Tara Emad, Ahmed Hassan and Sofia Guellaty: Middle Eastern names added to The Business of Fashion 500 list

Each year, The Business of Fashion releases its BoF 500, a list of the people it believes are shaping the industry's future. More than just a roll call of familiar names, the list has become a snapshot of how influence in fashion is evolving.

As fashion moves away from its traditional power centres in Paris, Milan, London and New York, the BoF 500 has increasingly highlighted talent from a broader range of countries. That shift is reflected in this year’s edition.

“This is our most global group of industry shapers yet,” says Imran Amed, BoF’s founder and chief executive. “With new entrants from Montenegro, Mongolia, Cameroon and Panama, it underscores how fashion’s centre of gravity continues to shift eastwards and southwards.”

The Arab world is also making its mark. Below, we highlight the most notable new entries from the region.

Tara Emad

Egyptian actress and model Tara Emad earns her place on the list for a body of work that has steadily expanded her influence across the region. She drew wide recognition for her role in the Arabic adaptation of Suits, as well as standout performances in the 2018 thriller Diamond Dust and the box office smash The Blue Elephant 2 in 2019. Beginning her career as a model before moving into acting, Emad has built a reputation for versatility and charisma on screen. In 2022, she became the first Middle Eastern woman to be named as an ambassador for Chanel Beauty, which cemented her position as one of the region’s most visible and boundary-pushing talents.

Ahmed Hassan

Ahmed Hassan, co-founder of the Saudi label KML, has also been recognised. The brand, launched in 2022 by Ahmed and his sister Razan, draws inspiration from the gender-neutral, utilitarian dress of Saudi Bedouin. It creates garments designed to be worn in multiple ways. His inclusion in the BoF 500 follows his success as a finalist for the 2025 LVMH Prize.

Sofia Guellaty

Sofia Guellaty, founder and creative director of Mille World, is another Mena talent recognised this year. The Tunisian entrepreneur launched the media platform in 2018 with a mission to spotlight Arab culture, lifestyle, beauty and fashion on a global stage.

Mustafa Kucuk and Vahap Kucuk (LC Waikiki)

Turkish business leaders Mustafa and Vahap Kucuk have also earned a place on the list for their fashion and lifestyle brand LC Waikiki. Since acquiring the company in 1997, they have grown it into a powerhouse that in 2024 reported net sales of approximately $4.92 billion (Dh18.06 billion).

BoF’s founder Amed says their inclusion reflects the broader transformation of the industry. “We put together this year’s class at a unique inflection point for fashion, as the industry contends with shifting geopolitics, economic dislocation and sweeping technological change.”

Designer Giambattista Valli with Italian model Bianca Brandolini d'Adda at a gala during Paris Fashion Week. AFP

Other notable inductees for 2025 include Simone Bellotti, creative director at Jil Sander, and Michael Rider, creative director at Celine. Dries Van Noten designer Julian Klausner also makes the list, alongside Italian couturier Giambattista Valli and Jamaican designer Rachel Scott, recognised both for her label Diotima and for her recent appointment to lead Proenza Schouler, where she will debut next season.

Despite its name, the BoF 500 welcomes 100 new members each year, nominated by existing inductees and rigorously vetted before being selected by BoF editors for their influence. The list now consists of 1,613 people representing 98 nationalities.

Kendrick Lamar has been named on the BoF 500 list for 2025. AP

This year’s list also features US rappers and singers Doechii and Kendrick Lamar, alongside British actress and singer Cynthia Erivo. American model and beauty entrepreneur Hailey Bieber also makes the cut, as does French ballet dancer Guillaume Diop.

Further additions include British designer and podcast host Bella Freud, Sara Moonves, editor-in-chief of W Magazine, and Thom Bettridge, editor-in-chief of i-D magazine. Kyle Smith, fashion editor for the NFL, is also recognised.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”