A paradigm shift in Asia is underway, with health and wellness taking precedence over traditional notions of wealth. Ravi Thakran, chairman of L Catterton Asia and a top executive at LVMH, highlighted this cultural transformation at the recent New York Times International Luxury Conference in Hong Kong. Asian consumers are increasingly prioritizing healthy living, leading to a surge in investment opportunities in the region.
Thakran observed a rising trend of Asians embracing Western fitness habits, such as running, in pursuit of better health. The growing number of marathons in China serves as a testament to the region’s changing lifestyle preferences. Moreover, there is a heightened demand for sustainable products, with consumers in countries like China advocating for ethical practices and transparency in the brands they support.
Asia’s economic significance on the global stage cannot be understated, as Thakran cited projections that forecast 65% of world economic growth by 2030 to originate from the region. As the chairman of LVMH for South Asia, Southeast Asia, Australia, and the Middle East, Thakran emphasized the abundance of growth opportunities and creative potential in the Asian market.
L Catterton Asia, a prominent private equity firm resulting from the merger of L Capital Asia and Catterton in 2016, has strategically invested in various companies across Asia. Notable investments include the burgeoning South Korean eyewear brand, Gentle Monster, and well-known fashion labels like Ba&sh, Pepe Jeans, and Giuseppe Zanotti. Thakran recognized the remarkable creative talent in Asia, particularly in fashion-related fields like embroidery and lace. Nevertheless, he stressed the need for Asian brands to enhance their storytelling and communication strategies to compete effectively on a global scale.
In conclusion, Thakran underscored the rising influence and innovation emanating from the Asian market in the luxury and lifestyle sectors. This shift towards health and wellness represents a fundamental change in consumer preferences, signaling a vibrant future for investments and developments in Asia’s evolving landscape.
To learn more about the rise of health and wellness trends in Asia, check out these links:
1. Asia’s Wellness Trends
2. Supporting Wellbeing Trends in Asia
