The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The luxury re-commerce market in the Gulf region is expected to hit a value as high as $780 million by 2026, up nearly 60 percent compared to 2022, according to analysis by Dubai-based luxury retail giant Chalhoub Group.
However, the sector remains nascent and its pace of growth is slower than in other markets, like the US, where there’s less cultural stigma attached to shopping secondhand, sustainability may rank more highly among consumer concerns and average spending power is less, the analysis found.
The report, published Wednesday, comes as Dubai is playing host to the UN’s annual COP climate summit.
Learn more:
Fashion in the Middle East: Optimism and Transformation
BoF Insight’s guide to why the Middle East has become the region to watch and what brands can do to tap into the new opportunities that this $89 billion market offers.
The UN’s annual COP climate summit ended Wednesday with an agreement to transition away from fossil fuels. The fraught, days-long negotiations to get there point to the challenges facing fashion companies seeking to deliver on these ambitions.
The State of Fashion 2024 explores how the frequency and intensity of extreme weather-related events are leaving the industry’s value chain increasingly vulnerable.
Bestseller and H&M Group have pledged $100 million to help develop a renewable-energy project in Bangladesh, a possible template for more meaningful investment in decarbonising the industry.
Big brands like H&M Group, Inditex and Nike are turning to biomass like wood pellets and agricultural waste in a bid to get the world’s dirtiest fossil fuel out of energy-intensive manufacturing processes. Climate groups say it’s not any better.