In a First, Saudi Arabia Holds Fashion Show on Red Sea Shores

Saudi Arabia’s Ras al-Abyad island witnesses the first ever fashion show on the Red Sea coast.
Saudi Arabia’s Ras al-Abyad island witnesses the first ever fashion show on the Red Sea coast.
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In a First, Saudi Arabia Holds Fashion Show on Red Sea Shores

Saudi Arabia’s Ras al-Abyad island witnesses the first ever fashion show on the Red Sea coast.
Saudi Arabia’s Ras al-Abyad island witnesses the first ever fashion show on the Red Sea coast.

In April 2018, Riyadh held the first fashion week in Saudi Arabia. Needless to say, the event captured the world’s attention because it had broken the western perception of Saudi women as simple consumers of their products.

At the time, however, the event was a challenge for Saudi women to portray themselves in a different light and indeed they did. They achieved their dreams by showcasing their potential and talent on a global scale.

Even though the event was limited to women and photographs were barred from being posted on social media to preserve the privacy of attendees, it did garner the attention of international media.

Two years later, the Saudi appetite for fashion has not abated, but has grown even stronger and more confidence has been shown in local products. The coming generation believes that locally produced fashion is no less beautiful or elegant than global designs. All they need is a platform or an opportunity to prove it.

The opportunity presented itself just days ago on the shores of Ras al-Abyad island that witnessed the first ever fashion show on the Red Sea coast with 300 guests in attendance.

The event was even more remarkable for being held amid the novel coronavirus pandemic and as the global fashion industry grapples with many challenges.

Mariam Moussalli, founding partner of Niche Arabia, the organizer of the event, said the pandemic did not slow her down, but made her and others even more determined to prove themselves.

She said the crisis paved the way for the opportunity for holding a global event with the efforts of strictly Saudi team.

“All the models, designers, make up artists, photographers and directors come from Saudi Arabia,” she said proudly.

Everyone was excited to take part in the event, seeing it as a challenge to break the West’s stereotypical image of Saudi Arabia, she continued. “It was therefore important for me to have every detail of the event come to life with Saudi efforts, starting with 16 models and everyone working behind the scenes.”

The fashion was inspired from travel, said Moussalli, who described the designs as more of a “cruise” line.

Designer Samah Khashoggi, of Samah Abayas, presented 22 creations inspired by the shores of Jeddah and Yanbu. She said she sought to take traditional Hijaz techniques and merge them with modern motifs.

“It was important for the line to act as a love letter to the Red Sea with all of its mystery and charm,” she added, as reflected in her designs that boasted blue, turquoise and white and coral motifs.



Shein Gains UK Approval for London IPO, Awaits China Nod

FILE PHOTO: A company logo for fashion brand Shein is seen on a pile of gift bags on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo
FILE PHOTO: A company logo for fashion brand Shein is seen on a pile of gift bags on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo
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Shein Gains UK Approval for London IPO, Awaits China Nod

FILE PHOTO: A company logo for fashion brand Shein is seen on a pile of gift bags on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo
FILE PHOTO: A company logo for fashion brand Shein is seen on a pile of gift bags on its Christmas bus as part of a nationwide promotional tour in Liverpool, Britain, December 14, 2024. REUTERS/Phil Noble/File Photo

Online fast-fashion retailer Shein has secured approval from Britain's Financial Conduct Authority (FCA) for its planned initial public offering in London, according to two sources with knowledge of the matter.

The FCA's approval marks a significant step forward in the China-founded company's pursuit of a London listing after it confidentially filed papers with the British regulator last June.

But it will also have to contend with market turmoil caused by US President Donald Trump's 145% tariffs on Chinese goods and tighter rules on duty-free shipments from China to the US.

Shein, which sells $10 dresses and $12 jeans in more than 150 countries and was valued at $66 billion in its last fundraising round in 2023, will also need to secure approvals from Chinese regulators, notably the China Securities Regulatory Commission (CSRC), for the London float, sources have said.

The company in recent weeks informed the CSRC of the FCA's approval but has yet to receive a green light from the regulator, said one of the sources. They declined to be named as the information remains private.

Shein and the FCA declined to comment, while the CSRC did not respond to a request for comment.

Shein, whose clothes are produced at thousands of factories mostly in China, last year sought Beijing's approval to go public in London, despite the company having moved its headquarters from Nanjing, China, to Singapore in 2022.

Shein's filing with the CSRC makes it subject to Beijing's new listing rules for Chinese firms going public offshore, sources have said.

Shein does not own or operate any manufacturing facilities and instead sources its products from around 5,800 third-party contract manufacturers mainly in China, subjecting it to the CSRC's listing rules, a separate source said previously.

The rules are applied on "a substance over form" basis, giving the CSRC discretion on when and how to implement them, the source added.

Shein ships the majority of its products directly to shoppers by air in individually addressed packages.

Under the CSRC's rules, a host of authorities such as the National Development and Reform Commission, which supervises foreign holdings in local firms, the cybersecurity regulator and others may get involved in approving offshore IPO applications.

'DE MINIMIS' ISSUES

Shein, founded by China-born entrepreneur Sky Xu, initially aimed to go public in London in the first half of this year, contingent on securing approvals from regulators in both the UK and China, Reuters reported in January.

But its prospects have come under a cloud in recent months as the Trump administration moved to end the "de minimis" duty exemption, which allows shipments worth less than $800 duty-free entry to the US and has helped Shein keep prices low.

Trump last week signed an executive order ending de minimis for shipments from China and Hong Kong effective on May 2.

The measure's removal could force it to hike prices in the US, its biggest market, though the change has been widely expected and Shein has sought to adapt by adding suppliers in Brazil and Türkiye.

The development, along with market turmoil caused by Trump's tariffs on China, could also delay the fast-fashion group's original IPO schedule to the second half of the year, said the sources.

In February, Reuters reported that Shein was set to cut its valuation in a potential listing to around $50 billion, nearly a quarter less than the $66 billion valuation it achieved in a $2 billion private fundraising in 2023.

Shein's eventual IPO valuation will hinge on the impact of the de minimis termination on its business, sources have said. The amount to be raised in the IPO remains unclear.

Trump's trade war with China has more broadly triggered fears of resurgent inflation and weaker consumer spending in the US, muddying the outlook for retailers including Shein and its Chinese discount goods rival Temu.

The stock market volatility of the past week also makes pricing an IPO very challenging, and has caused companies like Swedish fintech Klarna to pause their listing plans.

Shein last year shifted its focus to a London listing, ending an attempt at a US IPO after pushback from US lawmakers concerned about alleged labor practices in its supply chain in China.

Shein has said it has a zero-tolerance policy for forced labor and child labor in its supply chain.