The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
RIYADH, Saudi Arabia — Saudi Arabia will prevent foreigners from taking jobs in the country's shopping malls, as it seeks to boost employment opportunities for citizens as part of a long-term economic overhaul.
The decision was made by the Ministry of Labor, spokesman Khaled Aba Al Khail said on Twitter, without providing details of how and when the measure would be implemented. The ministry didn’t respond to a request for comment.
Deputy Crown Prince Mohammed bin Salman made job creation for Saudis a key component of the kingdom’s plan to end the economy’s oil dependence and reliance on expatriate labour. That priority is challenging in the short-term as the government cuts costs and growth slows, making it especially hard for young Saudis — nearly half of the population is under 25 — to find work.
The unemployment rate for Saudi nationals rose to 12.3 percent in the fourth quarter, from 11.5 percent a year earlier. The rate was 34.5 percent for Saudi women.
By Abbas Al Lawati in Dubai; editors: Alaa Shahine, Stuart Biggs, Amy Teibel.
The Japanese apparel chain will be launching its sister brand GU in the US later this year, targeting younger consumers with lower prices and a curated selection of trendy wares.
Canada, France and Ireland are among the countries working with home-grown fashion talent to create uniforms for their teams at this summer’s Olympic Games. For these small labels, it’s an unprecedented opportunity to capitalise on one of sports’ largest events.
The online fashion retailer plans to update China’s securities regulator on the change of the initial public offering venue and file with the London Stock Exchange as soon as this month, a person with knowledge of the matter said.
The company, under siege from Arkhouse Management Co. and Brigade Capital Management, doesn’t need the activists when it can be its own, writes Andrea Felsted.