Muslims spend $244bn on apparel globally
DUBAI, March 22, 2016
Muslims have spent an estimated $244 billion last year on apparel globally, according to a new report published by Salaam Gateway, the Global Islamic Economy Gateway.
The report identified more than 1,000 OIC-based manufacturers of apparel, 146 key modest fashion brands, and 85 e-commerce retailers, it said.
The modest fashion represents a key sub-segment of Muslim spending on clothing, underpinned by Islamic religious obligations, with requirements for both men and women.
The report showed that female spending represented a larger market opportunity, accounting for two-thirds of global apparel spending.
There were substantial opportunities for growth in the modest fashion industry and this has been recognised by more than 25 mainstream companies that recently entered this market including brands such as Dolce and Gabbana, DKNY, H&M and John Lewis.
Mainstream fashion is fairly saturated while modest fashion is turning into the mainstream. The modest fashion-specific brands and companies’ landscape is highly fragmented with no global modest fashion players currently.
According to the report, fund managers spotted several opportunities and had already invested in emerging players including a Turkey based e-commerce retailer called “Modanisa” which received $5.5 million in 2015 and an Indonesian brand “HijUp” which received a seven-figure investment. - TradeArabia News Service
