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.



Chanel Goes to the Opera in a Gleaming but Designer-Less Couture Collection

 A model presents a creation by the creative studio of fashion house Chanel as part of their Haute Couture Fall/Winter 2024-2025 collection show in Paris, France, June 25, 2024. (Reuters)
A model presents a creation by the creative studio of fashion house Chanel as part of their Haute Couture Fall/Winter 2024-2025 collection show in Paris, France, June 25, 2024. (Reuters)
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Chanel Goes to the Opera in a Gleaming but Designer-Less Couture Collection

 A model presents a creation by the creative studio of fashion house Chanel as part of their Haute Couture Fall/Winter 2024-2025 collection show in Paris, France, June 25, 2024. (Reuters)
A model presents a creation by the creative studio of fashion house Chanel as part of their Haute Couture Fall/Winter 2024-2025 collection show in Paris, France, June 25, 2024. (Reuters)

The show must go on, with aplomb. Chanel’s latest couture display Tuesday was a finely executed collection channeling theatricality.

Few Parisian fashion houses can fill the Paris Opera and gain applause from Vogue editor-in-chief Anna Wintour and other luminaries without even having a designer. It's a testament to Chanel’s enduring power and its world-renowned atelier following Virginie Viard's abrupt exit on June 5.

Here are some highlights of the fall couture displays:

Chanel's opulence

Guests clutching Chanel opera glasses got happily lost as they explored marble staircases to find a stage in the Opera’s outer corridors, filled with red velvet opera boxes designed by French movie director Christophe Honoré. The stage was set with silhouettes evoking the opera and its heyday: dramatic capes, puffed sleeves and richly embroidered pieces.

The designs’ gleam rivaled only that of the sumptuous 19th-century atrium itself, with shimmering buttons and brilliant threads reflecting the light.

There were moments of drama, with guests reaching for their cameras to capture a black gown with puff sleeves whose feathers, beading and ribbons gleamed provocatively.

This season, there is a welcome move to less accessorizing, a departure from the hallmark of Viard. The focus was on the garments, highlighting the craftsmanship and luxurious materials. Feathers, tassels, embroidered flowers, precious braids, lacquered jersey, supple tweeds, silky velvet, illusion tulle, taffeta and duchesse satin adorned looks befitting the venue.

Although the necklines were a standout feature, the collection as a whole had a slightly disparate feel that sometimes seemed to lack a singular aesthetic anchor.

Chanel paid tribute to the ateliers of the "petites mains," or the dozens of artisans who work in six ateliers a stone’s throw from the venue.

Without Viard

Viard abruptly left after over 30 years with the brand. The overnight announcement of her departure was highly unorthodox, coming just weeks before the couture show.

Viard succeeded Karl Lagerfeld upon his death in 2019 and was his closest collaborator for almost 30 years. She had overseen record sales for Chanel, reaching a reported $19.7 billion last year. Ready-to-wear sales reportedly increased 23% during her tenure.

Yet in the fickle world of fashion, strong sales are not always enough. Viard’s tenure was dogged by controversy, most recently with criticism of her collections, including a poorly received mid-season show in Marseille. Viard faced backlash for runway shows that critics said lacked the grandiose flair defining Lagerfeld’s era, and she often received critiques for underwhelming design choices.

Though her appointment was initially seen as temporary, she was only the third creative director in Chanel’s over 100-year history after Lagerfeld and, of course, legendary founder Gabrielle "Coco" Chanel.

The fashion world speculates on her successor. Names like Hedi Slimane, Marine Serre and Simon Porte Jacquemus circulate, suggesting potential shifts in Chanel’s creative direction.

Mabille’s toast to glamour

Bubbles are never far away from the effervescent couturier Alexis Mabille.

Unfurling, undressing, and plays on corsetry were on the menu this season, starting with an opening number featuring a gleaming bustier that resembled an opening flower. The intimacy and ritual of getting dressed is a theme that pervades Mabille's work.

Varied looks sometimes surprised guests, such as a Bob Mackie-style feathered headdress that out-Cher-ed Cher. The extravagant piece had an almost equestrian flourish and was a real feat of couture execution, showcasing Mabille’s flair for Hollywood-inspired glamour.

A golden bullet creation, and a gleaming metallic power cape with an armor-like bustier, gave the collection a lot of attitude, if not always coherence. Mabille’s collections often embrace a wide array of silhouettes and themes, sometimes leading to a lack of unified narrative. However, the diversity is also part of his charm.