Saudi Fashion Commission Announces Grand Opening of ‘The Lab' in Misk City

The Saudi Fashion Commission will unveil Tuesday “The Lab”, an  initiative demonstrating a monumental shift in the local fashion industry. (SPA)
The Saudi Fashion Commission will unveil Tuesday “The Lab”, an initiative demonstrating a monumental shift in the local fashion industry. (SPA)
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Saudi Fashion Commission Announces Grand Opening of ‘The Lab' in Misk City

The Saudi Fashion Commission will unveil Tuesday “The Lab”, an  initiative demonstrating a monumental shift in the local fashion industry. (SPA)
The Saudi Fashion Commission will unveil Tuesday “The Lab”, an initiative demonstrating a monumental shift in the local fashion industry. (SPA)

The Saudi Fashion Commission is excited to unveil Tuesday “The Lab,” the first of its kind in the Kingdom, a state-of-the-art product development studio that is poised to revolutionize the fashion manufacturing landscape in Saudi Arabia, the Saudi Press Agency said.
Located at The City Hub in Mohammed bin Salman Nonprofit City (Misk City), The Lab is a flagship initiative demonstrating a monumental shift in the local fashion industry. It reflects the commission's commitment to elevating manufacturing capabilities and fostering innovation within the Kingdom.
By providing cutting-edge manufacturing facilities, The Lab enables local designers, brands, and fashion entrepreneurs to actualize their creative visions, proudly under the “Made in Riyadh” label.
The grand opening of The Lab represents a pivotal moment for the Saudi fashion sector, signaling new opportunities for growth, collaboration, and global competitiveness. Attendees will experience firsthand the advanced technologies and collaborative environment that The Lab offers, marking a significant step towards achieving a vibrant and sustainable fashion industry in Saudi Arabia.
“The Lab showcases the groundbreaking advancement in Saudi Arabia's fashion industry,” said Saudi Fashion Commission CEO Burak Cakmak. “As the premier facility of its kind in the region, located in the heart of Riyadh, it streamlines the manufacturing process, empowering our local designers and brands to effortlessly realize their creative visions. By nurturing innovation and providing essential support throughout the fashion cycle, we not only foster creativity but also champion sustainable practices within the industry. The establishment of The Lab, a local product development studio, exemplifies our profound commitment to cultivating a thriving fashion ecosystem right here in Saudi Arabia.”
“The opening of The Lab at Misk City marks a significant milestone for the fashion industry in Saudi Arabia,” said Misk City CEO David Henry. “This state-of-the-art product development studio will not only revolutionize fashion in the Kingdom but also empower local designers and entrepreneurs to showcase their creativity on a global stage, especially since Misk City will contribute significantly to promoting distinguished national brands in the field of fashion in addition to supporting local companies. We are proud to be part of this transformative project and look forward to seeing the positive impact it will have on the industry.”
The partnership will enable enhanced cooperation between both entities to develop education and training programs for young Saudi designers, explore opportunities for incubation of entrepreneurs, and attract talent and investors to the Kingdom’s fashion sector. The partnership also lays the foundation for cooperation in hosting various fashion-related events and festivals at Misk City.
Esteemed members of the fashion industry, media, and government representatives are anticipated to attend Tuesday, highlighting the broad support for this transformative project in inaugurating the space. The event will showcase local fashion talents and demonstrate the potential housed within this innovative facility.
The Saudi Fashion Commission invites practitioners, brand owners, and designers in the fashion industry to join this historically exceptional space to be part of the dawn of a new era in fashion manufacturing. It aims to develop the fashion sector in Saudi Arabia through strategic initiatives that fosters innovation and talents, promote economic diversification, and enhance cultural exchange.



Under Armour Raises Annual Profit Forecast on Cost-savings Plan

FILE PHOTO: Products are displayed in an Under Armour store in New York City, US, November 4, 2019. REUTERS/Brendan McDermid/File Photo
FILE PHOTO: Products are displayed in an Under Armour store in New York City, US, November 4, 2019. REUTERS/Brendan McDermid/File Photo
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Under Armour Raises Annual Profit Forecast on Cost-savings Plan

FILE PHOTO: Products are displayed in an Under Armour store in New York City, US, November 4, 2019. REUTERS/Brendan McDermid/File Photo
FILE PHOTO: Products are displayed in an Under Armour store in New York City, US, November 4, 2019. REUTERS/Brendan McDermid/File Photo

Sportswear maker Under Armour raised its annual profit forecast on Thursday, betting on its cost-saving strategy and efforts to sell more clothing and shoes at full price.

Shares of the company rose 6.3% in premarket trading.

Following several quarters of poor results, Under Armour founder Kevin Plank returned as CEO to reset the business and has been reducing headcount and cutting down on inventory of some products.

The company is also aiming to cut back on promotions and sell apparel and footwear at full prices.
It now expects annual adjusted per-share profit of between 24 cents and 27 cents, compared with its prior forecast of 19 cents to 21 cents.