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Saudi Fashion Commission Hosts Virtual Panel on 'The Future of Fashion: It’s All About Digital Reality'

Saudi Fashion Commission Hosts Virtual Panel on 'The Future of Fashion: It’s All About Digital Reality'
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Saudi Fashion Commission Hosts Virtual Panel on 'The Future of Fashion: It’s All About Digital Reality'

Saudi Fashion Commission Hosts Virtual Panel on 'The Future of Fashion: It’s All About Digital Reality'

The Saudi Fashion Commission announced the success of its recent virtual panel discussion titled "The Future of Fashion: It’s All About Digital Reality."

Moderated by the esteemed Shahinaz Alotaishan, the dialogue took place on Thursday, April 25th, aimed at exploring the innovative intersections between digital technology and fashion, according to a press release reported by SPA.
The engaging virtual event featured prominent figures from the fashion and tech industries, including Alexander Jorias, Co-founder and CEO of Club Cooee, and Noura Alghilaisi, celebrated fashion designer and founder of her eponymous brand. The conversation unfolded across three pivotal segments: the enabler, represented by the Fashion Commission; the facilitator, embodied by Alexander Jorias; and the utilizer, exemplified by Noura Alghilaisi.
As the enabler, the Saudi Fashion Commission set the stage by detailing its initiatives to integrate cutting-edge technologies into the kingdom’s burgeoning fashion scene, thus fostering an environment ripe for digital transformation. Shahinaz Alotaishan, panel moderator and a visionary in her own right, articulated the commission’s commitment to nurturing talent and innovation in Saudi Arabia's fashion industry.
Alexander Jorias, stepping in as the facilitator, shared invaluable insights on the potential of digital platforms like Club Cooee in revolutionizing fashion consumption and interaction. His expertise highlighted how virtual environments can create immersive and inclusive experiences, expanding the traditional boundaries of the fashion industry.
Finally, as the utilizer, Noura Alghilaisi discussed the real-world applications of digital advancements in fashion design and retail. She shared her experiences in leveraging technology to enhance her brand’s offerings, from virtual samples to digital 3D design technologies, illustrating the tangible benefits of embracing a digital-first approach.
The panel discussion was not only a deep dive into the evolving dynamics of fashion in the digital age but also a spotlight on Saudi Arabia’s role as a burgeoning hub for fashion technology. It offered attendees a unique perspective on the seamless integration of technology into fashion, providing a glimpse into a future where fashion and digital reality are intricately linked.
About the Fashion Commission: Founded in 2020, the Fashion Commission is leading the development of the Kingdom’s fashion sector. By driving investment and building robust regulatory frameworks, the commission is supporting the next generation of Saudi fashion talent as they aspire to reach their full potential. The commission is enabling the sector while preserving the Kingdom’s vast heritage in fashion and empowering Saudi fashion designers. Together with the Ministry of Culture, the commission is working to unlock a thriving cultural sector to preserve and elevate the traditions that make the Kingdom unique.

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Nike's New CEO Plans to Go Back to Basics in Brand Overhaul Effort

The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
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Nike's New CEO Plans to Go Back to Basics in Brand Overhaul Effort

The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)

Nike's new CEO Elliott Hill warned of a long road to sales recovery for the sportswear giant, but the veteran executive's plan to turn the spotlight on sports like basketball and running, allayed some investor worries.

The company said on Thursday it was expecting third-quarter revenue to drop to low double digits after the embattled sportswear seller's quarterly results beat market estimates.

Hill, in his first public address as CEO on the post-earnings call, said Nike had "lost its obsession with sport" and vowed to put it back on track by refocusing on sport and selling more items at premium prices, Reuters reported.

"The recovery is going to be a multi-year process, but he(Hill) seems to be going back to the roots, back to Nike being Nike," said John Nagle, chief investment officer at Kavar Capital Partners, which owns Nike shares.

"(Hill plans to shift focus) away from some of the streetwear and fashion that had taken over the brand, the heavy discounting and the neglect of retailers. Just taking it back to what worked," Nagle said.

Hill, who was with Nike for more than three decades, returned as CEO in October to revive demand at the firm that has been struggling with strategy missteps that soured its relations with retailers such as Foot Locker.

Earlier this month, Foot Locker CEO Mary Dillon said Hill was "taking the right actions for the brand" and the retailer was "working closely" with Nike to emphasize newer sportswear styles, including Vomero and Air DT Max.

"(The retailers) they want us to get back to being Nike, and they want us to have the unrelenting flow of innovative products... and they want us to get back to delivering bold brand statements that help drive traffic," Hill said.

The company's market share dwindled as rival brands, including Roger Federer-backed On and Deckers' Hoka , lured consumers with fresher and more innovative styles.

Hill also highlighted that a lack of newness led Nike to become too promotional and said he plans to shift to selling more at full price on its website and app.

"With another half year of franchise management coupled with investment to reinvigorate the brand, we believe the next four quarters could be the worst of the margin erosion and earnings per share reductions," Barclays analyst Adrienne Yih said.

At least seven brokerages cut price targets on the stock with some analysts pointing to the lack of a clear timeline for Nike to return to growth.

Shares of Nike, which have lost about half of its value in the last three years, were down nearly about 2% in early trading on Friday.

Nike's forward price-to-earnings ratio for the next 12 months, a benchmark for valuing stocks, was 27.53, compared with 33.47 for Deckers and 32.32 for Adidas.

"A rudderless ship now has a rudder, and a sailor who knows how to drive it," said Eric Clark, portfolio manager at the Rational Dynamic Brands fund that owns Nike shares.