SGIE Report 2023/24: Modest fashion stands tall amid mainstream brands
The global fashion industry saw a good recovery after uncertainty driven by the Covid-19 pandemic, as did the modest fashion space, with the revival of old brands, addition of many new ones and continued interest from mainstream retailers.
According to the State of the Global Islamic Economy (SGIE) Report 2023/24, Muslim spend on apparel and footwear in 2022 was valued at $318 billion, hiking by 8.4% over the previous year.
By 2027, Muslim spend on apparel and footwear is forecast to reach $428 billion, at a CAGR of 6.1%. Throughout 2022/23, established modest fashion brands continued to receive investment for further growth, while smaller-scale brands attracted attention at investor forums.
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