Fashion Commission Signs MoU with adidas to Empower Saudi Designers and Creators 

The Fashion Commission plays a key role in supporting the development of local talent and strengthening ties between global brands and the Saudi fashion sector. (SPA) 
The Fashion Commission plays a key role in supporting the development of local talent and strengthening ties between global brands and the Saudi fashion sector. (SPA) 
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Fashion Commission Signs MoU with adidas to Empower Saudi Designers and Creators 

The Fashion Commission plays a key role in supporting the development of local talent and strengthening ties between global brands and the Saudi fashion sector. (SPA) 
The Fashion Commission plays a key role in supporting the development of local talent and strengthening ties between global brands and the Saudi fashion sector. (SPA) 

Saudi Arabia’s Fashion Commission signed a memorandum of understanding with adidas to support young Saudi designers and creators, under the "100 Saudi Brands" program, which forms the shared vision of this collaboration, reported the Saudi Press Agency on Thursday.

The MoU comes amid the sector's growth, with the commission's efforts to stimulate innovation, nurture talent, and foster growth in the local fashion industry.

The partnership is built on three pillars:

- Talent Development: Through training programs at adidas targeting talents within the "100 Saudi Brands" network.

- Research and Development: Collaboration between the two sides will launch a comprehensive research project aimed at understanding the evolving needs of Saudi consumers, with a focus on women's sportswear preferences. This will contribute to the "State of Fashion in the Kingdom 2024" report, guiding future adidas collections and contributing to the launch of a joint sportswear and lifestyle collection for 2025.

- Global Partnerships: Collaboration with a select group of Saudi designers. adidas, with the support of the Fashion Commission, will showcase its first official local collaboration during Riyadh Fashion Week 2024, where the Spring/Summer 2025 collection will be presented.

The Fashion Commission plays a key role in supporting the development of local talent and strengthening ties between global brands and the Saudi fashion sector.



H&M Abandons 2024 Earnings Margin Target, Q3 Profit Lags

People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
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H&M Abandons 2024 Earnings Margin Target, Q3 Profit Lags

People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko

H&M, the world's second-largest listed fashion retailer, said on Thursday it no longer expected to reach its full-year earnings margin goal, while reporting a lower-than-expected operating profit for the June-August period.

H&M has struggled to boost its profitability amid high inflation and stiff competition from its bigger Spanish rival Zara, owned by Inditex, and the rapid growth of cut-price online fast-fashion retailer Shein.

"At present we estimate that this year's operating margin will be lower than 10%," Chief Executive Daniel Erver said in a statement.

The accumulated margin stood 7.4% for the first three quarters.

The full-year operating margins for 2022 and 2023 were 3.2% and 6.2% respectively, and H&M had cautioned in June that factors such as materials costs and foreign currency had made the 2024 target more difficult to reach.