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KAFD to Host WWD Summit and Inaugural Fashion Awards in Saudi Arabia

A night view of Riyadh, Saudi Arabia. (AP)
A night view of Riyadh, Saudi Arabia. (AP)
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KAFD to Host WWD Summit and Inaugural Fashion Awards in Saudi Arabia

A night view of Riyadh, Saudi Arabia. (AP)
A night view of Riyadh, Saudi Arabia. (AP)

The King Abdullah Financial District Development and Management Company (KAFD DMC) announced on Tuesday that it will host the Women's Wear Daily (WWD) Global Fashion Summit and the inaugural Fashion Awards, presented by Chalhoub Group, on Thursday.

The events, held at the King Abdullah Financial District, will honor outstanding achievements in the fashion, beauty, and retail industries, recognizing the exceptional contributions of designers and companies.

In a statement, KAFD said the WWD Global Fashion Summit is a hallmark event in the fashion world. This year, the event, in partnership with the Fashion Commission, will represent and spotlight local talents and visionaries alongside international fashion leaders in shaping the future of the industry.

Along with the Fashion Awards, these industry developments further cement the Kingdom's burgeoning role in the global fashion scene.

KAFD said it will present the "Designer of the Year" award to a winning designer whose work has significantly impacted the fashion industry.

“Through collaboration and partnership with stakeholders in the fashion community, KAFD continues to drive innovation, foster talent, and promote Saudi Arabia's rich cultural heritage on the global stage in line with Saudi Arabia’s Vision 2030,” said KAFD DMC chief executive Gautam Sashittal.

“We are thrilled to witness the burgeoning fashion industry in Saudi Arabia gaining global recognition. Hosting WWD's annual Global Fashion Summit for the first time in our region, right here in the heart of Riyadh, is an exciting moment,” said Fashion Commission CEO Burak Cakmak.

“We are particularly looking forward to the inaugural Fashion Awards presented by Chalhoub, which will honor and celebrate the remarkable achievements of the local talents and visionaries,” he added.

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Uniqlo Operator Posts Higher Q1 Profit Despite Sluggish China Results

(FILES) This general view shows the latest flagship store to open by Fast Retailing clothing brand Uniqlo, in the Shinjuku district of central Tokyo on November 14, 2024 (Photo by Richard A. Brooks / AFP)
(FILES) This general view shows the latest flagship store to open by Fast Retailing clothing brand Uniqlo, in the Shinjuku district of central Tokyo on November 14, 2024 (Photo by Richard A. Brooks / AFP)
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Uniqlo Operator Posts Higher Q1 Profit Despite Sluggish China Results

(FILES) This general view shows the latest flagship store to open by Fast Retailing clothing brand Uniqlo, in the Shinjuku district of central Tokyo on November 14, 2024 (Photo by Richard A. Brooks / AFP)
(FILES) This general view shows the latest flagship store to open by Fast Retailing clothing brand Uniqlo, in the Shinjuku district of central Tokyo on November 14, 2024 (Photo by Richard A. Brooks / AFP)

The operator of the Uniqlo global clothing chain reported first quarter results on Thursday that trailed analyst forecasts as a sharp decline in profit in China overshadowed strong sales in its home market of Japan, Reuters reported.

Fast Retailing said operating profit rose 7.4% to 157.6 billion yen ($996.84 million) in the three months through November from a year earlier. That was slightly below a LSEG consensus forecast of 160 billion yen drawn from six analysts.

Fast Retailing maintained its full-year operating profit forecast of 530 billion yen, on course for a fourth year of record earnings.

Known for inexpensive, durable fleeces and cotton shirts, Fast Retailing has long been regarded as a bellwether for consumer spending in Japan and more recently China, where it has more than 900 Uniqlo stores on the mainland.

Domestic sales have gotten a boost from a surge in duty-free shopping amid a tourism boom in Japan fueled by a weak yen.
But sales growth has cooled in China, prompting the company to scale back store openings and adopt a scrap-and-build strategy to turn around underperforming locations with redesigned stores.

Improved profit margins and international brand awareness helped drive the previous year's record results. But the company remains vulnerable to change in weather and fashion tastes.

Japanese sales were boosted by cold weather in December that increased demand for thermals, but in China, unseasonably warm temperatures resulted in flat sales in October and November, the company said.

Results were also strong in North America and Europe where Fast Retailing is mounting an aggressive expansion strategy to fulfil its aim to become the world's No. 1 clothing brand. In the southern United States, it opened five Uniqlo stores in Texas in October alone.
In its home market, it has also become a pacesetter for wages in the service industry.

Keen to retain good workers, Fast Retailing said on Wednesday it will institute an aggressive increase in employee pay in Japan - one that follows on from a hike in 2023 that helped shake up the nation's long moribund wage outlook.

Wages for full-time headquarters and sales staff will rise by as much as 11% from March, while annual salaries for new employees will increase by about 10%, the company said.