Modest fashion scorching growth rate plays to emerging market strengths
Photo credit: By Fahad Faisal - Own work, CC BY-SA 3.0
Manufacturers in developing economies find themselves strategically placed to cash in on increasing competition between dedicated Islamic modest fashion brands and the apparel industry’s largest names with ‘modest wear’ lines.
One way to consider the Islamic modest fashion market is to look at it through the prism of global Muslim consumer spending on apparel, estimated at $244 billion in 2015, according to Salaam Gateway’s February 2016 report tackling Current Consolidation Activity and Potential in Islamic Modest Fashion.
Obviously, $244 billion is a massive number; in fact, viewed in the context of global spending on clothes, the Islamic market would be the third largest ‘country’ after the United States ($400 billion) and China ($310 billion) by 2014 numbers, according to the State of the Global Islamic Economy Report 2015/16.
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Shalini Seth