To western observers, this is bemusing because every successful social platform in the west is focussed on reducing registration friction. Bilibili’s range of video, gaming and anime comic content is formidable (and hugely under monetised) but the registration process for any budding Bilibili curator or commentator involves a test with one hundred multiple choice questions on topics including copyrights, commentary etiquette, platform neologism and – à la Mastermind – niche questions based on topics of the entrant’s choosing. Meanwhile, it was our Shanghai-based colleagues who patiently educated us on the potential for the new holding in Bilibili – the fastest growing mainstream entertainment portal for Chinese teenagers and young adults. In this sense, the multigenerational and multicultural dynamic within the LTGG team (and indeed across the broader Baillie Gifford investment floor), has never seemed more important. It is also amply clear that the experienced Long Term Global Growth investors who predate Generations Y & Z, need the help of colleagues in understanding the mood and aspirations of a new cohort of conscious consumers. But we need to be imaginative about the possible size of the market for virtual luxury in the long term and it’s encouraging to observe that Kering is already on the front foot. I profess to unease when my daughter recently earned five pounds stacking logs – only to ‘blow’ this pocket money on a pair of virtual Gucci sneakers for her online Roblox character. To those in the throes of middle age, this can be discombobulating. The lines between the physical and digital-self continue to blur. Tastes are being shaped by social groups who are culturally similar but geographically distant. While the human needs for self-actualisation, esteem and belonging are innate and immutable, they are being expressed in new ways. 'One of the most important cognitive elements, is our recognition that consumer patterns and attitudes are evolving increasingly rapidly and with ever greater amplitude.

Bili investor relations