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.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.
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.