Friday, 29 September, 2023

Saudi Arabia to launch fashion week in Riyadh to tap opportunities

  • Sun Online Desk
  • 18th September, 2023 10:34:34 PM
  • Print news

PARIS: The Saudi Fashion Commission announced that Saudi Arabia will play host to an official fashion week from Oct. 20-23 at an event at Paris’s Hôtel d’Évreux on Monday.

Saudi Fashion Week will take place in Riyadh.

Burak Cakmak, CEO of the Saudi Fashion Commission, said: “Saudi fashion brands have already participated in Paris and Milan fashion weeks to showcase their talent on the global stage, impressing fashion professionals and enthusiasts around the world. For the first time ever, we now invite the fashion community to our home during this historic event.”

The announcement was made during an event that also saw the launch of the inaugural “State of Fashion in the Kingdom ” report — a study that offers a detailed analysis of the country's fashion industry, outlining the scale of the sector’s opportunity.

The report was unveiled in the form of a book woven into a dress by Saudi label Atelier Hekayat.

Key findings in the report include a forecast that shows from 2021 to 2025, retail fashion sales in Saudi Arabia are expected to surge 48 percent to $32 billion, representing an annual growth rate of 13 percent.

The forecasted growth is expected to be fueled by the Kingdom’s economic expansion and growing population with apparel, accessories, footwear and luxury goods poised for significant gains, according to the report.

Annually, Saudi Arabia imports more than $7 billion in fashion products, according to the report, representing an opportunity for manufacturers, logistics providers and specialist machinery suppliers over the next decade as the Kingdom seeks to scale up capabilities.

“The ‘State of Fashion in the Kingdom of Saudi Arabia’ report tangibly demonstrates what we have long known to be true — the scale of the opportunity that now exists for Saudi Arabia’s emerging domestic fashion industry can hardly be overstated,” Cakmak said in a released statement.

“Saudi Arabia’s fashion industry is well-positioned to succeed. We are building the foundations for a robust, internationally networked value chain. Our vision is to develop a circular and sustainable industry, with a robust regulatory system, which allows local brands to share their identity with the rest of the world and presents opportunities for global brands and entrepreneurs,” he added.

According to the report, the Saudi fashion industry is estimated to employ some 230,000 people, or 1.8 percent of the domestic workforce, and in 2022 it contributed $12.5billion, or 1.4 percent, of GDP.

Source: Arab News