The Saudi Fashion Commission has released its 2024 State of Fashion Report, highlighting the significant growth in the Kingdom’s fashion industry.
The report, unveiled during an investment tour in London sponsored by the Fashion Futures initiative, was presented in a custom-designed briefcase by Saudi brand 1886.
This publication offers a fresh look at Saudi Arabia’s fashion landscape, detailing trends and investment opportunities. It includes comprehensive industry data covering fashion, luxury goods, jewelry, cosmetics, and business operations, along with insights from industry experts.
The report reveals that the fashion sector’s contribution to Saudi Arabia’s GDP has increased to 2.5%, up from 1.4% the previous year. Employment in the fashion industry has also grown, with 320,000 people working in the sector as of 2023, an increase of 90,000 jobs since the 2021-2022 period.
Women now make up 52% of the fashion workforce in Saudi Arabia, underscoring progress in gender equality within the industry. Additionally, the market value of the Saudi fashion industry reached approximately $30 billion in 2023 and is expected to rise to $42 billion by 2028.
Burak Cakmak, CEO of the Fashion Commission, emphasized the importance of data in understanding the country’s growth. He announced the launch of a data center that will publish the State of Fashion Report, making it publicly accessible and highlighting opportunities across the value chain.