D.W.G. Kalani Tharanga is a Jadetimes news reporter covering Political Blogs.
Image Source : Serenity Strull
The Rise of Trophy Vintage in High Fashion
As London Fashion Week kicks off, the demand for "trophy vintage" fashion is surging, with shoppers increasingly seeking out rare and iconic pre loved designer pieces. Samina Virk, US CEO of Vestiaire Collective, a leading platform for luxury resale, explains that vintage has become a new marker of exclusivity. "It's not always about what's new anymore sometimes it's about what's old and hard to find," says Virk. Shoppers are scouring Vestiaire’s archives for sought after pieces like archival Gucci, Prada, Miu Miu, and Saint Laurent, which have become symbols of status. Celebrities like Bella Hadid and Emily Ratajkowski are embracing the trend, with Hadid wearing a vintage Gucci gown from Tom Ford’s 1996 collection to the Cannes Film Festival an iconic dress older than the model herself.
This shift in luxury fashion is about more than nostalgia. As Virk notes, the thrill of finding a coveted vintage piece brings excitement to the hunt, while also offering an eco conscious alternative to fast fashion. The extended lifespan of second hand garments helps reduce waste and slows down the production of new clothing, making fashion both sustainable and stylish.
The Role of Resale Platforms in Shaping Fashion's Future
Vestiaire Collective, along with other platforms like The RealReal and Fashionphile, is reshaping how people shop for high end fashion. Offering an extensive collection of both vintage and gently used designer items, these platforms provide access to luxury at a fraction of the retail cost. For instance, shoppers can find a pair of Dior heels or a Loewe bag for 50% to 70% less than their original price. However, Virk acknowledges that while resale platforms make luxury more accessible, they aren't always cheap designer items like Miu Miu sunglasses still cost hundreds of dollars.
To ensure authenticity, Vestiaire employs nearly 100 experts who authenticate each item, ensuring customers can trust their purchases. The appeal of these platforms extends beyond bargains it’s about the chance to own a piece of fashion history. Celebrities, too, are involved in the resale movement, with stars like Jessica Chastain and Kim Kardashian selling designer pieces on Vestiaire for charity, adding to the allure. Virk’s involvement in integrating Vestiaire into Netflix’s *Emily in Paris* highlights how the platform is becoming part of popular culture, with fashion forward characters using resale to fuel their dreams. "You never know whose clothes you might end up wearing," says Virk, capturing the excitement and intrigue behind the pre loved fashion revolution.
C. Janith is a Jadetimes news reporter covering science and geopolitics.
EU authorities acknowledge that the European economy lags behind the US and China. It stands from the comprehensive “The Future of European Competitiveness,” presented last week in Brussels.
European Commission President Ursula Von der Leyen and former Italian prime minister Mario Draghi attend a joint press conference to present the final report on the future of EU competitiveness in Brussels, Belgium, 09 September 2024. Image Source : (EPA-EFE/OLIVIER HOSLET)
One year ago, the former Italian Prime Minister and former chief of the European Central Bank, Mario Draghi, was carefully selected by the presidency of the European Commission to undertake this critical study on European competitiveness.
Europe’s Competitiveness Challenge
According to Mr Draghi, European industry and economic competitiveness are not going to die soon; however, it is in a slow agony mode as Europeans are becoming poorer, innovation is stagnating, and consequently, competitiveness is declining. The COVID-19 pandemic and the War in Ukraine have revealed the ongoing vulnerabilities of the European economy and security.
The dependency on cheap energy, the lack of basic COVID-related medical supplies, such as masks and vaccines, the emigration of one-third of highly qualified individuals in high-tech areas, the delocalisation of basic industries like steel and chemicals, and the declining levels in international educational rankings have all underscored the necessity for a comprehensive study aimed at propelling the EU forward and making the necessary route corrections.
Key Findings and Recommendations
The report is entitled “The Future of European Competitiveness”, Part I: “A Competitiveness Strategy for Europe”, and Part B: “In-Depth Analysis and Recommendations.” These documents identify the underlying causes of this lack of competitiveness as innovation, security, and resilience. Hence, research and innovation are central to readdressing the situation. The report foresees investments to restore European competitiveness in the range of 800 billion Euros.
However, the question remains: where will the funding for these recommended investments come from? That is the critical question and a probable failing of the report’s good intentions. The EU has a history of presenting grandiose plans, such as the EU Global Gateway, but funding often falls short, leading to little or no tangible outcomes. To compensate for the lack of funds, Cohesion funds, according to Mr Draghi, should be reallocated to focus on digitalization, transportation, education, and connectivity rather than traditional areas.
Labour and Skills Development
Labour and skills development will play a central role in his report, but they are traditionally areas that belong to member states and even subnational levels. Will the EU step in with training programmes? Mr Draghi recommends a great EU push in this area. Labour is set to decline further, with an estimated reduction of 2 million workers disappearing from the labour market by 2040. The solution to this pressing problem lies in improving education and training to enhance workers’ productivity, according to the rapporteur.
Does the EU need another crisis to act? “No, we are still in crisis mode” was Draghi’s answer to the report question. In some sectors, such as solar panels, certain industries have fallen too far behind, prompting suggestions that protective measures through tariffs may be too late. According to Draghi, Europeans are vulnerable to competition from the US and China. The EU sins by inaction or by implementing too many sanctions, which often have a backlash, as seen in the recent case concerning Chinese electric vehicles.
My Takeaways
On the one hand, the report advocates for a multipronged approach to re-energize EU growth and competitiveness, focusing on innovation, decarbonisation, and security. The recommendations highlight the need for a strategic, coordinated response that addresses both domestic and international challenges while prioritising European values and sustainable development.
On the other hand, the document does not provide a comprehensive solution to the challenges facing the EU but acts as a starting point for initiating necessary conversations and enacting strategic changes. It needs to address these gaps to offer a more comprehensive and actionable plan for the EU to become a truly global competitor.
Additionally, the EU, like all large bureaucracies, tends to operate in an incremental or gradualistic manner, which is insufficient given the current competitiveness challenges that require a disruptive approach to catch up and close the gaps. This necessitates visionary leadership to persuade public opinion, bureaucrats, and both political allies and opposition to embrace disruptive changes. To complicate matters, visionary leaders rarely emerge from heavy bureaucratic systems, and from the political sphere, the traditional EU leaders - such as those from Germany and France - are experiencing historically low levels of leadership effectiveness and approval rates.
Finally, the EU’s path towards competitiveness necessitates not only economic strategies but also political strategies and a deeper understanding of its unique strengths. Above all, it requires a more proactive approach to geopolitical dynamics, such as fostering strategic autonomy, as well as a commitment to internal cohesion to prevent further extremism in EU social and political arenas. Additionally, the EU needs a clearer vision of how to leverage its values and assets in a rapidly changing world to escape its ‘slow agony’.
T. Jayasinghe is a Jadetimes news reporter covering Business News
Image Source : AFP
Israel has reported that its military forces struck 100 Hezbollah rocket launchers in southern Lebanon amid escalating tensions in the region. The Israel Defense Forces (IDF) launched this large-scale operation in response to Hezbollah rocket attacks, as the situation along the Israel-Lebanon border continues to intensify.
The IDF emphasized that the strikes were specifically aimed at Hezbollah's military infrastructure, including the rocket launch sites used to target Israeli communities. Hezbollah, a powerful militant group based in Lebanon, has been increasingly involved in the ongoing conflict, raising concerns about a potential escalation between the two sides. The strikes are part of broader regional hostilities that have been unfolding, with increased rocket exchanges, airstrikes, and cross-border incidents.
The international community has expressed concern over the rising violence, urging both Israel and Hezbollah to avoid further escalation. These strikes reflect the growing complexity of the region’s conflicts, where various actors, including Iran-backed militias, are involved.
This operation marks a significant development in the broader Middle Eastern conflict, with many watching closely to see if these actions will further inflame the already volatile situation in Lebanon and Israel.
