Saudi Arabian Labels Abadia & 1886 Receive Global Investments
This marked the first international investor foray into Saudi fashion.
In the vibrant landscape of New York City, a gathering of investors and fashion leaders convened, responding to the call of the Saudi Fashion Commission. This curated platform was thoughtfully designed to delve into the burgeoning terrain of Saudi Arabia's fashion sector, with a specific focus on investment opportunities. Against this backdrop, strategic alliances were unveiled with global private equity firm, Turmeric Capital as they invest in Saudi-founded streetwear brand 1886 and ethical luxury label Abadia and mark the first international investor foray into Saudi fashion.
-c221f242-87df-4738-a511-00647c0e5c18.jpg)
“From Paris to Milan, to New York, the Saudi Fashion Commission is traversing the globe to support the Saudi fashion sector as it grows and supports diversification of the Saudi economy,” Burak Cakmak, CEO of the Saudi Fashion Commission, tells Scene Styled. “The return to New York this year is an incredible moment where we are witnessing key milestones – for Saudi brands as we help them secure international investment, for the Commission as we continue to put our mark on the global stage and for the Saudi fashion industry as public awareness grows.”
The foundation of this collaboration was fortified with the signing of a Memorandum of Understanding (MoU) between Turmeric Capital and the Fashion Commission. The shared objective is to create an ecosystem that nurtures the growth of local Small and Medium-sized Enterprises (SMEs) within the fashion sector, emphasizing scalability. This partnership aspires to harness combined resources and expertise, fostering the evolution of brands rooted in Saudi culture.
-7eb74b38-64c8-474f-b921-ed77243d12e5.jpg)
“I am very proud of our collaboration with the Saudi Fashion Commission. With our complementary skill sets, we are contributing to the Saudi fashion eco-system and working towards the objectives of Vision 2030. There is no better way to do this than by backing future Saudi entrepreneurs,” Ravi Thakran, Chairman of Turmeric Capital, tells Scene Styled. “The momentum I see in Saudi Arabia today is very similar to what I noticed in China when working there with LVMH from the early 2000s. A decade from now, I believe books will be written about the colossal changes as Saudi Arabia increases its economic presence across Asia.”
-0e763405-75b3-4b2d-90d4-f7afb151fceb.jpg)
The roadshow featured illuminating keynotes by HRH Princess Reema bint Bandar Al Saud, Saudi Arabia's Ambassador to the United States. Panel sessions unfolded, featuring industry leaders, contributing to a tapestry of insights. The roadshow aimed to accelerate foreign investment into Saudi fashion.
-ace2e88b-bbcf-4dc8-9923-447db5bc9d8f.jpg)
Saudi Arabia's fashion sector is on a trajectory of significant growth, with projected retail fashion sales expected to rise by 48% to reach $32 billion between 2021 and 2025. This rise is underpinned by the Kingdom's economic growth and growing population, with notable gains in apparel, accessories, footwear, and luxury goods. Luxury fashion purchases in the GCC reached $9.6 billion in 2021, with Saudi Arabia posting 19% growth.
As the New York City roadshow concluded, the Fashion Commission turned its attention to Riyadh Fashion Week, scheduled to take place from October 20th to 23rd. This landmark event is dedicated to showcasing local talent, promoting sustainability, and celebrating Saudi designers' creativity and craftsmanship.
- Previous Article سندباد الورد أضحي سلطاناً: مراجعة لألبوم شب جديد والناظر 'سلطان'
- Next Article Egyptian Embassies Around the World
Related Articles
Trending This Week
Events Calendar
