The Brief / E-commerce Olivier Laurent, country manager of DHL Global Forwarding Abu Dhabi
Maya Prabhu, managing director and head - Wealth Advisory for the UK, Europe, the Middle East and Africa, J.P. Morgan
ILLUSTRATION: GETTY IMAGES/WE ARE
Involving the family in philanthropy can also leave a lasting impact. Engaging with the next generation in philanthropy can help teach them critical lessons about their family’s values and foster collaboration. It may even assist in preparing children or grandchildren to run their own foundation. The Covid19 pandemic has uncovered complex societal challenges, ranging from climate change to inequality, underscoring the critical role of modern philanthropy in addressing them. While conventional philanthropy has consisted of donating a percentage of one’s family, business, or individual fortune to charitable causes, wealth owners are increasingly finding opportunities to generate economic returns while also making a positive impact on the world. As a result of this approach, many families have aligned their charitable giving with their business and investing ambitions.
REASSESSING BUSINESS OPPORTUNITIES Business owners are increasingly realising that they must consider other stakeholders, in addition, to generating profits. They understand that their businesses could thrive when they take care of their employees as well as the communities in which they sell their products and services. Many countries have made reporting obligations mandatory, outlining companies’ broader influence on society and the environment. For many businesses, this entails incorporating environmental, social, and governance (ESG) considerations into their existing procedures to address the societal implications of their commercial activities. In recent years, several businesses have prioritised issues of social inclusion and racial equality. The growing prevalence of the climate crisis has also increased the emphasis on businesses reducing their carbon impact.
REALIGN THE INVESTMENT PORTFOLIO Impact investing is a growing trend that extends beyond ESG criteria to include investments that directly address social or environmental concerns in addition to financial gain. By incorporating impact considerations into investing in this manner, families may directly match their portfolios with their ethical and charitable ideals. Overall, the most successful families that have owned assets for more than 100 years are those that adapt. It’s about being flexible and adapting to a changing world. Investment banking can help family businesses discover the approach that’s right for them and find the best ways to start implementing their vision across all aspects of their wealth. gulfbusiness.com
The future of luxury e-commerce As customers increasingly explore online mediums to shop for luxury fashion, brands are turning to digital platforms, including social media, to market goods
T
he luxury retail sector is set to make a comeback after a lull during the pandemic, with reports indicating that the market is expected to grow annually by 5.40 per cent (CAGR 2022-2027). Interestingly, there has been a shift in luxury retail after the pandemic, with online sales of luxury goods on the rise. Luxury retailers have historically been hesitant to move online but many transitioned to the e-commerce space during the pandemic. Two years on, many luxury retailers are happy to make their
THE LUXURY RETAIL SECTOR IS EXPECTED
TO GROW ANNUALLY BY 5.40% November 2022
13
