Saudi Arabia's Fashion Commission is playing a key role in building a stronger ecosystem to drive growth in the sector, according to the General Authority of Small and Medium Enterprises (Monsha'at) report for the first quarter of this year.
The fashion industry in Saudi Arabia, which contributed 1.4 percent to the kingdom's GDP in 2022, will witness a cumulative annual growth of 48 percent between 2021 and 2025, according to a government report. The domestic women's clothing market will see 20 percent growth by 2027, while the men's market will expand 27 percent in the period.
While the total value of the fashion sector in Saudi Arabia, including international brands, amounted to $24.6 billion in 2022, the domestic fashion industry was worth $12.5 billion.
The fashion industry in the kingdom employed more than 230,000 people in 2022, and 52 percent of the sector's workforce was female.
The women's clothing market in the kingdom will see 20 percent growth by 2027, while the men's market will expand 27 percent over the period, the report notes.
The report also highlights Saudi Arabia's leadership in the venture capital landscape of the Middle East and North Africa region, with an impressive investment of Rs 900 crore in startups during the first quarter of this year, which which represents a market share of 65 percent.
Fiber2Fashion News Desk (DS)
