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.



H&M to Close Digital Outlet Afound

The H&M clothing store is seen in Times Square in Manhattan, New York, US, November 15, 2019. (Reuters)
The H&M clothing store is seen in Times Square in Manhattan, New York, US, November 15, 2019. (Reuters)
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H&M to Close Digital Outlet Afound

The H&M clothing store is seen in Times Square in Manhattan, New York, US, November 15, 2019. (Reuters)
The H&M clothing store is seen in Times Square in Manhattan, New York, US, November 15, 2019. (Reuters)

H&M will close down digital fashion outlet Afound later this year due to weak demand, the Swedish group said in a statement on Wednesday.
"When evaluating Afound's current position, we don't see enough demand, partly because brands increasingly choose to use their own channels for sales, to further strengthen their customer relationships," H&M said.
Launched in 2018 as an outlet business with physical stores to sell marked-down clothes from many external brands, Afound later tweaked its strategy to expand online.
Afound sold clothes in seven European countries including Sweden, Germany and the Netherlands, according to its website.