The Small and Medium Enterprises General Authority (Monsha’at) has unveiled its first-quarter 2024 report, which estimates the fashion industry’s value at SAR 92.3 billion, with the local market contributing SAR 46.9 billion.
Consumer spending on imported brands reached SAR 27.4 billion, underscoring the potential for domestic brands to capture a significant market share. The sector’s strong growth trajectory is reflected in the projected 48% cumulative increase in its value from 2021 to 2025.
There is much room for optimism regarding the future of Saudi fashion. Fashion Commission CEO Burak Cakmak predicts continued progress and prosperity driven by the talent of local designers and the innovative vision of entrepreneurs. He emphasizes Saudi Arabia’s potential to leave a lasting mark on the global fashion scene.
The report also highlights Saudi Arabia’s leadership in venture capital investments. According to Philip Bahoshy, CEO of MAGNiTT, the first quarter of 2024 saw an impressive SAR 900 million invested in startups.
This reinforces Saudi Arabia’s position as the MENA region’s leader in venture capital investments, commanding a 65% market share.
Monsha’at’s report also celebrates the success stories of notable entrepreneurs such as Princess Deemah bint Mansour bin Saud bin Abdulaziz, founder of the fashion concept store “Personage”, Mohammed Khoja, the creative mind behind the ready-to-wear Saudi luxury label “Hindamme”, and Kamal Hubaishi, founder and managing partner of the streetwear brand Urbn Lot.
