The fashion sector in Saudi Arabia is projected to experience a remarkable growth spurt, with an anticipated 48 percent cumulative annual growth from 2021 to 2025, a reflection of the Kingdom’s efforts to diversify its economy.
The pivotal role of the Fashion Commission in fostering a stronger ecosystem to support this growth was highlighted in the latest report from the Small and Medium Enterprises General Authority, also known as Monsha’at.
According to the report, the fashion industry accounted for 1.4 percent of the Kingdom’s gross domestic product in 2022, with the total market value, including international brands, reaching approximately $24.6 billion.
Domestically, the Saudi fashion scene was valued at $12.5 billion in the same year, indicating a robust internal market.
Burak Cakmak, CEO of the Fashion Commission, emphasized the Kingdom’s transformative endeavors across various sectors and the Commission’s commitment to pushing the fashion industry forward. “Through diverse initiatives at the Fashion Commission, we are revolutionizing the fashion sector and elevating our talents to global stages,” said Cakmak.
He acknowledged the remarkable growth of the fashion industry in Saudi Arabia, attributing it to strategic initiatives that nurtured a blend of creativity and business expertise.
Developing local talent is a priority for the Commission, which has implemented educational programs, workshops, and mentorship opportunities to cultivate the skills of Saudi nationals in the industry.
The Commission also supports small and medium-sized enterprises (SMEs) in the sector, helping them to expand and scale their operations. “We also advance the industry by providing essential support to entrepreneurs and SMEs,” Cakmak added.
The commitment to ethical practices, sustainability, and cultural preservation is evident in the regulatory frameworks and initiatives promoting Saudi heritage on both local and global platforms.
Employment within the fashion industry has also seen an uptick, with over 230,000 individuals employed as of 2022, half of whom are women. The women’s apparel market in Saudi Arabia is expected to grow by 20 percent by 2027, while the men’s market is forecasted to expand by 27 percent.
Participation in international fashion events is seen as a key strategy for Saudi companies to assert their presence on the global stage. “Market expansion efforts… further enhance the visibility and competitiveness of Saudi fashion brands,” said Cakmak.
With a confident outlook, Cakmak believes in the potential of Saudi designers and entrepreneurs to drive the industry’s success. “As we continue to support and nurture these individuals, we are confident that the Kingdom’s fashion industry will continue to flourish,” he concluded.