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 rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.