But according to a similar report in Asia, The Hurun Report, the world's wealth is headed east with Asia housing more billionaires than any other continent.

According to the report published by a leading Chinese magazine, Asia is home to 608 billionaires, ahead of North America and Europe, with 440 and 320 respectively.

The billionaires list, however, is believed to be incomplete as many wealthy Asians prefer to keep a low profile or misrepresent their earnings.

"For every billionaire that Hurun Report has found, I estimate we have missed at least two, meaning that today there are probably 4,000 billionaires in the world," said Rupert Hoogewerf, chairman and chief reporter of the Hurun Report.

Forbes noted that rebounding equity markets and stronger consumer brands "drove a huge" number of newcomers, including Diesel jeans mogul Renzo Rosso, US retailer Bruce Nordstrom and US designer Tory Burch.

Warren Buffett, chief of US conglomerate Berkshire Hathaway, ranked fourth with $US53.5 billion, and Larry Ellison, chief executive of US technology company Oracle, came in fifth with $US43 billion.

Moving up into a tie for the sixth spot were brothers Charles and David Koch, with $US34 billion each, fortunes built on their US oil refining, pulp and paper and chemicals empire Koch Industries.

Asia's richest man, Li Ka-shing, came in eighth with $31 billion. He owes to fortune to his sprawling transportation, trading and energy businesses.

French luxury tycoons rounded out the top 10.

Liliane Bettencourt and family, whose wealth stems from the L'Oreal cosmetics and beauty empire, rose to ninth with $US30 billion, while Bernard Arnault, who presides over fashion and luxury products group LVMH, rated 10th on the list, with $US29 billion. Arnault was fourth last year with $US41 billion.

Members of the Walton family, the dynasty behind retailer Walmart, dominated the list of billionaires just outside the top 10.

Christy Walton and family rated 11th with $US28.2 billion, Jim Walton rated 14th with $US26.7 billion, Alice Walton placed 16th with $US26.3 billion and S. Robson Walton rated 17th with $US26.1 billion. Together, the family's riches came to $US107.3 billion, or more than number-one Mr Slim.

Read the full Forbes list here.
 

View the original article here