The Saudi Fashion Commission has unveiled its 2024 State of Fashion Report, showcasing the impressive growth of Saudi Arabia’s fashion industry. The report was presented during an investment tour in London, organized by the Fashion Futures initiative, and was delivered in a custom-designed briefcase by Saudi brand 1886.
This comprehensive report sheds light on Saudi Arabia’s fashion industry, detailing key trends, investment opportunities, and market insights. It covers various sectors, including fashion, luxury goods, jewelry, cosmetics, and business operations, with input from industry experts.
According to the report, the fashion sector’s contribution to Saudi Arabia’s GDP has surged to 2.5%, up from 1.4% in the previous year. Employment in the sector has also increased significantly, with 320,000 people working in the industry by the end of 2023, marking an increase of 90,000 jobs since the 2021-2022 period.
One notable achievement is that women now make up 52% of the fashion workforce, highlighting progress in gender equality within the industry. The market value of Saudi Arabia’s fashion industry reached approximately $30 billion in 2023, with projections to hit $42 billion by 2028.
Burak Cakmak, CEO of the Fashion Commission, stressed the importance of data in tracking this growth. He also announced the establishment of a data center that will make the State of Fashion Report publicly accessible, offering valuable insights into opportunities across the fashion value chain.
