Turmeric Capital invests in homegrown Saudi streetwear brand, 1886, and ethical luxury label, Abadia
Fashion Commission and Turmeric Capital sign Memorandum of Understanding
New York City – Investors and fashion stakeholders met in New York City this week at a roadshow hosted by the Saudi Fashion Commission. Designed as a platform to discuss Saudi’s growing fashion ecosystem and opportunities to invest, the roadshow saw the announcement of strategic partnerships facilitated by the Fashion Commission.
Held at the St. Regis, the event saw newly minted agreements, including investments into two brands by leading consumer-focused private equity firm, Turmeric Capital: Saudi-founded elevated streetwear brand 1886 and ethical luxury label, Abadia. The first-of-its-kind involvement in Saudi fashion brands by an international investor will see 1886 and Abadia’s founders supported by cash incentives from Turmeric Capital and matching support in services from the Fashion Commission.
The collaborations between Turmeric Capital and the two brands are complemented by a Memorandum of Understanding between the PE firm and the Fashion Commission. Intended to create an ecosystem that supports the growth of local SMEs in the fashion with high scalability potential, the partnership will see both organizations share resources and expertise to enable the development of globally competitive brands rooted in Saudi culture.
Burak Cakmak, CEO of the Saudi Fashion Commission, said:
“From Paris to Milan, to New York, the Saudi Fashion Commission is traversing the globe to support the Saudi fashion sector as it grows and supports diversification of the Saudi economy.
“The return to New York this year is an incredible moment where we are witnessing key milestones – for Saudi brands as we help them secure international investment, for the Commission as we continue to put our mark on the global stage and for the Saudi fashion industry as public awareness grows.”
Commenting on the Memorandum of Understanding, Ravi Thakran, Chairman of Turmeric Capital, said:
“I am very proud of our collaboration with the Saudi Fashion Commission. With our complementary skill sets, we are contributing to the Saudi fashion eco-system and working towards the objectives of Vision 2030. There is no better way to do this than by backing future Saudi entrepreneurs.
“The momentum I see in Saudi Arabia today is very similar to what I noticed in China when working there with LVMH from the early 2000s.
“A decade from now, I believe books will be written about the colossal changes as Saudi increases its economic presence across Asia.”
The roadshow’s day-long agenda included keynotes by HRH Princess Reema bint Bandar Al Saud, Ambassador to the United States, Saudi Arabia, panel sessions attended by the likes of Jeffry Aronsson, Founder & CEO, Aronsson Group and Huda Al Lawati, Founder & CEO, Aliph Capital and Karla Martin, US Fashion & Sustainability Lead, Deloitte.
Bringing together fashion investors and luxury goods companies, designers, and sustainable manufacturing experts, the Commission sought to build on and accelerate the progress made in attracting foreign investment.
Saudi Arabia’s fashion currently industry holds the largest projected growth rates of any other large, high-income market, according to the ‘State of Fashion in the Kingdom of Saudi Arabia (2023)’ report. From 2021 to 2025, retail fashion sales in Saudi are expected to surge 48% to $32 billion, representing an annual growth rate of 13%. This growth is expected to be fueled by the Kingdom’s economic expansion and growing population with apparel, accessories, footwear and luxury goods poised for significant gains. The value of luxury fashion purchases in the GCC hit $9.6 billion in 2021, with Saudi Arabia posting 19% growth.
The Fashion Commission departs New York with Riyadh Fashion Week due to take place 20-23 October in the Saudi capital. The inaugural event will exclusively focus on showcasing domestic talent, setting a new precedent in fashion while celebrating local creatives and sustainable craftsmanship.
For media enquiries, or to request an invite to press events, please contact: fc@moc.gov.sa
About the Fashion Commission:
Founded in 2020, the Fashion Commission is leading the development of the Kingdom’s fashion sector. By driving investment and building robust regulatory frameworks, the commission is supporting the next generation of Saudi fashion talent as they aspire to reach their full potential. The commission is enabling the sector while preserving the Kingdom’s vast heritage in fashion and empowering Saudi fashion designers.
Together with the Ministry of Culture, the commission is working to unlock a thriving cultural sector to preserve and elevate the traditions that make the Kingdom unique.
To learn more about the Fashion Commission, please visit:
Twitter: @FashionMOC | Instagram: @fashionmoc | website: https://fashion.moc.gov.sa/en (English)
About Turmeric Capital:
Turmeric Capital, was founded in 2021 by Ravi Thakran. He previously founded and led L Capital Asia (now L Catterton Asia) as its Chairman and Managing Partner for its first three funds, which went on to become one of the largest consumer focused growth investors in Asia.
Mr Thakran has accumulated operating and investing experience across consumer markets in a variety of leadership positions at LVMH, Swatch Group, Nike and Tata Group.
The Fund team has more than 100 years of cumulative investing experience in the consumer sector.
Turmeric Capital team has a network of strategic relationships around the world to implement strategic plans to foster growth, operational excellence and deep category insight.
About 1886
Founded in 2016 by Saudi designers Fahad aljomaiah, Khalid Aljammaz and Meteb Alzaidi ‘1886’ is a creative, imaginative, and unique elevated streetwear brand – a first of its kind in Saudi Arabia.
1886 represents an exploration of the human mind and the wonders it can create, constantly pushing boundaries and using the newest technologies, designs and textiles. With a visionary outlook and shared passion for music, art, design and street-style movements, the founders set out to merge each of these elements into their brand.
The brand’s mission is to create a captivating label that resonates deeply with millennials and Gen Z, capturing the essence of a rapidly moving world. Through an innovative approach, the brand has set the standards for the fashion scene in Saudi Arabia.
For more information, visit www.1886fashion.com
Facebook: https://www.facebook.com/fashion1886
Instagram: @my_1886
TikTok: @my_1886
YouTube: @fashion-qo1cc
About Abadia
Abadia is an ethical luxury brand that stands at the forefront of reimagining fashion for the contemporary woman. With its signature aesthetic of combining feminine ease with masculine structure, each piece is created to be a timeless addition to the Abadia woman’s wardrobe.
The brand is known for its commitment to preserving the craftsmanship of the Arabian Peninsula, and that is evident through its strong and continuous partnerships with the artisan community.
Abadia is conceived for the global multidimensional woman whose fashion choices echo her personal values and lifestyle. She is one who seeks out unique pieces, who cares about the impact of her decisions on people and the environment, and who takes pride in her personal and cultural stories.
