The Small and Medium Enterprises General Authority (Monsha’at) has shed light on the burgeoning fashion industry within the Kingdom of Saudi Arabia through its latest quarterly report. The fashion sector boasts an impressive valuation of SAR92.3 billion, with local brands contributing SAR46.9 billion to this figure. Meanwhile, consumers have spent SAR27.4 billion on international labels, indicating a substantial opportunity for domestic fashion enterprises to gain market share.
According to the report, the fashion industry is on a rapid growth path, with an anticipated 48% increase in value over the four-year period ending in 2025. This prediction underscores the sector’s dynamic and expanding nature.
The head of the Fashion Commission, Burak Cakmak, expressed a positive outlook on the sector’s future. He cites the ingenuity of Saudi designers and the strategic foresight of local entrepreneurs as key factors contributing to the industry’s expected continued success and influence on the global stage.
Highlighting the Kingdom’s role in the broader startup ecosystem, the report features commentary from MAGNiTT CEO Philip Bahoshy. He noted that the first quarter of 2024 saw a remarkable SAR900 million funneled into startups, with Saudi Arabia commanding a 65% market share in MENA’s venture capital investments.
The document celebrates the achievements of pioneering Saudi fashion entrepreneurs, such as Princess Deemah bint Mansour bin Saud bin Abdulaziz, founder of the concept store “Personage”; Mohammed Khoja, the talent behind the luxury brand “Hindamme”; and Kamal Hubaishi, who established the streetwear brand Urbn Lot. These individuals exemplify the potential and direction for upcoming generations in the Saudi fashion market.