Fashion Commission Signs MoU with adidas to Empower Saudi Designers and Creators 

The Fashion Commission plays a key role in supporting the development of local talent and strengthening ties between global brands and the Saudi fashion sector. (SPA) 
The Fashion Commission plays a key role in supporting the development of local talent and strengthening ties between global brands and the Saudi fashion sector. (SPA) 
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Fashion Commission Signs MoU with adidas to Empower Saudi Designers and Creators 

The Fashion Commission plays a key role in supporting the development of local talent and strengthening ties between global brands and the Saudi fashion sector. (SPA) 
The Fashion Commission plays a key role in supporting the development of local talent and strengthening ties between global brands and the Saudi fashion sector. (SPA) 

Saudi Arabia’s Fashion Commission signed a memorandum of understanding with adidas to support young Saudi designers and creators, under the "100 Saudi Brands" program, which forms the shared vision of this collaboration, reported the Saudi Press Agency on Thursday.

The MoU comes amid the sector's growth, with the commission's efforts to stimulate innovation, nurture talent, and foster growth in the local fashion industry.

The partnership is built on three pillars:

- Talent Development: Through training programs at adidas targeting talents within the "100 Saudi Brands" network.

- Research and Development: Collaboration between the two sides will launch a comprehensive research project aimed at understanding the evolving needs of Saudi consumers, with a focus on women's sportswear preferences. This will contribute to the "State of Fashion in the Kingdom 2024" report, guiding future adidas collections and contributing to the launch of a joint sportswear and lifestyle collection for 2025.

- Global Partnerships: Collaboration with a select group of Saudi designers. adidas, with the support of the Fashion Commission, will showcase its first official local collaboration during Riyadh Fashion Week 2024, where the Spring/Summer 2025 collection will be presented.

The Fashion Commission plays a key role in supporting the development of local talent and strengthening ties between global brands and the Saudi fashion sector.



Report: L'Oreal in Talks to Buy Migros’ South Korean Cosmetic Unit

The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)
The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)
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Report: L'Oreal in Talks to Buy Migros’ South Korean Cosmetic Unit

The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)
The logo of French cosmetics group L'Oreal is seen on a company building in Paris, France, February 7, 2024. (Reuters)

French cosmetics giant L'Oreal is in final talks to acquire the South Korean skincare business Gowoonsesang Cosmetics owned by Mibelle Group, a unit of Swiss retailer Migros, according to two sources with knowledge of the deal.

An announcement could be made as soon as Monday, one of the people said.

A spokesperson for Migros said it did not comment on market rumors. L'Oreal did not respond to multiple requests for comment.

Mibelle acquired its stake in South Korean Gowoonsesang Cosmetics, which sells skin care products under the Dr.G brand, in 2018.

In February, Migros announced a strategic review for Mibelle Group, saying it wanted to find a new owner for the business.

Mibelle produces cosmetics for its own brands, including Dr.G, Imbue., Lee Stafford, and Mine, as well as for other brands, according to its website.

Dr.G is the No. 1 facial care line in the Korean dermocosmetics market, according to the Mibelle website.

Spanish investment bank Alantra was hired as adviser after the strategic review, to look for buyers for the business, one of the sources said.

A spokesperson for Alantra declined to comment.

Mibelle employs 1,615 people in five countries, with revenues of 661 million Swiss francs ($739.04)in 2023, according to its website.