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Saudi Arabia’s Fashion Industry Valued at $24 Billion in Q1 2024

Visitors are seen at an exhibition organized by the Saudi Fashion Commission in Riyadh in March. (SPA)
Visitors are seen at an exhibition organized by the Saudi Fashion Commission in Riyadh in March. (SPA)
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Saudi Arabia’s Fashion Industry Valued at $24 Billion in Q1 2024

Visitors are seen at an exhibition organized by the Saudi Fashion Commission in Riyadh in March. (SPA)
Visitors are seen at an exhibition organized by the Saudi Fashion Commission in Riyadh in March. (SPA)

The total value of the fashion industry in Saudi Arabia reached SAR 92.3 billion ($24.6 billion) during the first quarter of 2024, with local fashion accounting for SAR 46.9 billion ($12.5 billion), according to a report by the General Authority for Small and Medium Enterprises (Monsha’at).

The value of spending on imported brands amounted to SAR 27.4 billion ($7.3 billion), increasing the expected cumulative growth of the fashion sector by 48 percent between 2021 and 2025.

In its report for the first quarter of 2024, Monsha’at highlighted the importance of the fashion sector in the Kingdom and the great investment opportunities available to entrepreneurs.

In his opening letter of the report, CEO of the Fashion Commission Burak Cakmak said the future of fashion in Saudi Arabia will witness further progress and prosperity thanks to the Kingdom’s designers and the visions of its entrepreneurs that will leave an impact on the global fashion scene.

The report featured an interview with Saud Al-Sabhan, Deputy Governor for Entrepreneurship at Monsha’at, who emphasized the Authority’s role in supporting entrepreneurs and owners of SMEs through various programs and initiatives.

CEO and Founder of MAGNiTT Philip Bahoshy said the Kingdom continued to excel in the volume of venture capital investments at the beginning of 2024, with investments worth a total of SAR 900 million ($240 million).

He added that Saudi Arabia has the largest share of the volume of venture capital investments in the Middle East and North Africa region, at 65 percent.

The report reviewed success stories of male and female entrepreneurs in the field, including Princess Deemah bint Mansour bin Saud al-Saud, the founder of Personage, designer Mohammed Khoja, co-founder of Hindamme, and others.

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Fashion

Sportswear Brand On Expects Higher Profit Margin After Strong Quarterly Sales

Shoes by On are pictured in the Swiss Sport Style shop, in Lausanne, Switzerland, September 14, 2021. (Reuters)
Shoes by On are pictured in the Swiss Sport Style shop, in Lausanne, Switzerland, September 14, 2021. (Reuters)
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Sportswear Brand On Expects Higher Profit Margin After Strong Quarterly Sales

Shoes by On are pictured in the Swiss Sport Style shop, in Lausanne, Switzerland, September 14, 2021. (Reuters)
Shoes by On are pictured in the Swiss Sport Style shop, in Lausanne, Switzerland, September 14, 2021. (Reuters)

Sportswear brand On raised its annual gross margin forecast after beating third-quarter sales estimates on Tuesday, as new product launches and celebrity collaboration efforts drove demand across its premium shoes and apparel collections.

The company has grown fast and expanded its store footprint globally, taking market share from bigger rivals such as Nike and Adidas.

The company said its holiday campaign ‌is underway and new ‌products are gaining traction. ‌On ⁠expects fourth-quarter sales growth ⁠to accelerate, even as it maintains its premium positioning and full-price discipline amid a promotional retail environment.

However, the company stuck to its annual sales forecast of 3.47 billion Swiss francs and 3.56 billion Swiss francs.

On, which authorized ⁠its first share buyback plan up ‌to $1 billion through the ‌end of 2029 in September, recently entered football, the ‌world's most popular sport, by signing Kylian Mbappe.

The ‌company did not mention him in the release after the French soccer star was forced to apologize for comments about Mao Zedong two weeks ago ‌that angered China.

US-listed shares were down 4% in volatile premarket trading. The ⁠stock ⁠has fallen nearly 20% so far this year.

On now expects fiscal 2026 gross profit margin to be around 67.5%, or about 66%, excluding US tariff refunds, compared with its previous forecast of at least 65%.

The Swiss company posted third-quarter sales of 931.4 million Swiss francs ($1.14 billion), compared with analysts' estimates of 929.3 million Swiss francs, according to data compiled by LSEG.

Fashion

Martine Rose Appointed Balenciaga Creative Director as Kering Seeks Fresh Ideas

Workers board up the windows of a Balenciaga shop on October 30, 2026 on Kurfuerstendamm boulevard in Berlin, one day ahead of announced nationwide youths demonstrations called by the initiative "GenZ regelt" ("GenZ will handle"). (Photo by John MACDOUGALL / AFP)
Workers board up the windows of a Balenciaga shop on October 30, 2026 on Kurfuerstendamm boulevard in Berlin, one day ahead of announced nationwide youths demonstrations called by the initiative "GenZ regelt" ("GenZ will handle"). (Photo by John MACDOUGALL / AFP)
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Martine Rose Appointed Balenciaga Creative Director as Kering Seeks Fresh Ideas

Workers board up the windows of a Balenciaga shop on October 30, 2026 on Kurfuerstendamm boulevard in Berlin, one day ahead of announced nationwide youths demonstrations called by the initiative "GenZ regelt" ("GenZ will handle"). (Photo by John MACDOUGALL / AFP)
Workers board up the windows of a Balenciaga shop on October 30, 2026 on Kurfuerstendamm boulevard in Berlin, one day ahead of announced nationwide youths demonstrations called by the initiative "GenZ regelt" ("GenZ will handle"). (Photo by John MACDOUGALL / AFP)

British designer Martine Rose is taking over as creative director at Balenciaga, parent Kering said on Friday, replacing Pierpaolo Piccioli after only 16 months in the role. 

Rose's appointment is the third creative leadership shake-up in a month at Kering brands as the French luxury group's CEO, Luca de Meo, tries to restore growth after a bruising three-year slowdown that hit its biggest label Gucci particularly hard, said Reuters. 

Rose, 45, is a menswear designer who founded her eponymous label in London in 2007 and later worked at Balenciaga for three years ‌under then ‌creative director Demna, who now leads Gucci. 

"It ‌is ⁠a true privilege ⁠to be appointed Creative Director of Balenciaga, a House with an extraordinary heritage and a fearless creative spirit," said Rose. 

De Meo said Rose's "connection to the new generation and her instinctive understanding of culture bring a new dimension to the House." 

In his 10 years at Balenciaga, Demna transformed the Spanish label, infusing it with a dark, ⁠dystopian aesthetic and producing viral streetwear hits, such ‌as chunky, distressed sneakers that fueled ‌sales. 

Piccioli, 59, known for colorful haute couture gowns, tried to take the ‌fashion house in a new direction but the former Valentino creative ‌director's designs received mixed reviews from fashion critics. 

Rose was born in Croydon, south London, and her designs are inspired by 1990s rave culture and street style blending high and low fashion, more in line with ‌Kering's aim to attract a new generation of shoppers. Her brand has collaborated with Nike and with ⁠cult skate ⁠brand Supreme. 

In an Instagram post after the announcement, Piccioli thanked his teams, saying: "Life is a journey and each chapter exists to make way for the next." 

Appointed before de Meo took over and began a complete overhaul of Kering, Piccioli only presented three ready-to-wear collections and one haute couture line in his short time at Balenciaga. 

Kering has yet to announce a new creative director at Saint Laurent, its second-biggest brand, to replace Anthony Vaccarello who resigned in October after a decade leading the Parisian fashion label. 

Alexander McQueen is also currently without a creative director after Kering said Sean McGirr was stepping down. 

Fashion

Balenciaga Designer Piccioli to Exit after a Year in Latest Departure at Kering

Pierpaolo Piccioli poses ahead of "The Prelude to the Olympics", an event dedicated to fashion and sports at the Louis Vuitton Foundation, on the eve of the opening ceremony of the Paris 2024 Olympics, in Paris, France, July 25, 2024. REUTERS/Stephanie Lecocq/File Photo
Pierpaolo Piccioli poses ahead of "The Prelude to the Olympics", an event dedicated to fashion and sports at the Louis Vuitton Foundation, on the eve of the opening ceremony of the Paris 2024 Olympics, in Paris, France, July 25, 2024. REUTERS/Stephanie Lecocq/File Photo
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Balenciaga Designer Piccioli to Exit after a Year in Latest Departure at Kering

Pierpaolo Piccioli poses ahead of "The Prelude to the Olympics", an event dedicated to fashion and sports at the Louis Vuitton Foundation, on the eve of the opening ceremony of the Paris 2024 Olympics, in Paris, France, July 25, 2024. REUTERS/Stephanie Lecocq/File Photo
Pierpaolo Piccioli poses ahead of "The Prelude to the Olympics", an event dedicated to fashion and sports at the Louis Vuitton Foundation, on the eve of the opening ceremony of the Paris 2024 Olympics, in Paris, France, July 25, 2024. REUTERS/Stephanie Lecocq/File Photo

French luxury group Kering on Thursday announced the departure of Balenciaga creative director Pierpaolo Piccioli after less than 16 months, the latest leadership change at the Gucci-owner which is seeking to reverse years of falling sales.

Piccioli, a 25-year veteran at Valentino, became creative director in July last year to replace Demna who moved to Gucci.

His exit comes only weeks after ⁠Anthony Vaccarello, the creative director ⁠of Kering's second-biggest brand Saint Laurent, and Alexander McQueen designer Sean McGirr left their posts.

Kering CEO Luca de Meo described Piccioli as a “an exceptional couturier and creative talent".

"Our ambition is to ⁠build on Balenciaga's avant-garde spirit, honor its remarkable heritage and continue to push creative boundaries, further establishing the House as a powerful and relevant voice," he added in a statement, according to Reuters.

De Meo launched belt-tightening measures at the group earlier this year but the economic fallout of the war in Iran and slowing consumer sentiment in China have so ⁠far ⁠overshadowed any sign of recovery.

Balenciaga's new creative direction will be announced shortly, Kering said.

US online media Puck has reported that Piccioli will be replaced by British-Jamaican designer Martine Rose, who worked as a menswear consultant under Demna at Balenciaga before founding her own label. Kering could not be immediately reached for comment.