The Saudi Fashion Commission, one of 11 sector-specific commissions under the Ministry of Culture, recently released the report ‘The State of Fashion Sector in Saudi Arabia 2024’, an annual report published by the Commission that offers key industry insights and data on the growing Saudi fashion industry.
The report was launched in London at the London Investment Roadshow, coinciding with the conclusion of London Fashion Week, and the event included discussions from the Cultural Development Fund, the Ministry of Investment, the Fashion Commission, as well as international and local investment firms, providing valuable insights, highlight the incentives for the fashion sector, and address the challenges facing investors.
The 2024 edition of the report was revealed to media and guests through a creative showcase at the Saudi Fashion Commission’s Investment Roadshow in London -powered by Fashion Futures, that took place at the Twenty-Two Mayfair. Attendees witnessed the latest industry data from The State of Fashion Sector in Saudi Arabia 2024 presented in a bespoke bag designed by the Saudi Brand 1886 that was carried down the stage via a runway presentation.
The State of Fashion Sector in Saudi Arabia 2024 identifies fascinating new insights into the dynamic Saudi fashion landscape, revealing intriguing trends and opportunities for growth and investment. The report also presents readers with industry data on the state of fashion in Saudi spanning across clothing, luxury, jewellery, beauty, and business, while monitoring the fashion landscape and offering key insights from industry experts.
Key Insights from The State of Fashion Sector in Saudi Arabia 2024:
The role of fashion in shaping vision 2030:
• The fashion industry's contribution to GDP reached 2.5 per cent, compared to 1.4 per cent last year.
• 320,000 fashion industry job contributions 2023 + 90,000 jobs increase since 2021-2022.
• 52 per cent share of women in the Saudi fashion workforce in 2023.
Saudi Arabia, the Region’s Fashion Powerhouse:
• The value of the Saudi fashion market in 2023 is $30 billion.
• Projected value of the Saudi fashion market in 2028 is to reach $42 billion.
Burak Cakmak, CEO, Fashion Commission expressed, “Today, we're excited to launch our second annual report The State of Fashion Sector in Saudi Arabia 2024. Data is essential to understanding and discussing the country’s growth, and as the Fashion Commission, we’re proud to lead in this area. This year, we’ll also introduce a data hub that will publish the SOFR and be publicly accessible, showcasing opportunities across the value chain.”
The Fashion Commission is dedicated to fostering a vibrant and sustainable fashion ecosystem in Saudi Arabia. Through the publication of the annual report, it provides the latest insights that help in shaping the future of the regional fashion industry through a data-driven approach. Through the platform Fashion Futures, the Saudi Fashion Commission aims to revolutionise Saudi’s fashion industry by offering the leading fashion intelligence platform while highlighting the value chain of the local fashion industry.
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