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Fashion Fund Unveils New Identity as Saudi Arabia's First Fashion Investment Fund

The Fashion Fund unveiled its new identity under the name “ZYA Fund. (SPA)
The Fashion Fund unveiled its new identity under the name “ZYA Fund. (SPA)
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Fashion Fund Unveils New Identity as Saudi Arabia's First Fashion Investment Fund

The Fashion Fund unveiled its new identity under the name “ZYA Fund. (SPA)
The Fashion Fund unveiled its new identity under the name “ZYA Fund. (SPA)

The Fashion Fund unveiled its new identity under the name “ZYA Fund,” marking Saudi Arabia's first private equity fund dedicated to the fashion sector. The fund was established through a partnership between the Cultural Development Fund (CDF) and Merak Capital.

The Fund's Board of Directors held its inaugural meeting, bringing together local and international leaders and experts from culture, fashion, investment, and the creative industries, the Saudi Press Agency said on Thursday.

The board is chaired by Vice Minister of Culture and Vice Chairman of the Fashion Commission Hamed Fayez, with CEO of the Cultural Development Fund Majed Alhugail serving as vice chairman.

Board members include Founder and Chief Executive of Merak Capital Abdullah Altamami, CEO of the Fashion Commission Burak Cakmak, and Chairman and Chief Executive of Turmeric Capital Ravi Thakran.

Altamami said the fund aims to channel capital into high-potential opportunities across the fashion value chain, supporting Saudi brands with the capacity to expand regionally and globally.

With a total investment size of SAR300 million, the fund is anchored by CDF, which holds a 40% stake, while Merak Capital acts as the fund manager.

ZYA Fund will invest across the fashion sector value chain, including design and production, supply chains, e-commerce, and beauty, enabling Saudi brands to scale and expand.

The initiative reflects efforts to build an integrated fashion ecosystem and enhance the sector's attractiveness as an investment destination. It also supports the objectives of the National Culture Strategy under Saudi Vision 2030.

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Fashion

Burberry's Quarterly Sales Hit by Iran War-driven Tourism Slump

People walk past the Burberry store on Regent Street in central London on May 12, 2026. (Photo by Adrian DENNIS / AFP)
People walk past the Burberry store on Regent Street in central London on May 12, 2026. (Photo by Adrian DENNIS / AFP)
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Burberry's Quarterly Sales Hit by Iran War-driven Tourism Slump

People walk past the Burberry store on Regent Street in central London on May 12, 2026. (Photo by Adrian DENNIS / AFP)
People walk past the Burberry store on Regent Street in central London on May 12, 2026. (Photo by Adrian DENNIS / AFP)

Burberry reported fourth-quarter sales in line with expectations on Thursday, as the Iran war dampened tourism and buying activity, offsetting gains from the British luxury brand's heritage-focused turnaround.

A hit to global travel and rising living costs linked ⁠to the Middle East ⁠war have disrupted early signs of recovery in the $400 billion luxury market, squeezing profits and deepening a downturn that followed the post-pandemic ⁠boom.

Burberry, seen among the least exposed luxury companies, reported comparable retail sales growth of 5% in the three-month period ended March 28, bringing annual growth to 2%, in line with analysts' expectations in a company-compiled poll.

However, sales in Europe, the Middle East, ⁠India ⁠and Africa fell 2% in the fourth quarter, while other regions recorded strong growth, Reuters reported.

Burberry also said that Chair Gerry Murphy will be retiring later in the year, and will be succeeded by William Jackson.

Fashion

Shein Accuses Temu of 'Industrial Scale' Copyright Breaches in UK Legal Battle

FILE PHOTO: Shein and Temu logos are seen in this illustration taken August 22, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Shein and Temu logos are seen in this illustration taken August 22, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
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Shein Accuses Temu of 'Industrial Scale' Copyright Breaches in UK Legal Battle

FILE PHOTO: Shein and Temu logos are seen in this illustration taken August 22, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Shein and Temu logos are seen in this illustration taken August 22, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Online fast-fashion platform Shein ‌accused Temu of copyright infringement "on an industrial scale", while Temu countered that Shein is using litigation to stifle competition, as a trial opened at London's High Court on Monday.

The case is part of a global legal battle between the fast-growing rivals, with potential implications for platform practices, supplier relationships and the enforcement of intellectual property rights across global e-commerce.

Shein alleges Temu used thousands of its photos to advertise copies of Shein's own-brand clothing ‌on its website, ‌to "piggy-back" on a more established ‌competitor, Reuters said.

"This ⁠was an attempt ⁠to steal a march on an existing participant in the market and Temu has sought to obtain, we say, an unfair advantage," Shein's lawyer Benet Brandreth said.

Temu denies the allegations.

TEMU COUNTER-CLAIM OVER REMOVED PRODUCTS

Brandreth told the court Temu has dropped its defense to Shein's ⁠copyright claims over nearly 2,300 photos taken ‌by Shein employees, likening it ‌to "the defendant waiting to see if the witnesses will turn ‌up, only to plead guilty".

Temu – owned by PDD ‌Holdings – has counter-claimed, seeking damages after it had to remove thousands of product listings when Shein obtained an injunction.

It also alleges Shein broke competition law by tying fast-fashion suppliers to ‌exclusive agreements. That part of the case is due to go to trial next ⁠year.

Temu's lawyers ⁠argue Shein's lawsuit is not a legitimate attempt to stop copyright infringement, but is designed to secure a competitive advantage.

The two-week London trial is the latest legal battle between the two rivals, which have also sued each other in the US, and comes amid intensifying regulatory scrutiny.

Shein and Temu have expanded rapidly in international markets with low-cost clothing, accessories and gadgets. But the removal of a US customs exemption on low-value e-commerce parcels last year – with the European Union set to follow in July – could weigh on growth.

Fashion

UK's ASOS to Sell Lichfield Center to Marks & Spencer for $90 Million

FILE PHOTO: Branded shopping bags are displayed in an ASOS pop-up store in London, Britain, November 12, 2025. REUTERS/Hannah McKay/File Photo
FILE PHOTO: Branded shopping bags are displayed in an ASOS pop-up store in London, Britain, November 12, 2025. REUTERS/Hannah McKay/File Photo
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UK's ASOS to Sell Lichfield Center to Marks & Spencer for $90 Million

FILE PHOTO: Branded shopping bags are displayed in an ASOS pop-up store in London, Britain, November 12, 2025. REUTERS/Hannah McKay/File Photo
FILE PHOTO: Branded shopping bags are displayed in an ASOS pop-up store in London, Britain, November 12, 2025. REUTERS/Hannah McKay/File Photo

ASOS ‌said on Monday it will sell its Lichfield fulfilment center to rival Marks & Spencer for 66 million pounds ($89.7 million), as the British retailer looks to simplify operations and dispose of non-core assets.

Here are some details:

* ASOS expects the ‌sale of ‌the facility, which ‌is ⁠used by retailers to ⁠store products and process orders, to generate a one-off pre-tax profit of 85 million pounds and annual cash cost savings of 6 ⁠million pounds.

* ASOS ‌has been ‌focused on reducing costs and ‌trimming operations as it grapples ‌with weaker consumer spending and inflationary pressures.

* The disposal is aimed to address the company's excess capacity, ‌the retailer said, adding that its fulfilment centers in ⁠Barnsley ⁠and Berlin give it enough capacity for future growth.

* ASOS expects the disposal to be completed during the second half of fiscal year 2026.

* The company said its Atlanta fulfilment center will be its only non-core asset.