Saudi fashion market worth $30 bn in 2023, likely to be $42 bn by 2028

The Saudi fashion industry contributed 2.5 per cent to the kingdom’s gross domestic product (GDP) last year compared to 1.4 per cent in 2022, and the estimated value of the Saudi fashion market in 2023 was about $30 billion, and is expected to reach $42 billion by 2028, according to the ‘State of Fashion Sector in Saudi Arabia 2024’ report launched by the Saudi Fashion Commission recently in London.

Jobs in the Saudi fashion sector increased to 320,000 in 2023, and the share of women in the fashion workforce was 52 per cent in the year, a Saudi news outlet reported.

The Saudi fashion industry contributed 2.5 per cent to the kingdom’s GDP last year compared to 1.4 per cent in 2022, and the estimated value of that market in 2023 was about $30 billion, and is expected to reach $42 billion by 2028, a government report revealed.
Jobs in the Saudi fashion sector rose to 320,000 in 2023, and the share of women in the fashion workforce was 52 per cent in the year.

Commission chief executive officer Burak Cakmak announced the launch of a data centre that will publish the State of Fashion Report and make it publicly available, showcasing opportunities across the value chain.

The annual report offers insights into the Saudi fashion landscape, uncovering exciting trends and opportunities for growth and investment. It covers fashion, luxury goods, jewelry, cosmetics and business.

Fibre2Fashion News Desk (DS)

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