RIYADH: The Saudi Fashion Commission has unveiled its 2024 State of Fashion Report which showcases growth in the Kingdom’s fashion industry, the Saudi Press Agency reported.
The report was released during a high-profile investment tour in London, sponsored by the Fashion Futures initiative, at Twenty Two Mayfair, according to the SPA.
The report’s reveal featured a custom-designed briefcase by Saudi brand 1886.
The report provides fresh perspectives on Saudi Arabia’s fashion landscape, revealing exciting trends and opportunities for growth and investment.
It offers readers industry data spanning fashion, luxury goods, jewelry, cosmetics, and business operations, while examining the fashion scene and presenting key insights from industry experts.
It reports that the sector’s contribution to the Kingdom’s gross domestic product has surged to 2.5 percent, a significant increase from 1.4 percent in the previous year.
This growth is mirrored in the jobs market, with the fashion industry employing 320,000 people as of 2023, marking an increase of 90,000 jobs since the 2021-2022 period.
In a notable development for gender equality, women now constitute 52 percent of the fashion workforce in Saudi Arabia.
The report also highlights the expanding economic footprint of the Saudi fashion market. In 2023, the market value reached about $30 billion, a figure that is projected to surge to $42 billion by 2028.
Burak Cakmak, CEO of the Fashion Commission, said: “Data is crucial for understanding our country’s growth.”
He added: “We are proud to lead in this area, offering public access to opportunities across the value chain.”
He also announced the launch of a data center that will publish the State of Fashion Report and make it publicly available, showcasing opportunities across the value chain.
