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Ba&sh’s Hélène D’Auriac: “We’re all striving to create an It bag”

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Ba&sh’s Hélène D’Auriac: “We’re all striving to create an It bag”


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November 7, 2025

Ba&sh spotlighted its handbag range on bus shelters, at Paris Métro exits, and in magazines in September to mark the launch of its Youyou model. It’s a category that’s booming in French premium fashion, strengthening year after year. Having worked at Louis Vuitton, Marc Jacobs and, more recently, Chloé, Hélène D’Auriac now oversees the expanding accessories range for the brand founded by Barbara Boccara and Sharon Krief in 2003. For FashionNetwork.com, she analyses this market and outlines her approach to continuing to grow these offerings.

Hélène d’Auriac, Ba&sh Accessories Director – Ba&Sh

FashionNetwork.com: In September, you launched the Youyou bag, with a highly visible campaign fronted by Abby Champion, notably on the façade of Galeries Lafayette.

Hélène D’Auriac: The Youyou resonated immediately. It was a surprise, because we were positioning the bag slightly higher than our core range, which is around 395 euros. This one is a 450-euro bag. Over the last two years, we’ve had two major, successful launches.

FNW: In other words?

HDA: Last year, the June Tote took off right from the start. We were managing restocking every week, with around twenty restocks to keep up with demand. Then, this year with the Youyou, it was a pleasant surprise to be able to enter this price bracket. But it also responds to the crisis of confidence the luxury industry is experiencing. Consumers are looking for good value for money, while prices have climbed in some houses that have become a little disconnected from the consumer. They have a keen eye and understand sourcing and materials… This enabled us to capture an audience, because I think we’re starting to gain recognition in the leather goods sector for our expertise. This amplified our success.

FNW: You’re very familiar with the high-end segment. Before joining Ba&sh seven years ago, you worked in luxury houses. What was the challenge of moving to a premium ready-to-wear brand?

HDA: I’m a specialist in luxury accessories. When Ba&sh recruited me, L Catterton was a shareholder. So there was already a luxury culture, but they hadn’t really developed or amplified this category yet. In the course of my career, I’ve seen a few hit-bags come and go. At Ba&sh, we really had to bring in luxury know-how, new sourcing, different methods and designers. This meant instilling an accessories culture within a house that was culturally very ready-to-wear.

To present its Youyou bag, the brand enlisted Abby Champion.
To present its Youyou bag, the brand enlisted Abby Champion. – Ba&Sh

FNW: What difference did it make to integrate these skills?

HDA: It enabled us to work on a premium offer, developed in Europe with Italian leathers, and to incorporate responsible standards such as the Leather Working Group label. Barbara and Sharon gave me a great deal of freedom in this new creative territory for them. It was a strong vote of confidence, as the timelines, methods, and sourcing are completely different. I delved into the house’s DNA to understand its signatures, codes, materials, craftsmanship, and effortless spirit, in order to identify everything that makes up Ba&sh’s identity and to apply it particularly to this new category of bags.

They already had products that were starting to emerge, but the aim was to really develop the leather goods category. I think one of the reasons for our success is that we’ve done it authentically, offering a distinctly luxe range with a very competitive price–quality proposition. We’re in the affordable luxury segment, and our aim was to deliver very good quality at one-fifth or even one-tenth of competitors’ prices. The category took off immediately. Since my arrival seven years ago, we’ve seen double-digit growth in this category every year.

FNW: With the strong momentum from the last two years’ launches, is there a recipe for creating a successful bag?

HDA: That’s the question we all ask ourselves. How do you create a hit-bag? I think the first step is to work on the design, aiming for something fairly timeless. The second point is to remain consistent in your message by aligning the proposition with marketing, merchandising and digital, and then to stay the course rather than call everything into question as soon as there’s a fluctuation in sales. We’re seeing this in luxury, with a major return to icons.

The Ba&sh June bag
The Ba&sh June bag

FNW: And then how do you leverage it? How do you extend the success to different products?

HDA: Once we have a bestseller, the first thing is to keep expanding the choice of materials and signature details. Leather goods are growing very strongly, and we’re seeing strong progress across all accessories, especially jewellery. We’ve applied the same emphasis on know-how, using recycled silver and truly original design, which has generated extremely strong growth. But to come back to the bag, the question after the hit-bag is how to turn it into an icon.

“Brands that have succeeded in turning their leather goods into icons have an advantage when it comes to withstanding crises.”

FNW: What’s the difference?

HDA: It’s not necessarily a question of volumes. In our industry, a bag that lasts more than a year is already a hit-bag. For luxury brands, the great icons are bags that have been around for 20, 30, sometimes 40 years. In accessible luxury, timelines are a little shorter. So I’d say a bag becomes iconic when it’s been on the market for three to five years. But we want to achieve the same feat as some premium brands from the 80s and 90s, which have had icons for over 20 years. I think this is also important, because brands that have succeeded in turning their leather goods into icons have had an extra advantage in withstanding successive crises in the sector.

FNW: For the past month, you’ve been promoting a new version of the June Tote. It’s not really a new bag…

HDA: It’s the same shape but in a smaller format. This increases the visibility of the model, and in this spirit we’re working on other formats. We’re making progress on material and colour variations, as well as more image-driven elements such as embroidery, stones or fringes, which reflect the brand’s DNA, with proposals due out in January. What’s interesting is that in a small format, the clientele is generally younger, and with the work on details, we’re speaking to more sophisticated customers. These different versions allow us to build a common thread around the model.

The Youyou bag by Ba&sh
The Youyou bag by Ba&sh – Ba&sh

FNW: In concrete terms, how many bags do you currently have? And are they all intended to be active on the market at the same time?

HDA: We are careful not to dilute our messaging so as not to lose momentum on the key product. We have three main product families, which come in different formats, details, and colours. We have the June Tote, launched a year ago. The Youyou, launched in September, will appeal to our ready-to-wear customers. We have the Swing, which is a satchel with fringes and is fairly seasonal but corresponds to our aesthetic. And then we have a fourth family of purely seasonal products that last for six months and respond precisely to seasonal trends, catering to our very fashionable and often quite young clientele. But the majority of sales are generated by our first two propositions. This can be explained by the fact that for consumers there’s a strong notion of investment in the purchase of a bag, and they turn to the most iconic models. The very good surprise is that we have two models that are performing very strongly at the same time.

A new phase in consumption

FNW: But you’re not the only ones performing well in this category. How do you explain this dynamic?

HDA: For our part, the category accounts for 11% of sales and we’re aiming to reach 15% within three years. We’re really on a springboard, and I think it’s a strength to have a high level of creativity with beautiful materials and finishes. I also think we’re benefiting from the rise of “new luxury” brands, which offer a very high-end range with an excellent retail experience but the price positioning of the historic luxury brands. We’re entering a new phase where consumers will be looking for very high quality, but will be paying close attention to price. We have opted for European production and possess the retail expertise our customers expect; they now look to accessible luxury brands for creativity that was previously the preserve of luxury.

The details are refined to give multiple facets to the same model.
The details are refined to give multiple facets to the same model. – Ba&sh

FNW: You spoke of a common thread that brings models to life for consumers. How do you go about this?

HDA: For accessories, there are a number of major moments. We’ve just come through back-to-school, with all the September issues that focus on accessories. It’s a time to launch new products, as we did with the Youyou. The second major moment, which is the annual sales peak, comes in December. We can double our sales compared with other months. So we’re going to have different strategies: newness at the start of the season, and a focus on bestsellers in December, with the launch of new colours and materials. This involves activations, such as a pop-up at Galeries Lafayette this month; we work with influencers who love the brand, and we’re launching an image campaign that I think will be quite striking at the end of the year. These different approaches enable us to appeal to different profiles. And we’ve found, for example, that 40% of June Tote customers are new, and that 25% are under 35. This also enables us to reach a younger clientele.

FNW: On the strength of this growth, are you planning any launches for 2026?

HDA: We’re trying to slow down a bit. But we have lots of ideas and projects. We see potential around the brand’s identity, for example with an evening offering, but also with textile totes at a more accessible price point. But we really need to come up with a differentiated offer. We also see that our jewellery know-how can be leveraged in a sandal range or, again, for evening. Ba&sh is also in the process of becoming a genuine lifestyle brand, exploring an innovative approach to well-being. Here, we’re working with our ready-to-wear teams to provide complete silhouettes for yoga retreats, for example. We’re also doing this with a Coachella-themed offer, with clutches for going to festivals. It’s exciting because we’re working across several new territories in parallel.

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Middle East IPO boom fades amid competition from global markets

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Middle East IPO boom fades amid competition from global markets


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Bloomberg

Published



December 9, 2025

After four blockbuster years, the Middle East’s initial public offering boom is losing steam as valuations come under scrutiny and listings roar back in the US and Asia. In recent months, the Gulf’s listing volumes have fallen to their lowest since the pandemic, investors have become markedly more selective, and the region’s once-reliable first-day pop has faded. 

Lulu Group is based in the UAE and counts numerous malls in India – Kozhikode District- Facebook

The change in sentiment was on show this week as Saudi Arabia’s EFSIM Facilities Management canceled plans for an up to $89 million listing on the kingdom’s main exchange. Saudi Arabia’s sovereign wealth fund has also slowed work on several planned first-time share sales, Bloomberg News has reported. Those moves come as the benchmark Tadawul index has dropped nearly 12% this year. 

The Gulf had been a rare bright spot in recent years, buoyed by government privatisations and a push to deepen local capital markets. But lower oil prices have started to cloud the Middle East’s growth outlook, particularly in Saudi Arabia. Meanwhile, as IPO activity fired back up elsewhere, a region that thrived in a global listings drought suddenly faced competition. 

The most striking shift this year was the sharp drop in IPO volumes across the Gulf, with regional listing proceeds more than halving from $13 billion to under $6 billion in 2025. In the UAE, listings slowed dramatically after the soft debuts of Lulu Retail Holdings PLC and Talabat Holding PLC late last year left investors more cautious. Dubai-based online classifieds platform Dubizzle Ltd. postponed its first-time share sale, a rare example of a pulled deal in the country. Oman, which had briefly outpaced London in IPO volumes in 2024, also saw activity dry up. 

In Saudi Arabia, the EFSIM deal was pulled in part due to generally weaker market demand, people familiar with the matter said. Still, the kingdom’s IPO proceeds held steady compared to last year at roughly $4 billion, helping the kingdom reclaim its title as the Gulf’s busiest listing venue. But most deals came from the private sector as the government eased off on large privatisations.  

“Government IPOs are large tickets, this year the market was not for this,” said Mostafa Gad, head of investment banking at EFG Hermes, one of the leading arranger of share sales in the Gulf. “Postponing the big ones was a very wise idea.”

The shift in sentiment was evident in deal size as well. Last year produced three IPOs nearing $2 billion after strong orderbooks allowed Talabat and Lulu to upsize their offerings late in the process, even though that enthusiasm didn’t carry into trading. In 2025, there was just one billion-dollar deal from low-cost carrier Flynas, and only four transactions topped $500 million.

Investors pushed toward smaller, simpler stories with clearer financials, “Anything above $500 million starts to get difficult,” said Gad, “People are not willing to navigate through a lot of complexity.”

If UAE IPOs slowed, follow-ons filled the gap. Secondary share sales in the emirates climbed toward $5 billion, overtaking IPO proceeds for the first time. Much of that activity came from Abu Dhabi government-backed shareholders trimming stakes to boost free floats, liquidity and index weightings.

Even Qatar, which has largely missed the Gulf-wide share sale boom, saw rare activity: Ooredoo’s multi-million-dollar stake sale by Abu Dhabi Investment Authority became the country’s most significant ECM event in years. Saudi follow-on volumes were more muted than last year, which was dominated by the government’s $12 billion sell-down in oil major Aramco.

Another defining shift came in performance. The 30% plus first-day jumps that had become a feature of Gulf listings started to crack in late 2024 and evaporated in 2025. In Saudi Arabia, the average listing gain turned negative, and only two of the kingdom’s ten largest IPOs now trade above offer. Broader market weakness didn’t help – Saudi equities were among the worst performers in emerging markets this year, dragged down by softer oil prices and concerns that this could dampen government spending. 

Demand has also suffered in recent listings. Riyadh developer Al Ramz’s institutional investor books were only 11 times covered earlier this month, a far cry from the triple-digit oversubscription levels that were the norm months ago.

IPOs in the UAE fared better, but signs of fatigue appeared there too. Even contractor Alec Holdings PJSC – state-backed and the kind of deal that historically delivered a strong debut – traded tepidly on day one and is up a modest 3%. Dubai and Abu Dhabi’s main stock indices overall performed relatively well, but instant double-digit listing gains were no longer a given.

For some, that’s a welcome correction. “Everyone will adjust to the idea that not all IPOs will perform 30–40% on day one,” Gad said. “We’re becoming a mature market.”



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Japan factory downturn eases as PMI inches up to 48.7 in November: S&P

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Japan factory downturn eases as PMI inches up to 48.7 in November: S&P



Japan’s manufacturing sector headline PMI rose slightly to 48.7 in November from October’s 48.2, marking a fifth consecutive month of contraction, though the downturn was the mildest since August, according to the latest S&P Global survey. It remained under pressure as weak demand continued to curb new orders.

Manufacturers reported softer declines in output, with some firms increasing production in anticipation of stronger future demand. Consumer goods producers saw a marginal improvement, while operating conditions remained weak in intermediate and investment goods categories.

Japan’s manufacturing PMI edged up to 48.7 in November from 48.2, marking a fifth month of contraction but the mildest decline since August.
Weak demand and falling new orders persisted, though output softened and employment rose slightly.
Input costs increased at the fastest pace since June, prompting higher selling prices.
Business confidence reached a 10-month high as firms anticipated recovery.

New business continued to fall solidly amid sluggish global conditions, tighter customer budgets, and reduced capital investment. Export orders also declined, albeit at a modest pace, S&P Global said in a press release.

Cost pressures intensified, with input prices rising at the fastest rate since June, driven by increased staffing and raw material expenses. Firms raised selling prices again at a solid pace to offset cost burdens.

Purchasing activity and inventories fell further as companies adjusted to subdued demand. Stocks of purchased items declined at the steepest rate in five years, while delivery times lengthened for a fifteenth straight month due to supplier shortages.

Employment saw a slight uptick—the fastest increase in three months—as firms filled vacancies and prepared for planned expansions and upcoming retirements. Backlogs of work continued to decline for the 38th consecutive month.

Despite persistent weakness in current conditions, business confidence improved to a ten-month high, reflecting expectations of gradual recovery ahead.

“The latest PMI data showed that Japan’s manufacturing sector continued to struggle with weak demand conditions in November, with firms signalling another solid decline in overall new business. Reduced demand was reported across key markets across Asia, with weaker-than-expected sales across the automotive and semiconductor industries noted in particular,” said Annabel Fiddes, economics associate director at S&P Global Market Intelligence.

“Encouragingly, production fell at a slower and only marginal rate, which coincided with improved optimism around the year-ahead. Overall, business confidence rose to the highest level since the start of the year. Upbeat projections also supported a further rise in employment, as a number of firms anticipated a recovery in market demand over the course of 2026,” added Fiddes. “With Japan’s new prime minister recently announcing a substantial economic stimulus package – the biggest since the pandemic – it will be important to see how this impacts demand and the sector’s performance as the administration seeks to boost investment in key strategic areas such as AI.”

The survey indicated that Japanese factories were more upbeat about the 12-month outlook for output in November. Furthermore, the degree of optimism was the highest seen since January amid reports of new product launches and forecasts of stronger customer demand, added the release.

Fibre2Fashion News Desk (SG)



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ICE cotton dips as traders await WASDE & Fed meeting

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ICE cotton dips as traders await WASDE & Fed meeting



ICE cotton futures declined yesterday as traders adopted a cautious stance ahead of USDA’s monthly World Agricultural Supply and Demand Estimates (WASDE) report. The report is expected to indicate slower export sales. Profit-booking also took place before Wednesday’s US Federal Reserve meeting.

The more active March 2026 cotton futures settled at 63.68 cents per pound, down 0.25 cents. The contract has shown a declining trend for the sixth consecutive day. The May 2026 contract fell 25 points, while the July 2026 contract eased 24 points. Other contracts closed mixed, fluctuating between 26 points lower and 23 points higher.

ICE cotton futures fell as traders turned cautious ahead of USDA’s WASDE report and Wednesday’s US Federal Reserve meeting.
The March 2026 contract dropped for a sixth straight day, settling at 63.68 cents.
Trading volume hit a 12-session high, while deliverable stocks declined.
Analysts expect only minor WASDE adjustments, with slightly weaker export estimates.

Total ICE trading volume rose to 40,884 contracts, the highest in 12 sessions. Friday’s cleared volume was 36,584. The December 2025 contract entered its final trading day with an exceptionally wide 2,055-point range between 60.79 and 81.34 cents per pound.

Market sentiment remained cautious due to profit-taking ahead of Wednesday’s US Federal Reserve meeting. Traders expect a strong likelihood of a rate cut, but rising US Treasury yields are weighing on market confidence.

The USDA WASDE update for the week ending December 9 is expected to show limited changes, with market analysts anticipating a slight downward revision in export estimates.

ICE deliverable No. 2 cotton stocks on December 5 fell to 13,971 bales from 15,585 bales. Major US stock indices also closed lower ahead of the Fed decision.

This morning (Indian Standard Time), ICE cotton for March 2026 was at 63.73 cents per pound (up 0.05 cent), cash cotton at 61.68 cents (down 0.25 cent), the December 2025 contract at 61.88 cents (down 0.25 cent), the May 2026 contract at 64.80 cents (up 0.04 cent), the July 2026 contract at 65.86 cents (up 0.06 cent), and the October 2026 contract at 66.57 cents (down 0.26 cent). A few contracts remained at their previous closing levels with no trading recorded so far today.

Fibre2Fashion News Desk (KUL)



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