As the Kingdom diversifies its economy, the fashion industry in Saudi Arabia is expected to develop at a cumulative annual rate of 48% between 2021 and 2025, according to a report.
According to the Small and Medium Enterprises General Authority's most recent quarterly report, Saudi Arabia's Fashion Commission is crucial in creating a stronger ecosystem that will fuel the industry's expansion, reported Arab News.
The fashion industry's share of the Kingdom's GDP in 2022 was 1.4%, according to the authority, also referred to as Monsha'at.
According to the survey, the fashion industry in Saudi Arabia, which include international brands, has a total valuation of $24.6 billion as of 2022.
However, as of 2022, the Kingdom's domestic fashion sector was valued at $12.5 billion.
"Saudi Arabia has started a significant transition in a number of industries. This is a renaissance that includes food, art, music, movies, architecture, and more. Burak Cakmak, CEO of the Fashion Commission, stated, "We are transforming the fashion industry and bringing our talents to international platforms through a variety of initiatives at the Fashion Commission, all while upholding the fundamental principles that foster growth and sustainability."
"The growth of the fashion industry in Saudi Arabia over the past few years has been unprecedented," he continued, citing a number of strategic initiatives that promoted a dynamic ecosystem of creativity and economic savvy.
One of the Fashion Commission's most important responsibilities, according to Cakmak, is to foster local talent within the Kingdom.
He continued by saying that in order to support Saudi nationals' advancement in the industry, the organization has started extensive educational programs, workshops, and mentorship possibilities.
The representative added that the commission helps small and medium-sized businesses in the industry develop and flourish.
"We also help the industry grow by giving entrepreneurs and SMEs the crucial support they need, along with tools and help that helps them grow. Cultural preservation programs showcase Saudi heritage and promote it both locally and internationally, while regulatory frameworks are created and upheld to guarantee moral behavior and sustainability, according to Cakmark.
According to the Monsha'at report, as of 2022, the fashion business in Saudi Arabia employed over 230,000 individuals, with women making up 52% of the workforce.
According to the authority, the Kingdom's women's apparel industry is expected to rise by 20 percent by 2027, while the men's market is expected to grow by 27 percent in the same time frame.
Cakmak continued, saying Saudi businesses' involvement in international fashion shows will support the Kingdom's standing in the world economy.
The exposure and competitiveness of Saudi fashion businesses are further enhanced by market expansion initiatives, such as marketing campaigns and participation in international fashion events. These are all fundamental strategic tenets that successfully support the Kingdom's thriving, dynamic, and fiercely competitive fashion sector, according to Cakmak.
"We believe that our talented designers and visionary entrepreneurs hold the key to the future of Saudi fashion," he concluded. We are convinced that the fashion sector in the Kingdom will thrive as long as we continue to foster and assist these people./BGNES