Saudi 100 Brands Program Announces Winner of 'Saudi Heritage Revival’ Competition

The competition was launched in July by the Saudi 100 Brands Program -- an initiative of the Saudi Fashion Commission
The competition was launched in July by the Saudi 100 Brands Program -- an initiative of the Saudi Fashion Commission
TT

Saudi 100 Brands Program Announces Winner of 'Saudi Heritage Revival’ Competition

The competition was launched in July by the Saudi 100 Brands Program -- an initiative of the Saudi Fashion Commission
The competition was launched in July by the Saudi 100 Brands Program -- an initiative of the Saudi Fashion Commission

The "Saudi Heritage Revival" competition winner was announced Wednesday at the Creative Residence under the Fashion Commission FCR headquarters at JAX District, in the presence of the jury and competition participants.

The competition was launched in July by the Saudi 100 Brands Program -- an initiative of the Saudi Fashion Commission -- with the aim of encouraging sustainability within the field of fashion design and the Saudi fashion industry by highlighting the cultural and national heritage.

Specifically, it provided an opportunity for participants to submit unique fashion designs using a group of classic Swarovski crystals while integrating the features and elements of heritage and design art with Saudi culture.
The stages of the competition included allocating a virtual introductory meeting for participants about the objectives and requirements of the competition on August 26 and guidance workshops with Swarovski experts in Riyadh on September 2-4, in addition to individual virtual sessions to follow up on the work of participants. The participants' outputs were subject to arbitration by the jury, and the winner was chosen on September 25 at the Creative Residence under the Fashion Commission FCR headquarters. The winning designer receives a training opportunity at the headquarters of Dar Al-Hanouf Fashion in Jeddah, while the top five designers get to participate in an international academic competition by Swarovski called “Interpretation of the Swarovski SS 2025 Inspiration Theme Street Art in a Commercial Ready to Wear Outfit.”
The winner was Hebah Baatiyyah and the top five designers were Hebah Baatiyyah, Alanood Aljabeer, Lama AlHabashi, Rawan Alyami and Reem Bashawri.



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)
TT

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.