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.



E-retailer Zalando to Buy About You for $1.2 Bln

FILED - 03 March 2021, Berlin: The logo of online retailer Zalando is pictured on the Zalando Campus at Mercedes-Platz in Berlin. Photo: Jens Kalaene/ZB/dpa
FILED - 03 March 2021, Berlin: The logo of online retailer Zalando is pictured on the Zalando Campus at Mercedes-Platz in Berlin. Photo: Jens Kalaene/ZB/dpa
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E-retailer Zalando to Buy About You for $1.2 Bln

FILED - 03 March 2021, Berlin: The logo of online retailer Zalando is pictured on the Zalando Campus at Mercedes-Platz in Berlin. Photo: Jens Kalaene/ZB/dpa
FILED - 03 March 2021, Berlin: The logo of online retailer Zalando is pictured on the Zalando Campus at Mercedes-Platz in Berlin. Photo: Jens Kalaene/ZB/dpa

German online retailer Zalando said on Wednesday it had struck a deal to buy rival fashion group About You for 1.1 billion euros ($1.2 billion), as part of plans to create a pan-European e-commerce platform.
The cash offer corresponds to 6.50 euros per share, a 107% premium to About You's three-month average stock price. About You's shares closed at 3.90 euros on Tuesday, Reuters reported.
Zalando's shares were down 8% at 0805 GMT, headed for their biggest daily percentage fall in two years, following news of the deal.
The proposed takeover comes as the rapid growth of low-priced fast-fashion retailer Shein has put pressure on online players across Europe that have struggled to compete on price.
"The planned two-brand strategy would significantly increase the group's presence in the pan-European markets," said About You's major shareholder, German retail group Otto.
The combined business of Zalando and About You aims to have an adjusted earnings before interest and taxes (EBIT) margin of between 10% and 13%, Zalando said in a statement.
Zalando said that Otto and an investment company controlled by Heartland A/S, as well as About You's board members, had decided to accept the offer.
Otto brought About You onto the stock exchange three and a half years ago at an issue price of 23 euros per share.