A London Based Digital Publication Covering Diplomatic & Business Activities Globally

Thursday, March 28, 2024

Global Islamic Economy Summit Roundtable Series in Italy

Global Islamic Economy Summit Roundtable Series in Italy
Global Islamic Economy Summit Roundtable Series in Italy

(Turin) – The Italian city of Turin hosted leading Islamic and modest fashion brands at a one-day roundtable that addressed critical key challenges and opportunities in the global Islamic economy sector.
The event was held at a time when global Muslim consumer spending on clothing and footwear reached $266 billion in 2013, representing 11.9% of global clothing and footwear expenditure. If this market were a country, it would be ranked third after the largest two in the world – the U.S. ($494 billion) and China ($285 billion). Muslim expenditure on clothing is expected to reach $488 billion by 2019.
Top countries with Muslim consumer consumption (based on 2013 data) are Turkey ($39.3 billion), UAE ($22.5 billion), Indonesia ($18.8 billion), and Iran ($17.1 billion). Within this larger Muslim consumer spend on clothing, the modest fashion industry is growing rapidly.
However, the modest fashion market is fragmented and this has created challenges for market players in different countries to scale and expand cross-border. In order to leverage the rapidly growing profile of, and demand for modest fashion, the Turin roundtable discussions have started the ball rolling on furthering actionable outcomes to address specific key issues: The need to map the global modest fashion ecosystem to gain clear visibility of all participants, from designers to retailers, in order to identify weak points and leverage on strengths; and the need to identify end-to-end ethical business practices and processes in order to uphold the Islamic mandates of transparency, fairness, and equity.
(Courtesy WAM)

Latest Posts

Latest Posts

Stay in touch

To be updated with all the latest news, offers and special announcements.

RELATED ARTICLES

UAE & Turkmenistan expand Economic ties

Turkmenistan's Berdimuhamedow urges UAE collaboration in gas field development....

Crown Prince Appreciates the World Governments Summit Team

The Crown Prince Appreciates the valuable efforts of the...

WTO Promotes Consensus

The final World Trade Organization General Council meeting before...

UK and Azerbaijan celebrate growing bilateral relations

UK PM Rishi Sunak congratulated President Ilham Aliyev on...

World Government Summit brings Global leaders to Dubai

The pre-summit day of the World Governments Summit (WGS)...

HH Shiekh Mohammed bin Rashid Meets Youth

Sheikh Mohammed bin Rashid Al Maktoum met with Arab...

Shiekh Hamdan Bin Zayed Honors Environmental Achievers

His Highness Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s...

Princess Kate shares a Message after meeting HM the King

Prince William and Kate Middleton share a Children's Mental...

HM King of Sweden to visit Europe

King Frederik X of Denmark and Queen Mary will...