Islamic Economy investment

669

Seban Scaria

Modest fashion is more visible than ever, whether on the street, online or on the catwalk. Mainstream brands such as US sportswear giant Nike and Japan’s Uniqlo have launched modest fashion lines. Given a burgeoning sale of modest fashion, investors have taken a note of the sector. With Muslim spend on apparel and footwear estimated to be worth $283 billion in 2018, there is significant potential for modest fashion to take a much larger slice of the $2.5 trillion global apparel market, according to a report on the 2019/20 State of the Global Islamic Economy (SGIE). Global Muslim spend on modest fashion has increased by 4.8 percent from $270 billion to $283 billion in 2018 with Turkey, UAE and Indonesia ranked as the top three countries spending the most. Muslim spend on clothing and apparel is projected to grow by 6 percent to reach $402 billion by 2024.
—(Courtesy: ZAWYA)