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Saudi Arabia, Kering Group Sign MoU to Elevate Fashion Sustainability in Kingdom

The Saudi Fashion Commission logo
The Saudi Fashion Commission logo
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Saudi Arabia, Kering Group Sign MoU to Elevate Fashion Sustainability in Kingdom

The Saudi Fashion Commission logo
The Saudi Fashion Commission logo

The Saudi Fashion Commission has signed a memorandum of understanding (MoU) with French-based Kering, one of the world’s most influential luxury fashion conglomerates, to engage in discussions that support the development and implementation of initiatives that align with Saudi Arabia’s broader goals for the fashion sector.

The signing ceremony, held in Riyadh, was attended by Saudi Fashion Commission CEO Burak Cakmak and Chief Sustainability and Institutional Affairs Officer at Kering Marie-Claire Daveu.

The MoU marks the beginning of a strategic alliance aimed at exploring collaborative efforts in several key areas of common interest. The two organizations will work together to establish Kering Generation Awards, which recognize and celebrate leading sustainable fashion businesses, including establishing award criteria, participant selection processes, and award recipient development.

Moreover, the collaboration features a Regional Sustainability Index, providing fashion enterprises with a roadmap to enhance sustainable practices.
The initiative also entails publishing joint reports on achievements, conducting awareness sessions, and aligning with key events in Saudi’s annual fashion calendar.

Leveraging Kering’s industry expertise, the two parties will focus on customer engagement, circular economy and water protection and aim to identify pioneering approaches to sustainable materials that can serve as industry standards.

This partnership underscores the Saudi Fashion Commission’s commitment to advancing sustainability across the fashion value chain. As a leader in sustainable luxury fashion, Kering brings a wealth of experience in managing eco-conscious initiatives, reinforcing the MoU’s potential to drive meaningful change in the region’s fashion landscape.

“We are delighted to partner with Kering, whose commitment to sustainability aligns with our mission to foster a forward-thinking, eco-conscious fashion ecosystem in Saudi Arabia. Together, we aim to set new standards for sustainability and innovation in the region,” said Cakmak.

As for Daveu, she said that the MoU presents a remarkable opportunity for the company to support the growth of sustainable fashion practices in Saudi Arabia.

“We look forward to collaborating on initiatives that will contribute to a more sustainable future for the fashion industry,” she added.

The MoU will be effective immediately for an initial term of one year, with an option for automatic renewal upon mutual agreement.
This partnership reflects the shared vision of the Saudi Fashion Commission and Kering to lead the region’s move toward a more sustainable and responsible fashion industry.

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Fashion

UK Retailer Next Expects to Join 1 Billion Pound Profit Club

Signage on the exterior of a Next clothing retail store is seen in London, Britain, March 25, 2023. REUTERS/Toby Melville/File Photo
Signage on the exterior of a Next clothing retail store is seen in London, Britain, March 25, 2023. REUTERS/Toby Melville/File Photo
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UK Retailer Next Expects to Join 1 Billion Pound Profit Club

Signage on the exterior of a Next clothing retail store is seen in London, Britain, March 25, 2023. REUTERS/Toby Melville/File Photo
Signage on the exterior of a Next clothing retail store is seen in London, Britain, March 25, 2023. REUTERS/Toby Melville/File Photo

Next said on Wednesday it expected to report annual profit in excess of 1 billion pounds ($1.3 billion) for the first time in its history, underscoring the success of the British clothing retailer.
The group raised its outlook again after a better-than-expected 7.6% rise in third quarter to Oct. 26 full-price sales, driven by the early arrival of colder weather this year, versus an unusually warm September and early October last year, Reuters reported.
Breaking through the 1 billion pound profit mark would cap Next's position as one of the best run retailers in Britain, having found a successful recipe combining more than 800 stores in the UK and Ireland and nearly 8 million online customers.
It also has nearly 2 million overseas customers buying through its website and many more who buy its products via third party websites, or so-called aggregators.
The strong performance, which puts it in the ranks of supermarket Tesco and clothing and food retailer Marks & Spencer as British retailers to have made a profit of over 1 billion pounds, has sent its shares up by 47% over the last year, hitting a record high in September.
The company, which is considered a useful gauge of how consumers are faring, raised its guidance for the fourth quarter by 1 percentage point to 3.5%. It was the third increase to its outlook in four months.
It said the improved sales in the third quarter along with its forecast for the fourth quarter added 43 million pounds to full-price sales and 10 million pounds to profit.
That took its profit guidance for the 2024-25 year from 995 million pounds to 1.005 billion.
Official data published earlier this month showed UK retail sales unexpectedly rose in September. However, other retailers have said shoppers remained nervous about spending on discretionary items ahead of the new Labour government's budget statement later on Wednesday.