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JEDDAH: Luxury retailer Chalhoub Group has set up an initiative in Saudi Arabia offering local entrepreneurs the chance to win $ 15,000 in funding to help establish their fashion brand.
The Fashion Lab, the first of its kind in the Kingdom, focuses on sustainable fashion, contemporary design, streetwear and accessories, and encourages new designers determined to disrupt the fashion status quo.
Applications are now open and successful participants will be able to participate in a two-week ‘boot camp’, which will help them navigate through different elements to develop their brand, including marketing, supply chain management, content creation and media exposure.
FASHIONTO FIX
Fashion sales in the GCC are around $ 50 billion a year, according to a McKinsey report from December 2019, with an average per capita spend of around $ 500 in Saudi Arabia.
With online fashion sales booming due to people trapped at home during the pandemic, Statista estimates that the Kingdom’s online clothing segment will be worth $ 1.484 billion in 2021 and is expected to grow at an annual rate of 5. 19% for the next four years.
Namshi, the online e-commerce site owned by Emaar Malls of Dubai, told Arab News in February that it had seen Saudi Arabia’s revenue growth of 50% over the past year and that it was going to expand into a new warehouse in Riyadh to take advantage of Sales. While parent company Emaar Malls recently reported a 24.8% drop in revenue for 2020 to AED 3.51 billion ($ 960 million), Namshi saw sales increase 28% to $ 1.316 billion. ‘AED during the same period, with the Kingdom accounting for 70% of sales.
In addition to the $ 15,000 funding, applicants may also be offered capital partnerships after the program ends at the end of the year, and can also access the group’s online and in-store retail network. Chalhoub to sell their products.
Dina Sidani, Director of Innovation, said she believes the Fashion Lab “will have a positive long-term impact on promoting innovation in the fashion industry at the local level, while also creating young people. Kingdom’s fashion champions for the world “.
Based in Dubai, the group has been a major operator in Saudi Arabia for over 50 years. It is active in 14 countries, with around 700 stores and 12,000 employees.
Up to five brands will be selected to participate in the Fashion Lab and the submission deadline for the first cohort is July 25, 2021.
QUICKLYMADE
Applications are now open and successful participants will be able to participate in a two-week ‘boot camp’, which will help them navigate through different elements to develop their brand, including marketing, supply chain management, content creation and media exposure.
The initiative is part of a larger campaign to develop the Saudi fashion industry and promote local brands. On Wednesday, the Kingdom’s Fashion Commission announced the finalists chosen to participate in its one-year Saudi 100 Brands program. The initiative will include training, advice and mentoring by experts in the fashion industry.
A shortlist of 400 candidates has been reduced from the original 1,348 candidates.
The program offers a one-year branding initiative with training and mentoring, individual and group counseling and counseling, and virtual and in-person training workshops.