Saudi Arabia Embraces $44 Billion Modest Fashion Market Globally
Saudi Arabia will host its first ever Arab Fashion Week in Riyadh this March, signalling its willingness to tap into the $44 billion modest fashion industry in the world.
The Arab Fashion Week, which is organized by the Arab Fashion Council (AFC), will be headlined by Italian designer Roberto Cavalli and will see some of the leading brands congregating in the Kingdom. The announcement comes on the heels of London-based AFC opening an office in Riyadh in December 2017.
Saudi Arabia could be termed the late entrant to the regional fashion scene where other Gulf countries like the U.A.E has made its mark. Dubai has also established a freezone for fashion and design companies to buoy the growth of the industry.
The Kingdom has always been a lucrative market for fashion entrepreneurs. According to a report by Statista, revenues from the fashion segment is set to reach $1.9 million in 2018, making it a promising market for the fashion business industry.
Globally Muslims spent about $243 billion on clothing in 2015 while the revenues from modest fashion reached $44 billion, a state of economy report by Thomson Reuters showed.
Retail brands are now realizing the full potential of modest fashion with many launching a modest fashion line. In January 2016, Dolce & Gabbana introduced its line of abayas and hijabs, and Carolina Herrera followed suit in Spring 2017. Uniqlo and Burberry have also jumped into modest fashion, while sportswear brand Nike made headlines when it introduced a sports hijab in 2017.
This article was originally published on https://www.forbesmiddleeast.com