Launch of the Kering Generation Award in Saudi Arabia, a strategic market for luxury

After conquering Japan, Kering is now rolling out its sustainable development competition, the “Kering Generation Award”, in Saudi Arabia. Beyond this operation based on the concept of sustainability, is a Saudi market that is highly attractive for luxury goods. According to the latest Altagamma Consensus 2024 report, the market is growing by 7%: “The Gulf region, and Saudi Arabia in particular, remains an important market, thanks also to ongoing and considerable investment in real estate, which is opening up new prospects”. The Saudi Fashion Insights platform reports that sales in the Saudi Arabian fashion sector are set to increase by 48% between 2021 and 2025, representing an impressive annual growth rate of 13%.

During the first phase, the 20 selected start-ups will be supported in a three-day boot camp and will participate in workshops designed to encourage their development. A second phase will select the ten best proposals, which will be assessed by a panel of judges on the basis of their capacity to innovate, their relevance to fashion and sustainability, their potential impact on the environment and society, and their commercial viability.

The final phase of the competition will take place at the end of January 2025, at an awards ceremony in Riyadh at which the top three winners will be announced. The prize is ten days of in-depth mentoring with Kering's sustainable development teams. They will also have the opportunity to present their innovation at the Change-Now Summit 2025.

Kering and the Saudi Fashion Commission have signed a Memorandum of Understanding to explore opportunities for collaboration in several strategic areas. Further discussions are planned to support the development and implementation of initiatives related to Saudi Arabia's commitments to the fashion sector.

‘This initiative reflects our desire to encourage solutions that not only address today's challenges, but also create a more sustainable future for fashion,’ said Burak Cakmak, CEO of the Saudi Fashion Commission, in a statement. ‘This partnership reflects our commitment to driving meaningful change in the Saudi fashion industry,’ he added.

The Saudi Fashion Commission was founded in 2020 as part of the ambitious ‘Vision 2030’ programme to diversify the Kingdom's non-oil GDP. This special commission, tasked with promoting fashion, encourages the growth of talent and local production in the fields of clothing, footwear, leather goods and jewellery. A number of initiatives have been undertaken, including the Saudi 100 Brands mentoring programme and the very first Riyadh Fashion Week, organised last May.

The development of local production is crucial to Saudi Arabia's economy, which is keen to draw on non-oil sectors. This initiative confirms the Kingdom's desire both to win back its domestic market and to strengthen its role in the global supply chain through sustainable initiatives.