Fashion Commission, Saudi Retail Academy to Develop National Talent 

Fashion Commission, Saudi Retail Academy to Develop National Talent 
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Fashion Commission, Saudi Retail Academy to Develop National Talent 

Fashion Commission, Saudi Retail Academy to Develop National Talent 

The Saudi Fashion Commission signed a memorandum of understanding (MoU) with the Saudi Retail Academy to develop national capabilities and boosting specialized skills in the fashion and retail sectors, reported the Saudi Press Agency on Monday.

The MoU aims to support local talent and the creation of sustainable employment opportunities in this vital industry. It stems from the two sides’ keenness to cooperate in the fields of training and professional development.

The agreement was signed on the sidelines of the graduation ceremony of the academy’s first cohort.

The Fashion Commission focuses on developing local talent, transferring global expertise, and advancing the fashion sector in the Kingdom, while the Saudi Retail Academy is a non-profit institute and a specialized entity in training and development in the retail field and in building professional competencies and skills related to retail and sales.

The MoU aims to establish a framework for cooperation to design and implement specialized training programs that boost the readiness of national cadres and qualify them according to the highest professional standards, with a focus on developing skills in sales, customer experience, and store management to meet labor market requirement and the needs of the growing fashion sector.

Fashion Commission chief executive Burak Cakmak said that developing human capital is a fundamental pillar for the long-term growth of the Kingdom’s fashion sector.

The partnership reflects the commitment to strengthening the capabilities that form the foundation of a competitive and sustainable industry through investment in specialized skills within retail and customer experience, enabling brands to grow and supporting the sector’s confident evolution, he added.

Saudi Retail Academy chief executive Hend Al-Dhaban stressed that the partnership embodies a shared vision to empower national talent and elevate professionalism in the retail sector.

The agreement will help channel training expertise to meet the specialized needs of the fashion sector and equip young men and women with the practical skills required to succeed in the labor market, thereby boosting service quality and supporting localization targets and economic growth, she explained.

This cooperation is part of the Fashion Commission’s ongoing efforts to develop the fashion value chain through building strategic partnerships with specialized training and education entities, expanding professional opportunities for national talent, and linking education and training outputs with labor-market needs.

Through their partnership, the commission and the academy will help in building an integrated ecosystem that connects education, vocational qualification, and employment, bolstering the competitiveness of the fashion and retail sectors and supporting the objectives of Saudi Vision 2030 in empowering national cadres, localizing jobs, and improving quality of life.



Sources: Shein Aims to IPO on September 1

FILE PHOTO: Packs of clothing are displayed at a garment factory for Shein in Panyu District, Guangzhou, Guangdong province, China, July 27, 2026. REUTERS/Go Nakamura/File Photo
FILE PHOTO: Packs of clothing are displayed at a garment factory for Shein in Panyu District, Guangzhou, Guangdong province, China, July 27, 2026. REUTERS/Go Nakamura/File Photo
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Sources: Shein Aims to IPO on September 1

FILE PHOTO: Packs of clothing are displayed at a garment factory for Shein in Panyu District, Guangzhou, Guangdong province, China, July 27, 2026. REUTERS/Go Nakamura/File Photo
FILE PHOTO: Packs of clothing are displayed at a garment factory for Shein in Panyu District, Guangzhou, Guangdong province, China, July 27, 2026. REUTERS/Go Nakamura/File Photo

Shein aims to launch its Hong Kong initial public offering on Monday, according to a source familiar with the matter, and is targeting a listing on September 1, two other sources said, slightly later than previously planned.

While September 1 is the target date, the listing could happen a few days later, one ⁠of the sources ⁠said. Reuters reported last week that Shein had been aiming to list on August 28.

The delay, first reported by the South China Morning Post, comes as slower growth and rising costs have dampened investor appetite for Shein.

The online fast-fashion retailer was ⁠seen just a few years ago as a disruptive challenger to established retailers such as H&M and Zara, thanks to its rapid supply chain and ultra-low prices.

Among cornerstone investors in the IPO is the asset management arm of UBS Group, which would be investing in Shein for the first time, according to a fourth source with direct knowledge of the matter.

A spokesperson for the Swiss bank declined to comment.

Cornerstone investors ⁠agree to ⁠buy a set amount of shares before an IPO, and sign up to a lockup period of six months.

Shein is targeting a valuation of $26 billion to $27 billion, the fourth source said, down sharply from the $100 billion valuation it achieved in a private fundraising in 2022.

The company had previously sought an IPO valuation of $30 billion to $40 billion when investor meetings ahead of the IPO first kicked off.

Shein did not respond to a Reuters request for comment.


France Fines UK Fashion Site Boohoo Over Fake Discounts

FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
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France Fines UK Fashion Site Boohoo Over Fake Discounts

FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

French regulators said Thursday that they had fined the UK fast-fashion site Boohoo 2.33 million euros ($2.7 million) after finding "deceptive trade practices" including fake sale prices.

An inquiry by France's anti-fraud and consumer watchdog DGCCRF found that clothes and other items were often promoted as discounts, when in fact they were not, or at misleading sale prices.

Other ads described items as leather or suede that were actually made of synthetic materials.

"The use of discounted pricing and permanent sales gave clients the impression they were getting very good deals, and were likely to influence their purchases," AFP quoted the fraud agency as saying.

It found that among the hundreds of items it checked, 40 percent in fact were not actually on sale, seven percent had reduced prices that did not match the discount advertised, and 48 percent were actually more expensive than originally.

"In total 95 percent of the ads were not compliant," the DGCCRF said.

Online retailer Boohoo is part of Debenhams Group. In 2021, Boohoo bought the British department store brand out of bankruptcy and took on its name.

Debenhams also now owns the brands Karen Millen, boohooMAN and PLT.


Estee Lauder Forecasts Annual Profit Above Estimates on Strong China Demand

An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
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Estee Lauder Forecasts Annual Profit Above Estimates on Strong China Demand

An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)

Estee ‌Lauder forecast annual profit above Wall Street estimates on Wednesday, betting on sustained spending on premium fragrances and strong performance in key markets such as China, reflecting persistent gains from its CEO's turnaround strategy.

Resilient spending by affluent ‌and younger ‌customers, especially on trendy ‌items, ⁠has helped boost ⁠demand for the cosmetics maker's luxury fragrances and skincare products such as Le Labo and Balmain Beauty.

To sustain that momentum, Estee ⁠has accelerated premium product launches, ‌streamlined ‌supply chain and ramped up investments in ‌innovation and marketing under ‌CEO Stephane de La Faverie's "Beauty Reimagined" strategy.

The Clinique and M.A.C owner, whose merger conversations with Jean ‌Paul Gaultier-owner Puig collapsed in May, expects 2027 adjusted ⁠earnings ⁠per share in the range of $3.10 to $3.35, with its midpoint above analysts' average estimate of $3.18 per share, according to data compiled by LSEG.

The company's quarterly sales of $3.63 billion were also ahead of the estimate of $3.54 billion.