Aswat Asharq Al-Awsat :

Aswat Asharq Al-Awsat : KAFD to Host WWD Summit and Inaugural Fashion Awards in Saudi Arabia

A night view of Riyadh, Saudi Arabia. (AP)
A night view of Riyadh, Saudi Arabia. (AP)
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KAFD to Host WWD Summit and Inaugural Fashion Awards in Saudi Arabia

A night view of Riyadh, Saudi Arabia. (AP)
A night view of Riyadh, Saudi Arabia. (AP)

The King Abdullah Financial District Development and Management Company (KAFD DMC) announced on Tuesday that it will host the Women's Wear Daily (WWD) Global Fashion Summit and the inaugural Fashion Awards, presented by Chalhoub Group, on Thursday.

The events, held at the King Abdullah Financial District, will honor outstanding achievements in the fashion, beauty, and retail industries, recognizing the exceptional contributions of designers and companies.

In a statement, KAFD said the WWD Global Fashion Summit is a hallmark event in the fashion world. This year, the event, in partnership with the Fashion Commission, will represent and spotlight local talents and visionaries alongside international fashion leaders in shaping the future of the industry.

Along with the Fashion Awards, these industry developments further cement the Kingdom's burgeoning role in the global fashion scene.

KAFD said it will present the "Designer of the Year" award to a winning designer whose work has significantly impacted the fashion industry.

“Through collaboration and partnership with stakeholders in the fashion community, KAFD continues to drive innovation, foster talent, and promote Saudi Arabia's rich cultural heritage on the global stage in line with Saudi Arabia’s Vision 2030,” said KAFD DMC chief executive Gautam Sashittal.

“We are thrilled to witness the burgeoning fashion industry in Saudi Arabia gaining global recognition. Hosting WWD's annual Global Fashion Summit for the first time in our region, right here in the heart of Riyadh, is an exciting moment,” said Fashion Commission CEO Burak Cakmak.

“We are particularly looking forward to the inaugural Fashion Awards presented by Chalhoub, which will honor and celebrate the remarkable achievements of the local talents and visionaries,” he added.



Aswat Asharq Al-Awsat : Burberry Axes CEO and Dividend, Warns on Profit

A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls
A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls
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Burberry Axes CEO and Dividend, Warns on Profit

A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls
A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls

British luxury group Burberry named former Michael Kors boss Joshua Schulman as its new chief executive on Monday, axing Jonathan Akeroyd after two years as it warned on profit and scrapped its dividend.
A slow down in the luxury sector has hit Burberry harder than rival brands, derailing the 168 year-old British name at a time when it had been trying to move upmarket, and triggering the latest change at the top of the company, Reuters said.
For the 13 weeks to June 29, underlying sales slumped 21% as the company said weakness in its market deepened. It warned that on current trends it would miss forecasts for annual profit and it would scrap this year's dividend to invest in growth.
Burberry has been in turnaround mode for sometime, and under a number of different bosses. Designer Riccardo Tisci exited in 2022 after less than five years. Akeroyd's predecessor left after four years.
"This is a kitchen sink exercise par excellence, and underscores the enormity of the challenge facing Burberry in a world where Chinese sales can no longer be taken for granted," Chris Beauchamp, chief market analyst at online trading platform IG said.
Schulman was CEO of US brand Michael Kors from 2021-2022 and before that brand president at Coach.
While some higher end luxury brands like Hermes and Prada have proved to be more resilient, Burberry has struggled.
Shoppers in the United States and Europe have grown more cautious as the cost of living has risen, while appetite in China has been deflated by a property crisis and record youth unemployment.
Burberry said on Monday it would switch its offer back to be "more familiar" to its "core customers", with a marketing campaign for outerwear to launch in October. Its last collection departed from its classic camel, red and black check print in favor of bold colors.
It said it expected to see an improvement in its second half, and would also find cost savings.
Shares in Burberry have lost 57% of their value over the last 12 months, underpeforming Britain's bluechip index which is up 13%.