By Aishah Schwartz
CAIRO A recent report by Euromonitor International reviewing halal product markets suggests that investing in existing local brands or in cooperation with a Muslim fashion designer to create a new label, has the potential to produce nearly double-digit annual growth of the Islamic fashion clothing industry.
“However, creating a new brand requires solid research in local markets and financial resources to develop a manufacturing process and a supply chain that can guarantee compliance with widely accepted halal standards,” stated Euromonitor International research analyst Natalia Gorzawski.
Gorzawski further stated: “To exploit the full potential of this underserved consumer segment, particularly in developing countries, manufacturers will need to create an affordable clothing line that can serve the demand of the mass market and not just a small minority of upscale consumers.”
According to Euromonitor’s estimates, Organization of Islamic Cooperation (OIC) countries accounted for 7.9 percent of the fashion market in 2014, and incremental increases of 8.1 percent in 2015, 8.4 percent in 2016, 8.8 percent in 2017, and up to 9.1 percent in 2018 are anticipated.
“With the tremendous potential Islamic fashion offers in the future, it would be foolish to overlook its long-term potential,” stated Gorzawski.