Burak Cakmak, CEO of the Saudi Fashion Commission, expressed the Commission’s commitment to supporting the Saudi fashion sector’s growth and its contribution to diversifying the Saudi economy…reports Asian Lite News
Investors and fashion industry stakeholders convened in New York City for a roadshow hosted by the Saudi Fashion Commission. The event served as a platform to discuss Saudi Arabia’s burgeoning fashion ecosystem and investment opportunities within it. During the roadshow, strategic partnerships were announced, with consumer-focused private equity firm Turmeric Capital making investments in two Saudi-founded fashion brands: elevated streetwear brand 1886 and ethical luxury label Abadia. These agreements mark the first international investments in Saudi fashion brands and will involve cash incentives from Turmeric Capital and support services from the Fashion Commission.
The collaboration between Turmeric Capital and the two brands is complemented by a Memorandum of Understanding between the private equity firm and the Fashion Commission. This partnership aims to create an ecosystem that supports the growth of local small and medium-sized enterprises (SMEs) in the fashion industry with high scalability potential. Both organizations will share resources and expertise to foster the development of globally competitive brands rooted in Saudi culture.
Burak Cakmak, CEO of the Saudi Fashion Commission, expressed the Commission’s commitment to supporting the Saudi fashion sector’s growth and its contribution to diversifying the Saudi economy. He highlighted the significance of securing international investment for Saudi brands.
Ravi Thakran, Chairman of Turmeric Capital, commended the collaboration with the Saudi Fashion Commission and noted the similarities between the momentum in Saudi Arabia today and the economic transformation he observed in China during the early 2000s.
The roadshow featured keynotes by HRH Princess Reema bint Bandar Al Saud, Ambassador to the United States, Saudi Arabia, as well as panel sessions attended by industry experts. It brought together fashion investors, luxury goods companies, designers, and sustainable manufacturing experts, aiming to build on and accelerate the progress made in attracting foreign investment.
Saudi Arabia’s fashion industry is experiencing rapid growth, with projected retail fashion sales expected to surge 48% to $32 billion from 2021 to 2025. The value of luxury fashion purchases in the GCC reached $9.6 billion in 2021, with Saudi Arabia posting 19% growth.
The Saudi Fashion Commission’s roadshow in New York coincides with Riyadh Fashion Week, scheduled to take place from October 20 to 23. The inaugural event will exclusively focus on showcasing domestic talent, celebrating local creatives, and promoting sustainable craftsmanship.
For media inquiries and press event invitations, please contact: fc@moc.gov.sa.
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