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.
Retail in the United Arab Emirates is “inching towards pre-pandemic levels” according to Mall of the Emirates-owner, Majid Al Futtaim’s new State of the UAE Retail Economy report.
Spending on fashion items had already reached pre-Covid-19 levels by March this year, a month when consumer spending by residents rose 17 percent month-on-month, the report said.
“On footfall, we are almost back to 2019 levels. On sales, in certain categories we are ahead of 2019; in other categories it is ramping up well,” Majid Al Futtaim’s chief executive Alain Bejjani told The National.
“We are seeing that growth in sales is overtaking growth in footfall,” he added.
Consumer spending in the UAE is forecast to grow 3 percent this year to $146 billion, according to estimates from Euromonitor International.
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.