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Euromonitor predicts double-digit growth for Islamic fashion

Euromonitor International predicts the global market for Islamic fashion clothing is set to almost double its annual growth in the future. Natalia Gorzawski, Euromonitor International’s research analyst says that in the short-term it may be more beneficial for a manufacturer to invest in existing local brands or together with a Muslim fashion designer to create a new label.

Intensive research in the local markets and financial resources to develop a manufacturing process and a supply chain that can guarantee compliance with widely accepted halal standards is what a new brands needs to do, she said. Besides, Gorzawski explained that manufacturers would need to create an affordable clothing line that could meet the demand of the mass market and not just a small minority of upscale consumers if they want to exploit the full potential of this underserved consumer segment. She believes that these are the reasons why multinational companies still struggle to enter the market.

Gorzawski also feels that Islamic fashion has tremendous long-term potential. In 2013, the 57 countries that belong to the Organisation of Islamic Cooperation (OIC) accounted for 7 per cent of total value sales of apparel and footwear. Euromonitor International forecasts this figure to increase over 9 per cent by 2018.

According to Euromonitor’s estimates 7.9 per cent of the fashion market accounted for OIC countries in 2014, and this year their share will go up to 8.1 per cent. In 2016, it would go up to 8.4 per cent, in 2017 it would be 8.8 per cent, and in 2018 it would be 9.1 per cent.

 
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