Fashion has been a cultural tentpole for generations with no signs of letting up. The demand for fashion trends and fads will continue and has now evolved to rise to the international stage. The UAE has placed a considerable amount of investment into the fashion industry in a continuing effort to promote business in the region. And with all signs pointing to an ever-increasing demand for new and unique fashion trends, there has never been a better time to dive into the industry.
It’s no secret that fashion is a massive industry around the world. And the Emirates are no different. A report from Dubai’s Chamber of Commerce shows a yearly growth of nearly 5% each year in the Dubai fashion industry, culminating in more than 12 billion dollars in revenue in 2019.
And even though these reports show a continuing rise in online sales, brick-and-mortar retailers are also experiencing significant growth by offering in-person deals to stimulate consumer demand. Additionally, this same report shows faster growth for womenswear than male iterations between 2019 and 2023 by nearly 1.1%. That might not seem like much, but this averages out to nearly 5.2 billion dollars in revenue throughout the industry.
Additionally, the fashion industry will also see an enormous economic boost following the reduction of pandemic-related restrictions in the area. With these numbers, business setup in Dubai can prove to be a massive financial opportunity.
The UAE is a great option for any business enterprise hoping to find financial success. But deciding to strike up a business in Dubai’s fashion industry is no small task! This endeavor requires careful preparation to ensure that your business remains relevant and profitable for years to come.
First off, you’re going to need a guide of sorts! The first move should be to contact a business professional familiar with local customs and market activity. A comprehensive, down-to-earth awareness of industry conditions and market forecasts will prove to be an invaluable resource in the future.
Below, we’ve listed the process of setting up a business in the UAE fashion industry:
One of the most important steps is taking the time to know exactly what environment you’re walking into. You will need a fundamental understanding of your target location, demographics, and population. But having a grasp on these things is only one half of the equation. To be truly successful, you’ll need a solid knowledge of your market’s particular styles and preferences. By understanding these aspects, it will allow you to predict upcoming trends accurately.
Once you’ve done ample research into the market, you’ll need to implement a strategy to identify the supply and demand of given products and build a network around that infrastructure. A clear and concise approach will let other businesses and potential customers know precisely what you offer and why it’s in such high demand.
Location is everything! You will want to thoroughly research the Emirate’s business zones to discover the most financially viable option when choosing a setup location. Choosing the right sector to start your business can have a tremendous effect on the viability of your commercial enterprise.
To correctly register your company, you will be required to submit several essential documents to the DED or Department of Economic Development. We’ll discuss these required documents later! Once you’ve gathered these, you can then submit your application.
Once you’ve submitted your application and received the official approval, the time has come to collect your license! This license will act as your legal permit to conduct business and business-related activities.
The highway to running a successful business is littered with the graves of the companies that did not take the time to secure proper accounting and bookkeeping procedures. You want this in play before you start to keep track of all business activity so that you will always have the ability to see just how profitable your business currently is.
This should be a given! Your business can’t succeed if no one knows about it. And the fashion industry thrives on brand recognition. To achieve success, you will need to develop a straightforward, targeted approach for marketing your wares. Know your customer and understand the market like the back of your hand.
The future is online, and if you want to remain competitive in virtually any industry, you’re going to need to implement a bold internet presence. In today’s business environment, a prerequisite for doing business is securing a functional, streamlined website that showcases your products.
With Dubai being known for having some of the best retail shopping experiences in the world, there are tons of avenues for opportunity in the Emirates. Dubai has quickly become a focal point for business development in the fashion industry. All you need is a good business idea and the right approach! We’ve developed a list of great businesses in the fashion sector:
The future is digital, and one of the markets rising to the forefront of this technology is blogging about fashion. For those that live and breathe fashion trends and want to let the world know about the newest industry news, blogging is a profitable business venture.
Many folks are too busy with their working lives to purchase and maintain expensive clothing. And this is precisely why clothing rentals is the enterprise destined to meet the demand. Your business will provide patrons with an inexpensive method of securing expensive clothing like suits, dresses, and gowns.
Keeping your style on point in the fashion industry is a full-time job. That’s why many companies have chosen this as their business enterprise.
With the enormous amount of fashion happenings in the UAE, there has never been a greater need for businesses to handle event scheduling and planning.
Fashion trends start on paper with nothing more than an idea and some inspiration. The fashion design sector is the backbone of the entire fashion industry. If you’re wearing something fashionable, chances are it started in an illustrator’s studio.
With a nearly exponential level of growth each year, there has never been a better time to forge your business in Dubai’s fashion industry. But beyond the tax incentives and flashy market, there are numerous benefits to choosing this hub to sell your wares. We’ve compiled a list of some benefits:
The UAE is host to one of the top tourist destinations, making a huge draw for various fashion trends and styles. This makes the region a goldmine for business investors to grab potential customers’ attention. The estimated consumer spending in the Emirates is expected to exceed 260 billion dollars.
Location, location, location! The UAE offers a bountiful variety of locations for investors. These locales and free zones offer flexibility and tons of incentives that will allow your business to reach maximum profitability. You’ll need to perform research prior to the inception of your business to determine the best location.
Governing authorities in the UAE have taken enormous steps in streamlining the application process for prospective business enterprises. This allows businesses to complete the setup process and get to work faster without suffering through long wait times and endless red tape.
If you’re hoping to incorporate your business and allow outside investors to help finance your enterprise, Dubai has made the process about as easy and painless as it could be. However, these days many businesses are opting to outsource their incorporation to professional experts like MSZ Consultancy.
The UAE government has established one of the easiest and most lucrative immigration policies in the world. Investors hoping to start a business in the region will need to arrange proper visa applications for their business investors and employees.
In 2021, Dubai will hold an exposition expected to bring in millions of potential investors and businesses. You can rest assured that the fashion industry will play an integral part in this event.
In addition to providing a terrific means of displaying the future of commerce in the region, the 2021 UAE expo will be an enormous platform for businesses and investors to network and collaborate on future projects.
With over 32,000 customers worldwide and a decade of business experience, MSZ Consultancy can provide professional advice to help you navigate the waters of business in the Emirates. Whether taking advantage of one of Dubai’s numerous free zones or diving into the fashion industry, MSZ Consultancy can help.
The fashion industry is invariably growing, and there’s never been a better time to start your career in the fashion industry. Plan to create a new fashion business in Dubai? We have the knowledge to help! Applying for a residential visa? That’s another one of our specialties! Need to arrange local sponsorship? We’re there for you!
Give us a call today at +971 52 544 1248 and let our skilled business consultants help you get your business on track. Choose quality. Choose longevity. Choose MSZ.