Capturing Fashion’s Growth Potential in the Middle East
Brands will need to sharpen personalisation to remain attractive to the Middle East’s “increasingly assertive” shoppers, says Patrick Chalhoub, group president of Dubai-based luxury goods company Chalhoub Group, in this State of Fashion 2023 interview.
Saudi Arabia under its Vision 2030 programme, in particular, is set to be a growth driver for luxury fashion in 2023, according to the regional distribution and franchise partner for hundreds of luxury brands including Dior, Tory Burch and Yves Saint Laurent.
Global brand-led events and activations have been increasing in the region but the group’s president sees a greater need for brands to create more “points of differentiation” to secure the loyalty of local shoppers.
Chalhoub Group is doubling down on e-commerce, with annual sales expected to account for about 10 percent of the company’s turnover compared with 1 percent pre-pandemic.
The seventh annual State of Fashion report by The Business of Fashion and McKinsey & Company reveals the industry is heading for a global slowdown in 2023 as macroeconomic tensions and slumping consumer confidence chip away at 2022′s gains. Download the full report to understand the 10 themes that will define the industry and the opportunities for growth in the year ahead.
Having a clear perspective on where to invest globally will be more challenging than ever in 2023 as brands weigh up geopolitical and reputational risks alongside the economic potential of the regions in which they operate.
People of Indian and Pakistani heritage are critical to the UAE’s fashion sector, leading billion-dollar retail empires, trading textiles and jewellery and stitching garments for Middle Eastern brands.
BoF sits down with Zainab Abdulrazzaq, founder of 3oud.com and organiser of the Oud Fashion Talks, to discover the next steps for the event, designed to cement Kuwait’s place on the international fashion map.