Industry News

The global luxury industry is encountering significant disruptions, marking its most challenging period in over 15 years, according to a new study by Bain & Company and Altagamma. Economic uncertainties, geopolitical tensions, and cultural shifts are impacting consumer confidence and demand, with the luxury sector experiencing a slowdown after a robust post-pandemic recovery.

Mainland China is witnessing a slowdown due to economic uncertainty, though local luxury brands are gaining traction. Meanwhile, Southeast Asia remains a bright spot, with Singapore and Indonesia leading growth. Experiential luxury, such as hospitality and fine dining, is outperforming tangible goods, particularly amongst Gen Z and Millennial consumers.

The report highlights that over half of new luxury buyers in the next five years will be from Gen Z and Alpha, who prioritise creativity and authenticity. Despite the current volatility, Asia’s long-term outlook remains strong, driven by rising incomes and an expanding affluent consumer base.

Claudia D’Arpizio, Bain & Company’s senior partner, noted, “Although demand is easing in the short term, the luxury sector has consistently demonstrated extraordinary resilience.” Federica Levato, another senior partner, added that the industry is entering a pivotal chapter requiring sharper focus and cultural relevance.

The personal luxury goods segment is expected to see a continued decline, with potential market contraction between 2% and 5% this year. However, experiential luxury continues to thrive, with luxury hospitality and cruises showing strong performance.

As the luxury market navigates these challenges, the report underscores the importance of brands refocusing on fundamentals and maintaining strong brand identities to sustain consumer engagement.
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Ariston, the leading Italian water heating brand in Singapore, has launched its latest electric storage water heater models, the SLIM3 TOP WI-FI and SLIM3 RS. These new additions are designed to bring energy efficiency and style to modern Singaporean homes, combining advanced technology with elegant Italian craftsmanship.

The SLIM3 TOP WI-FI model stands out with its smart connectivity, allowing users to monitor energy consumption and manage settings via the Ariston NET app. This feature can help households save up to 25% on energy usage. The app also provides real-time notifications for system failures and integrates with Amazon Alexa and Google Assistant for seamless voice control. Additionally, the unit includes an auto power-off function to prevent energy waste and an auto diagnosis feature for continuous safety checks.

Designed by Italian designer Umberto Palermo, the SLIM3 TOP WI-FI boasts a sleek black finish and a digital control panel, making it a stylish addition to any bathroom. It also features a patented titanium heating element with a lifetime warranty, ensuring durability.

For those preferring a classic look, the SLIM3 RS offers a minimalist design with a copper heating element and a mechanical thermostat for manual temperature adjustments. Both models incorporate AG+ technology to inhibit bacteria growth and Titanshield technology for enhanced tank protection.

Available in 20-litre and 30-litre capacities, the SLIM3 range is now on sale at authorised dealers, with prices starting at $369 (£369) for the SLIM3 RS and $479 (£479) for the SLIM3 TOP WI-FI.
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Blockchain and Web3 technologies are poised to transform the global real estate market, according to industry leaders at the World Trade Centres Association (WTCA) Global Business Forum in Marseille, France. Lia Rochat, CEO of Archismart Solar, emphasised the importance of adopting these technologies to stay competitive, highlighting their potential to enable decentralised and transparent interactions without traditional intermediaries.

Web3, the next generation of the internet, aims to create a more secure and transparent network through decentralised technologies like blockchain. This innovation allows for the tokenisation of assets, where digital tokens represent ownership of physical properties. These tokens can be traded on blockchain platforms, offering a new asset class for investors.

Diego Cortese from Dubai World Trade Centre noted that these innovations are already being implemented, with partnerships formed to regulate and tokenise real estate transactions. In Singapore, the property sector remains robust, with a projected 10% growth in transaction volumes, driven by residential, logistics, and data centre segments. The adoption of blockchain and asset tokenisation is seen as a strategic move to enhance transaction efficiency and support economic growth.

CitaDAO, a blockchain-based platform, has completed Singapore’s first commercial real estate tokenisation project, marking a significant milestone. The Monetary Authority of Singapore has also piloted the issuance of wholesale central bank digital currencies, further integrating digital assets into the financial system.

As the real estate industry evolves, the integration of blockchain and Web3 technologies is expected to redefine investment and development strategies, offering new opportunities for growth and innovation.
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The Skechers Friendship Walk 2025 is set to take place on 31 August at Marina Barrage, marking its first appearance at this scenic location. Organised by Skechers, the event is anticipated to draw over 5,000 participants for a morning filled with activities, including a 5KM Leisure Walk and a 10KM Competitive Individual Run. This year, the event continues its tradition of supporting APSN, with $2 from each registration going to the social service agency aiding individuals with mild intellectual disabilities.

Participants can enjoy a vibrant Race Village featuring games, stage performances, and photo opportunities. The event will also host a Lucky Draw, offering ten participants the chance to win prizes, including a year’s supply of Skechers footwear. Each participant will receive a race pack valued at $80, containing a Skechers Event Tee, sling bag, race bib, discount voucher, and a finisher’s medal.

Registration fees range from $18 (S$25) to $52 (S$70), with exclusive discounts for Skechers members until 17 August. The event also highlights the new Skechers Hands-Free Slip-ins GOwalk 8, designed for comfort and support with features like Air-Cooled Goga Mat insoles and ULTRA GOR cushioning.

The Skechers Friendship Walk 2025 promises a memorable experience whilst contributing to a meaningful cause.
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Sogni AI, a Singapore-based image generation platform, has officially launched its decentralised platform on mainnet, boasting 375,000 users and over 112 million images created. The platform, similar to DALL-E and Midjourney, is now fully operational, rendering 1.85 million images daily. This significant milestone is supported by an additional $500,000 investment from Tezos, a blockchain platform known for its open-source and self-upgradable capabilities.

The launch of Sogni AI is further bolstered by its listing on some of the world’s largest cryptocurrency exchanges, including Kraken, MEXC, and Gate.io. This move is expected to enhance the platform’s visibility and accessibility in the global market. By utilising a decentralised GPU network, Sogni AI aims to revolutionise the AI image creation landscape, offering users a robust and scalable solution.

The platform’s integration with Tezos highlights its commitment to leveraging cutting-edge blockchain technology to support decentralised applications and assets. This partnership not only provides financial backing but also aligns Sogni AI with a network that prioritises innovation and sustainability in the blockchain space.

As Sogni AI continues to expand its reach, the listing on major exchanges is anticipated to attract a broader user base and foster further growth. The platform’s successful launch marks a pivotal moment in the AI and blockchain industries, setting the stage for future advancements and collaborations.
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A 30-year-old Operationally Ready National Serviceman tragically passed away after collapsing outside Maju Camp on 30 June 2025. The serviceman had just completed a National Service Fitness Improvement Training (NS FIT) session at the Maju Fitness Conditioning Centre, which ran from 1850 to 2000 hours. He reported feeling well to fitness instructors and left the camp at 2011 hours.

Shortly after leaving, a passer-by witnessed his collapse and promptly called for an ambulance. The Singapore Civil Defence Force (SCDF) was alerted at 2016 hours, with the ambulance arriving at 2025 hours. Despite resuscitation efforts both on-site and during the journey to the National University Hospital, he was pronounced dead at 2154 hours.

In response to this incident, the Singapore Armed Forces (SAF) has initiated a safety pause on NS FIT training until 4 July 2025. This pause aims to review existing safety procedures and protocols, as well as to reinforce the importance of safety among soldiers. The SAF is also providing support to the serviceman’s family during this difficult time, extending their deepest condolences.

Further investigations are underway to determine the exact cause of death.
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The Monetary Authority of Singapore (MAS) has announced the imposition of composition penalties totalling $960,000 on five major payment institutions for breaches of anti-money laundering and countering the financing of terrorism requirements. This enforcement action, covering the period from April to June 2025, highlights MAS’s commitment to maintaining the integrity of Singapore as a financial centre.

The penalties were levied on Remsea Pte Ltd, Arcade Plaza Traders Pte Ltd, J-Dee Remittance Services Pte Ltd, Mobile Community Tech Pte Ltd, and OxPay SG Pte Ltd. These firms were found to have violated MAS’s stringent regulations designed to combat money laundering and terrorism financing.

MAS employs a range of enforcement actions, including reprimands, prohibition orders, and civil penalties, to deter misconduct and uphold regulatory standards. In this instance, the composition penalties serve as a financial deterrent and a reminder of the importance of compliance with MAS’s regulations.

The enforcement actions underscore MAS’s proactive approach in safeguarding Singapore’s reputation as a trusted financial hub. By imposing these penalties, MAS aims to deter similar breaches in the future and ensure that financial institutions adhere to the highest standards of regulatory compliance.

For further details on these regulatory and enforcement actions, MAS directs interested parties to its Enforcement Actions page on their website.
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In celebration of Singapore’s 60th year of independence, the government has announced the introduction of SG60 Vouchers, a key component of the SG60 Package unveiled in Budget 2025. From 1 July 2025, Singaporeans aged 60 and above can claim $800 in vouchers, whilst those aged 21 to 59 will receive $600 starting 22 July 2025. This initiative recognises the contributions of all Singaporeans and aims to share the benefits of the nation’s progress.

The vouchers, which can be used at businesses accepting CDC Vouchers, are split equally for spending at heartland merchants, hawkers, and supermarkets. The staggered release ensures seniors receive timely assistance. The initiative is led by Low Yen Ling, Senior Minister of State for Trade and Industry & Culture, alongside other district mayors and government agencies.

The SG60 Vouchers also feature six specially designed postcards by artists with different abilities, reflecting the inclusive spirit of the celebrations. Assistance for claiming the digital vouchers will be available at Community Centres and SG Digital Community Hubs, with volunteers from public agencies and educational institutions providing support.

The scheme not only honours citizens but also supports local businesses by encouraging spending at neighbourhood shops and eateries. The vouchers have an extended validity until 31 December 2026, allowing Singaporeans to use them for daily needs whilst bolstering the local economy. Residents are urged to remain vigilant against scams, with official updates available on the SG60 Vouchers website.
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Bain & Company has announced the appointment of Shintaro Okuno as the new Regional Managing Partner for Asia-Pacific (APAC), effective 1 July. With over 20 years at Bain, Okuno has led significant transformation projects across various industries, including industrial goods, technology, and consumer products. He succeeds Satish Shankar, who has led the APAC region since April 2019.

Okuno’s appointment underscores Bain’s commitment to its rotational servant leadership model, which has been integral to its talent and succession planning. Christophe De Vusser, Bain’s Worldwide Managing Partner, expressed confidence in Okuno’s leadership, highlighting his “inclusive style, calm presence, and sharp client instincts.” Okuno, who previously served as Chairman of Bain’s Japan business, will split his time between Tokyo and Singapore.

During Shankar’s tenure, Bain’s APAC region navigated challenging macroeconomic conditions, including the COVID-19 pandemic. Under his leadership, the region expanded into new markets and strengthened client relationships. Shankar will return to client service after a brief hiatus, focusing on strategy and transformation projects.

Okuno expressed his gratitude for the trust placed in him, stating, “I look forward to partnering with our APAC teams to deliver exceptional results in meaningful ways.” The leadership transition is being managed collaboratively by Okuno and Shankar, ensuring a smooth handover. Bain & Company, a global consultancy, continues to drive change and redefine industries with its integrated expertise and commitment to client success.
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Mizuho Bank, one of Japan’s leading financial institutions, has joined forces with SGX FX, a top global exchange-backed over-the-counter (OTC) foreign exchange platform. As of June 2025, Mizuho Bank has begun streaming its prices on the SGX FX platform, aiming to enhance the global FX ecosystem by leveraging its extensive expertise and robust pricing capabilities.

This strategic partnership is set to provide investors, financial institutions, and global traders with increased transparency, efficiency, and liquidity. Takumi Okubo, Deputy General Manager for EFX Sales at Mizuho Bank, expressed enthusiasm about the collaboration, stating, “This partnership marks a significant step towards furthering our commitment to contributing to a more integrated and efficient global financial market.”

Jean-Philippe Malé, CEO of SGX FX, echoed this sentiment, noting that the partnership aligns with SGX FX’s mission to deliver exceptional market access and innovative trading solutions. The collaboration is expected to elevate the FX trading experience and foster greater market participation.

SGX FX is renowned for being among the top five global exchange-backed OTC FX platforms, offering a gateway to the global FX ecosystem. It is anchored by the world’s most liquid Asian FX futures exchange and features cutting-edge FX technology and workflow solutions from BidFX and MaxxTrader.

Mizuho Bank, part of the Mizuho Financial Group, Inc., is a global banking leader with a vast international network. The bank is the 17th largest in the world by total assets, according to S&P Global 2024, and employs 65,000 people across 36 countries. This partnership with SGX FX opens new opportunities for both entities to explore synergies that benefit the global financial ecosystem.
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