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HomeBusinessSaudi Fashion Investment Opportunities

Saudi Fashion Investment Opportunities

Exploring Saudi Arabia's burgeoning fashion market and incentives

September 25, 2024
in Business
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The recent collaboration between Vogue Business and the Saudi Fashion Commission during London Fashion Week highlighted the burgeoning fashion and investment opportunities in Saudi Arabia. The event, featuring key figures from the Saudi government and international brands, focused on the Kingdom’s supportive measures for foreign luxury brands entering its market.

The event featured two roundtable discussions. The first, moderated by Vogue Business’s Sujata Assomull, explored governmental incentives for international brands. Key speakers included Abdulaziz Alghifaili from MISA and Najla AlNomair from the Cultural Development Fund. They emphasized the ease of establishing an international brand presence in Saudi Arabia, moving beyond traditional franchises to direct investments. AlNomair highlighted cultural financing initiatives, encouraging brands to engage with Saudi’s dynamic fashion sector.

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The second discussion focused on the future of retail in Saudi Arabia. Mytheresa CEO Michael Kliger noted the Kingdom’s rapid market growth, surpassing even the US. Adidas’s Bilal Fares discussed the brand’s strategic shift in response to Saudi’s Vision 2030, including direct market entry and local collaborations. Femi9 CEO Eyad Mashat emphasized understanding Saudi consumer needs, while Pierre Denis stressed the importance of physical retail experiences.

Notable presentations included the ‘State of Fashion Sector in Saudi Arabia 2024’ report, which revealed that Saudi Arabia’s fashion industry comprises 2.5% of its GDP, with significant growth in retail projects. MISA’s Alghifaili highlighted Saudi Arabia’s economic strengths and strategic location, underlining the benefits for international investors.

The event underscored Saudi Arabia’s evolving role in the global fashion scene, offering a dynamic and discerning market for international brands. The gathering concluded with a networking session, fostering discussions on the Kingdom’s opportunities.

Tags: investment opportunitiesLuxury BrandsRetail GrowthSaudi Fashion
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