Vol 1 Issue 24
عربيTUESDAY NOVEMBER 12
Beyond economic contribution, the fashion industry plays a seminal role in enriching quality of life, with fashion brands and retail experiences bringing new leisure and entertainment offerings.
Saudi’s fashion eCommerce market is predicted to reach $4.08 billion by 2027, a 74% growth from 2023’s $2.34 billion. The majority of fashion eCommerce sales are driven by apparel, which in 2023 was valued at $1.36 billion. Developing Saudi Arabia’s digital economy is a strategic imperative in the Kingdom’s Vision 2030, a blueprint for a more diverse economy. Vision 2030 is driving a transformative shift across Saudi Arabia’s socio- economic landscape, with fashion emerging as a key player. As of 2023, the fashion industry contributes 2.5 percent to Saudi’s GDP and creates 320,000 jobs. An essential factor in this success is the sector’s strong focus on gender equality, with women making up 52 percent of the workforce, confirming the trends observed in 2022.
IPO BUZZ
Lulu Retail Holdings PLC (“Lulu Retail”, or “Lulu”, or the “Company”, and together with its subsidiaries, the “Group”), has announced the price range for the sale of its shares (the “Shares”, each a “Share”) (the “Offer Price Range”) and the start of the subscription period for its initial public offering (the “IPO” or the “Offering”) on the Abu Dhabi Securities.
Exchange (the “ADX”). “Today marks another significant milestone as we open subscriptions for the Lulu Retail IPO. Our offering presents a unique opportunity for local and international investors to participate in the growth of the largest pan-GCC retailer by market share and the fastest-growing player of scale in the Kingdom of Saudi Arabia. More than 600,000 people shop with Lulu every day across our multiple store formats, which cater for all shopping experiences and bring the world to the GCC through our diverse and extensive product range. We expect continued strong macroeconomic growth across our six markets driven by favourable demographic and consumption trends, and we continue to invest in our business to drive growth and loyalty across our existing 240-store network while also opening new stores, enhancing our operational efficiencies, growing our private label range and our online and ecommerce business”.
Saifee Rupawala
Chief Executive Officer of Lulu Retail
LUXE MOVEMENT
Fendi Casa is the latest Italian luxury name to land in Saudi Arabia.
Saudi Arabia is a key market for Fendi Casa and Riyadh, with its dynamic growth and evolving luxury landscape, represents a strategic opening for us. By establishing our flagship boutique in this vibrant city, we will be able to connect directly with a sophisticated clientele that values the Fendi brand while further expanding our presence in a market with significant potential for future growth.”
Alberto da Passano
chief executive officer of Fendi Casa
Saudi Retail Forum (SRF) 2024 Launch Video | December 10, 2024 | JW Marriott Hotel, Riyadh
Diptyque Paris opens its first store in Saudi Arabia at the Riyadh Park mall. Globally Diptyque has over 140 stores across the world.
Alhussaini Trading Co. opened a new the store in KSA at the Lavanda Park in Abha. Al Hussaini Trading Company has more than 55 outlets across the Kingdom of Saudi Arabia located in most well-known shopping malls in the region.
Miniso USA just announced the opening of its new store in Lavanda Park, Abha.
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Today the touchpoints for a brand are diversifying and it is getting complicated too. But with diverse touchpoints, the onus is on us to understand and use the right terms for brands that have a multi-faceted reach. Multichannel in this case relates to a brand that is available to its customer across multiple touchpoints. But unlike omnichannel, in case of multichannel the connectivity between all channels may not be actively available.
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