Dubai’s fashion startups eye global industry
Pent-up demand is driving a fashion industry rebound and new designers hope to capitalise on the trend with small scale collections that meet consumer needs and avoid waste.
In 2020, the fashion industry saw a wipe-out of its profits by 93%. A year later, and with the pandemic still going, some of the world’s largest fashion companies are showing strong signs of recovery.
H&M Group’s second-quarter gross profit increased by 89% compared with last year, while Gap Inc. reported a gross margin of 42.1% for the quarter, representing the highest third quarter rate in over ten years.
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