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'
TT

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.



Birkenstock Results Beat on Resilient Demand, Forecasts Margin Recovery

A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. (Reuters)
A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. (Reuters)
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Birkenstock Results Beat on Resilient Demand, Forecasts Margin Recovery

A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. (Reuters)
A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. (Reuters)

Birkenstock beat market expectations for fourth-quarter results on robust demand for its pricey footwear and forecast a recovery in margins in fiscal 2025, sending the company's shares up 7% on Wednesday.

With fresh styles becoming a priority for consumers, Birkenstock's sandals and closed-toe clogs have drawn new customers both at its own stores and at retailers.

The company bypassed steep discounting trends evident during the holiday shopping season, which Birkenstock executives said was off to a strong start globally.

"The expansion of ranges into more closed-toe silhouette has helped boost revenue, given that they offer multi-season wear," Susannah Streeter, head of money and markets at Hargreaves Lansdown, said.

Germany-based Birkenstock's average selling prices across its product range were up 8% in fiscal 2024, in part due to higher sales of clogs, the company said, adding that closed-toe styles now made up about a third of its business.

The company has invested in expanding its global store presence and increasing manufacturing capacity this year to meet demand.

While it led to a 330-basis point drop in gross margins in fiscal 2024, Birkenstock forecast a recovery in margins in fiscal 2025 as it ramps up production from new facilities.

The company reported fourth-quarter revenue of 455.8 million euros ($478.27 million), compared with the average analyst estimate of 439.2 million euros, according to data compiled by LSEG.

However, Birkenstock's forecast for fiscal 2025 revenue to increase between 15% and 17% was below estimates of 17.5% growth.

"It would appear with this incredibly healthy growth, the company is choosing to adopt a conservative approach that they expect to be able to meet and beat," BMO Capital Markets analyst Simeon Siegel said.

On an adjusted basis, Birkenstock earned 0.29 euro per share, beating estimates of 0.26 euro.