The fashion industry in the Kingdom of Saudi Arabia is poised to grow at a CAGR of 48 per cent from 2021-25, as per a recent report by the Small and Medium Enterprises General Authority.
According to this report, the fashion industry contributed 1.4 per cent to the Kingdom’s gross domestic product in 2022. The total value of the fashion sector, including international brands, stood at $24.6 billion in 2022, with the domestic fashion industry valued at $12.5 billion.
Burak Cakmak, CEO, Fashion Commission, emphasised the Kingdom’s broad transformation across various industries, including architecture, music, film, art, and food. He noted that the diverse initiatives led by the Fashion Commission are revolutionising the fashion sector, elevating local talents to global stages while focusing on growth and sustainability.
The Fashion Commission focuses on developing local talent. It has launched comprehensive educational programs, workshops, and mentorship opportunities to nurture the growth of Saudi nationals in the fashion sector. Additionally, the commission supports small and medium enterprises (SMEs) by providing essential resources to help businesses scale and grow.
As of 2022, the fashion industry in Saudi Arabia employed over over 230,000 people, according to the Monsha’at report. Women made up to 52 per cent of this workforce. By 2027, the women’s apparel market in the Kingdom is projected to grow by 20 per cent, while the men’s market is expected to expand by 27 percent during the same period.
