Reports say global Muslim spending on clothing which is forecast to reach $361 billion by 2023 could be a saviour for Britain.
The Independent UK published an opinion piece which says Britain could be the base for a large slice of that massive Muslim spending spree.
“I am an entrepreneur specialising in a modest fashion. In many ways, this is a young industry, but it has been millennia in the making,” he wrote.
Fashionistas and Halal biz
But all this could be a breakthrough for fashionistas. If you want to look for a city where you could make it big in the next decade, go to London!
The reason we are referring to Hassan Mawji’s article published four months ago is that we believe in its content.
According to Hassan, as Brexit looms, there is a strong economic argument for businesses to tap into the Islamic economy, of which modest fashion is a growing part.
“Global Muslim spending on clothing is forecast to reach $361 billion by 2023 – and Britain could be the base for a large slice of that. The “Green Pound” of Muslim spending can connect the UK to some of the most lucrative consumer markets in the world,” he writes.
He says the UK is becoming a global Halal business capital. “This cuts across the entire Islamic economy, with startups and high growth businesses not only in clothing but in tourism, finance, food and other sectors.”
And he insists that London is now the Halal food capital of Europe. “For the last four years, the London Halal Food Festival has been sold out, with many UK-based brands using it to connect to customers around the world who are snapping up everything from Halal Churros to Bratwurst.”
Since London is the most welcoming place for Muslims in the Western world, far more tolerant than both mainland Europe and North America, it could become the next target for Muslim businesses.
“I’ve heard it said that London is the best place in the world to be a Muslim. I don’t know about that – but as far as I’m concerned, it’s definitely the best place to grow a business that sells to Muslim customers,” he writes.