Muslims account for over 20 percent of the global population but despite their growing spending power, studies reveal that businesses are failing to tap into one key aspect of the Islamic economy: fashion.
"Alongside a thriving Islamic economy, there is growing demand for Islamic fashion apparel. Unfortunately, offerings have been limited, and there is no single Islamic brand catering to the fashion needs of the Muslim population globally. Thus, there is an opportunity for modern Islamic fashion brands to be showcased," said Karen Van Diesen, market research analyst at Euromonitor in a recent note.
A report by the Dubai Chamber of Commerce and Industry and Thomson Reuters in September shared Van Diesen's views, stating that Islamic fashion lacks a global clothing brand capable of addressing the needs of Muslim customers.
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Islamic fashion is projected to comprise 11.2 percent of global fashion spending in three years' time, according to the report, with spending set to hit $322 billion by 2018, versus estimated global expenditure of $2.9 trillion. In 2012, Muslims spent $224 billion on fashion.
The Muslim shopping experience is frustrating, Van Diesen explains, as most runway-inspired creations are not designed to meet Islamic standards. Among the complaints are unsuitable necklines, hemlines and difficulty matching designs with the hijab, she said.
Kerim Ture, founder of Turkish e-tailer Modanisa told CNBC last week how he got inspired to enter Islamic fashion.