RIYADH — The Small and Medium Enterprises General Authority (Monsha'at) has unveiled its first quarter report for 2024, detailing the growth within the Kingdom's fashion sector, now valued at a SR92.3 billion. The local fashion market alone contributes SR46.9 billion, with consumer spending on imported brands reaching SR27.4 billion, indicating a substantial opportunity for domestic brands. This promising data underscores a projected 48% cumulative growth in the sector's value from 2021 to 2025. Burak Cakmak, CEO of the Fashion Commission, expressed optimism about the ongoing progress and the potential for Saudi fashion to make an indelible impact on the global stage, fueled by the creativity of local designers and the vision of entrepreneurs. The report also highlights Saudi Arabia's leadership in the MENA region's venture capital landscape, with an impressive SR900 million invested in startups during the first quarter, accounting for a 65% market share. Philip Bahoshy, CEO of MAGNiTT, emphasized this achievement, reinforcing the Kingdom's position as a hub for venture capital activity. Success stories featured in Monsha'at's report include Princess Deemah bint Mansour bin Saud, founder of the fashion concept store "Personage"; Mohammed Khoja, behind the luxury label "Hindamme"; and Kamal Hubaishi, founder of streetwear brand Urbn Lot. These entrepreneurs are paving the way for a flourishing future in Saudi fashion entrepreneurship.
