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.



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.