By Saudi Arabia’s fashion industry is projected to experience a remarkable growth rate of 48% annually from 2021 to 2025. This surge is part of the Kingdom’s broader economic diversification efforts. The Fashion Commission, under the Small and Medium Enterprises General Authority (Monsha’at), is instrumental in fostering a robust ecosystem to support this expansion.
In 2022, the fashion sector contributed 1.4% to the nation’s GDP, with its total value, inclusive of international brands, reaching $24.6 billion. The domestic market alone was valued at $12.5 billion.
Burak Cakmak, the CEO of the Fashion Commission, emphasized the transformative journey of Saudi Arabia across various sectors, including fashion. He highlighted the Commission’s role in propelling the fashion industry to global recognition while maintaining a commitment to growth and sustainability.
The Commission’s strategic initiatives have led to an unprecedented growth trajectory, focusing on nurturing local talent through educational programs, workshops, and mentorship. It also supports small and medium-sized enterprises (SMEs) in the industry to scale their operations.
With over 230,000 individuals employed in the sector, of which 52% are women, the fashion industry is a significant contributor to job creation. The women’s apparel market is expected to grow by 20% by 2027, while the men’s market is anticipated to expand by 27%.
Cakmak also underscored the importance of international visibility for Saudi fashion brands, with participation in global fashion events enhancing their competitiveness. These strategic pillars are designed to cultivate a vibrant and globally competitive fashion industry within the Kingdom.
In conclusion, Cakmak expressed confidence in the future of Saudi fashion, attributing its continued success to the Kingdom’s talented designers and entrepreneurs. With ongoing support and development, the Saudi fashion industry is set to flourish in the years to come.
