On Tuesday evening, Riyadh brought its third fashion week to a close. In a sign of the Saudi capital’s ambition, British label Stella McCartney capped six days of shows and presentations that primarily spotlighted local labels.
Stella McCartney closed the third Riyadh Fashion Week – RFW
Staying true to her commitment to responsible materials, the designer—presenting her work in the Middle East for the first time—unveiled a selection of pieces from her spring/summer 2026 and autumn/winter 2025 collections. While several local influencers and celebrities wore the Briton’s creations, the audience gathered at the King Abdullah Financial District (KAFD) discovered Stella McCartney looks incorporating materials such as Yatay M, a vegan alternative to exotic leathers made from fungal mycelium; Sequinova plant-based sequins—a world first; more responsibly sourced viscose; as well as biodegradable mesh and regenerated silk.
Together with Vivienne Westwood’s opening show, this finale lent the event greater credibility and international visibility. In a country pursuing an ambitious events strategy—much as in sport, with star footballer Cristiano Ronaldo as ambassador for the kingdom of Salman bin Abdulaziz Al Saud—fashion has established itself as a pillar in which the state is investing. For the first time, Riyadh Fashion Week featured international designers and brands alongside local ones. The Saudi Fashion Commission, which coordinates fashion-related operations in the kingdom, aims to build momentum locally.
Femi9 fashion show – RFW
The strategy begins in the capital. Riyadh Fashion Week brings together personalities and socialites from across the Middle East (such as Georgina Rodriguez, Cristiano Ronaldo’s partner) and makes a bold statement in the heart of the city. By night, the emblematic Kingdom Center tower—recognisable by its needle’s-eye silhouette—screens a Fashion Week film across its 302-metre façade. A runway show was even projected on this gigantic screen.
Charm offensive
And the charm offensive appears to be working. In a country renowned for strict religious conservatism, where flamboyant dressing is not part of everyday life, the local gilded youth brave the city’s incessant three-lane traffic to join in and criss-cross the city. On the first level of the Mandarin Oriental hotel—with dreamlike staging—at a runway site set in the desert, in the heart of a palm grove, on the roof of a tower overlooking the capital or within Riyadh’s creative hub, they hurry to enter exceptional venues.
These moments heighten the contrasts. In the early evening, as the muezzin calls to prayer just a few metres away, crowds film themselves at the entrances to the shows and oblige the photo calls. Such moments are rare, for although women in Riyadh today are more likely to wear the hijab than the niqab, dress codes remain tightly codified. Around the shows, men wear the traditional thobe (a long-sleeved white robe) with the shemagh, the red-and-white chequered headscarf secured on the head, or sport head-to-toe looks from European luxury houses. Embroidery and pearls adorn the precious fabrics of women’s black abayas, with strands of hair escaping from their veils.
Visible luxury is expressed through exotic-leather bags, high-end shoes and layers of gold jewellery, while femininity is signalled by bold make-up. Occasionally, some wear glittering evening gowns that hug the body or reveal legs or shoulders—silhouettes echoed on the catwalk. While most local designers have only been active for a few years, affluent youth, often close to the designers, are enthusiastic about the event. And every show is an occasion for hearty applause.
Atelier Hekayat – DR
“Each day is very different. The shows follow one another and it’s a mix of brands, a diversity of products and also a different audience. It’s nice to be able to see them all in succession,” said Burak Cakmak, CEO of the Saudi Fashion Commission, which organises the event and has been increasing the number of labels presented year after year.
“What I like is that you have the opportunity to see 40 shows and presentations that give a very good idea of the country’s fashion proposition, with couture and eveningwear brands, women’s and men’s ready-to-wear, but also mixed streetwear brands.”
Indeed, the moods vary widely from day to day. With its evening dresses, the historic Adnan Akbar house played with embroidery, working tulle, organza and silky fabrics in an haute couture approach. The offering remained substantial for the Middle Eastern market: at Ashwaq Almarshad, long trains, all-over floral embroidery and opulent draping riffed on the genre’s codes. Atelier Hekayat also explored these avenues, working with transparency and precious materials, and playing with different volumes.
Silhouette by Razan Alazzouni – RFW
In ready-to-wear, traditional Saudi dress and cultural references were revisited. At Abadia, traditional womenswear was reworked in new proportions. At Derza, traditional Al Sadu weaves and motifs were integrated into or printed onto garments. Mona Alshebil and Razan Alazzouni weaved elements of Middle Eastern culture into their distinctly working girl ready-to-wear, with discreet embroidery and graphic perforations. Some evening looks also reveal skin—at the back, the calves or even the midriff.
On the menswear and streetwear side, the proposals likewise draw on local references. Mihyar, channelling the wardrobe of the Saudi countryman, composes a jacket and trousers in boiled wool and reinterprets the Ghis, the traditional coat. This large hooded coat is the subject of multiple explorations, reworked in technical materials, with original prints or in oversized formats at Qormuz, Awaken and RBA. The label fully embraced tradition, sending models down the runway with hawks, a symbol of the Bedouins’ relationship with the desert.
RBA sent some of its models down the runway with hawks, a symbolic animal in Saudi Arabia – FNW
The desert was also central to Cargo’s show, which delivered one of the most coherent and creative presentations, centred on travellers who had weathered a sandstorm. In this post-apocalyptic narrative, the brand explored urban and street silhouettes with camouflage prints and key fabrics—all clearly designed to resonate with the local audience.
The commission benefits from government support to develop the sector. While it multiplies international showcases, in Europe as well as in Asia, and brings in buyers and media from around the world, Saudi brands must also win over their local clientele.
“Over the past three years, it has become clear that we must focus above all on the Saudi market. The world has evolved considerably in market terms. Many regions are struggling to determine how to develop their business. For a long time, in Saudi Arabia, there was a limited supply of shops. And Saudis shopped abroad. But as the country evolves, more shops are opening, more experiences are being created and, in this context, local brands want to take advantage of it. They do not want to neglect their local consumer base when designing products. It’s a healthy base. They must first respect what the local community wants. Then build on that to see which other market is interested in the same product and plan distribution accordingly.”
For the time being, most of these brands are working to raise their quality and structure their organisation. For many, distribution is still in its infancy, but several, such as 1886 and Hindamme, are succeeding in attracting renowned outlets in the Middle East. Fashion week is also an opportunity for these designers to engage with an international ecosystem. The Fashion Commission brings in buyers, influencers and journalists from Europe and Asia. An agreement has also been signed with M.Seventy, the entity that manages the White Milano trade show, to present Saudi brands on its platforms.
This season, the show teams—from production to styling—comprised service providers and professionals seasoned by European fashion weeks, subjecting local brands to a high level of expectation. Over the past three years, local labels have been honing their approach in both style and production. While some, like Eleven, espouse a 100% local approach, many source materials from Italian textile houses and increasingly call on experienced ateliers, notably Italian and French. These ties could well deepen in future editions.
An opportunity for international brands
The Saudi Fashion Commission has taken a further step by opening its calendar to European labels. This gives Saudi brands an up-close view of the methods of long-established companies in the industry. And even when international brands present their collections in Riyadh, the intention is to link their presence to local players. The house of Vivienne Westwood worked with the cultural institution Art of Heritage, which preserves Saudi Arabia’s artisanal heritage, on a capsule collection of exclusive dresses finely embroidered by Saudi craftspeople—an approach that goes beyond simply selecting or adapting silhouettes to suit regional and religious conventions.
Burak Cakmak, CEO of the Saudi Fashion Commission – DR
“By presenting a proposition that respects local culture, the brand has connected closely with many female consumers in the country. And I look forward to hearing the brand’s feedback on the commercial impact over the next six months,” said Cakmak.
“Major brands and groups with significant resources already have a strong marketing presence in the country. They carry out numerous activations, events, dinners and private presentations. But being part of Riyadh Fashion Week is a different way of telling their story. It’s the key moment when we present fashion in the country. And it draws the attention of the local consumer to the international brands taking part. For independent brands like Vivienne Westwood and Stella McCartney, it means they benefit from the whole system that’s in place during the week. They can then amplify the message very quickly to attract attention.”
With the presence of Stella McCartney and Vivienne Westwood—and certainly other names in coming seasons—the event is scoring points in its competition with other regional fixtures, where Dubai and Qatar lead the way, as well as against other emerging scenes in countries still young on the fashion-industry front. It is also a signal of openness intended to encourage international brands to establish themselves in the country.
Vivienne Westwood presented on the first day of Fashion Week, showcasing a collaboration with local artisans – Vivienne Westwood
With its Vision 2030 strategy, Saudi Arabia intends to develop new areas of its economy, including fashion and luxury, relying on the growth of tourism, which is set to play a key role.
“Vision 2030 aims to diversify the Saudi economy; to look beyond oil. Culture is certainly one of the main contributors to building this vision, along with tourism and sport,” explained Cakmak, who has been working with the Fashion Commission since 2020.
“With a young and educated population, all these sectors have a lot of potential and also represent an untapped opportunity for international players. Having initiated the movement in recent years, we now need to structure the fashion economy by connecting it to Saudi identity, culture and heritage, as well as tourist destinations, to propel this new narrative.”
With the gradual opening of the country—and the resulting competition to attract local consumers—the challenge for the Saudi Fashion Commission and Riyadh Fashion Week will be to help local brands grow and give them a voice in the market. To this end, an initial investment fund of €69 million (300 million riyals) was created with Merak Capital this autumn to finance development projects for brands and players in the country’s fashion ecosystem.
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What’s been a good year for Outlet Shopping at The O2 has just got better. The centre, linked closely to the O2 entertainment arena in the Greenwich Peninsular, southeast London, has opened two more new stores — fashion retailer TM Lewin and jewellery brand Lovisa — while also adding a recently-upsized unit for sportswear brand New Balance.
Image: TM Lewin
It all adds up to “growing momentum” for an outlet shopping destination that’s “on track for a stellar end to 2025” having enjoyed a 23% uplift in sales throughout November vs 2024, and footfall up 24% across the whole scheme, it said.
British heritage brand TM Lewin’s 1,827 sq ft store becomes the retailer’s only outlet location after returning to physical retail earlier this year. The space offers the brand’s range of shirts, suits, and accessories.
Dan Ferris, managing director at TM Lewin, said: “Our re-entry into physical retail has been a big move for us this year, and we have carefully selected locations where we believe our stores can get the best experience, regular customers, and be part of a community.”
Also making its outlet debut, Lovisa will open a 1,722 sq ft unit, adjacent to fashion retailers Dune London and Kurt Geiger, becoming the destination’s second dedicated jewellery retailer. It’s arrival supports the venue as a draw for accessories with demand “up 38% over November vs the same period in 2024”.
The store will offer its full range of necklaces, earrings and rings as well as its piercing facilities.
Long-standing tenant New Balance is also set to reinvest at the outlet, upsizing into a new 3,129 sq ft unit. The space will sport the brand’s new store concept, with additional space for wider stock collections.
Louisa Dalgleish, leasing director at Outlet Shopping at The O2, added: “As a destination already full of leading retail, the fact that we continue to attract such strong brands for their outlet debuts speaks volumes about our sustained momentum. Our success is a direct result of our collaborative landlord approach and the strength of our tenant mix, and our positive results throughout November are a clear indication that things show no sign of slowing down, with us remaining firmly front of mind for new entries into the outlet market.”
The combination of gold and share prices soaring in unison is a phenomenon not seen in at least half a century and raises questions of a potential bubble in both, global central bank umbrella body, the Bank for International Settlements, says.
Gold seized included coins, bars, and jewellery (photo for illustrative purposes only) – REUTERS/ Ajay Verma/File Photo/File Photo
While equity markets continue to be driven by AI and tech gains, gold’s 60% surge this year is set to be its biggest since 1979, fuelling debate about whether its traditional role as a safe-haven asset has changed. “Gold has behaved very differently this year compared to its usual pattern,” Hyun Song Shin, economic adviser and head of the Monetary and Economic Department at the BIS said as it released its final report of the year on Monday. “The interesting phenomenon this time has been that gold has become much more like a speculative asset.”
Dubbed the central bank to the world’s central banks, the BIS has given regular warnings about potential stock market bubbles in recent years, but its concern around the co-movement with gold is two-fold. Where would investors shelter if stocks and gold both crash. And what could it mean for central banks and other reserve managers given some have been heavy buyers of gold.
The BIS’ analysis concluded that this year has been the first time gold and the S&P 500 have jointly exhibited “explosive behaviour” in the last 50 years. Not only is gold up 60% this year, it is up more than 150% since 2022 when the post-Covid pandemic surge in inflation began to impact markets, alongside Russia’s invasion of Ukraine and subsequent Western sanctions on Moscow.
Another possible bubble warning sign is that retail investors have also been piling in. Gold exchange-traded fund (ETF) prices have been consistently trading at a premium relative to their net asset value (NAV) this year, signalling “strong buying pressure coupled with impediments to arbitrage,” the BIS said.
Central banks’ purchases have “clearly set a very firm tone in the price of gold,” Shin added. “Whenever you have prices actually doing quite well, you will see other investors jumping in, and certainly retail investors have also taken part (in the rally), and not just in gold”.
The BIS gave a broader warning too about the “growing fragility” of the risk-on environment amid the concerns about artificial intelligence (AI) valuations and the recent 20% dives in cryptocurrencies like bitcoin. The European Central Bank and Bank of England have both raised their own AI bubble concerns in recent weeks and the risk of an abrupt burst if investors’ rosy expectations are not met.
Shin said the profits being made by the AI firms- now spending enormous amounts on data centres- was an important difference between now and the “dotcom bubble” of the early 2000s when firms weren’t making money. The “fundamental question,” however, is whether those expenditures will be seen as being justified in the long run, Shin said, adding that the other key determinant for markets will be how the global economy holds up next year. “So far, activity has been surprisingly resilient,” Shin said.
The BIS is also watching where the dollar goes from here. This year it is headed for its biggest annual drop since the Lehman Brothers collapse in 2007. “After the April episode (when US President Donald Trump announced sweeping trade tariff plans), the dollar has been relatively stable,” Shin said. “I think the hedging behaviour of non-US investors is going to be a very, very important input into how markets will co-move from here.”
Share purchases in key companies are always interesting but we wouldn’t normally mention anyone buying a relatively small amount of shares, especially not an amount adding out to ‘only’ £75,000.
Image: Dr Martens
But given that the company concerned saw fit to announce the purchase itself and given that the company is in the middle of a major turnaround, it’s of more interest than it might usually be.
Dr Martens announced on Monday that Robert Hanson, who joined the board as an independent non-executive director in March, has purchased 96,000 shares in Dr Martens – worth over £75,000.
Share purchases by insiders are particularly significant given that those insiders tend to have the best view of how the company is faring with its turnaround and an individual committing a significant sum of their own money is particularly interesting.
Hanson currently serves as CEO of The Duckhorn Portfolio. His previous roles include EVP and president of Constellation Brands’ Wine & Spirits, president of Americas at Levi’s as well as CEO roles at American Eagle Outfitters and John Hardy.
He purchased 96,000 ordinary shares at a price of £0.7886 per share. The buy suggests he believes that the shares, which are much lower than their all-time high of £5+, represent good value and should rise.
Dr Martens is currently working through a recovery from a major period of weakness and it seems to be yielding results. Its first half update in November showed progress, with America recovering in particular even though EMEA still showed weakness.
A week later, it also announced the opening of its new Soho, London flagship and that’s a key development. The store “represents the most elevated expression of the… brand to date”. The first-ever ‘beacon’ store is on Brewer Street with its two floors spanning 3,400 sq ft to make it the brand’s biggest UK flagship – “built to bring the people and product of Dr Martens together”.