In 2021 alone, the Saudi fashion industry incurred a substantial expenditure of $7.3 billion on imported fashion goods, underscoring the potential economic ramifications of nurturing domestic fashion capabilities.
The Saudi fashion market’s dependence on imports is rooted in various factors, including the nation’s open trade system, global market connectivity, and local cost and skill-related challenges. This policy shift has broadened Saudi Arabia’s potential to emerge as a prime fashion shopping destination, with directly owned branded stores proving to be more cost-effective compared to joint ventures or licensed operations.
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