Heaptalk, Jakarta — The 2024 Indonesia International Modest Fashion Festival (IN2MF) recorded a total transaction value of Rp258.7 billion, approximately US$16.3 million (US$1 equals Rp15,860). This event is part of the Indonesia Sharia Economic Festival (ISEF) 2024, organized by Bank Indonesia in collaboration with the Ministry of SMEs and the Indonesian Fashion Chamber (IFC).
The five-day main event contributed Rp72.9 billion, nearly US$4.6 million, from realized sales, commitments, potential sales, and business matching activities, including financing. The remaining amount was generated through the Road to IN2MF 2024 series, such as collaborative activities with government agencies, strategic partners, and global IN2MF events held in Abu Dhabi, Kuala Lumpur, Istanbul, and Paris.
With the theme ‘Elevating Sustainable Modest Fashion to The Global Stage,’ the festival showcased more than 1,550 looks in 20 fashion parades, resulting from collaborations with 46 Bank Indonesia regional offices actively exploring local potential in their areas. By the end of the event, it had drawn 25,000 visitors and 35,000 social media viewers.
Setting a world record for the largest modest fashion festival
This year’s IN2MF also set a world record for the largest wastra-based modest fashion festival, featuring 1,550 collections by 208 local designers and ten international designers, certified by the Indonesian World Records Museum (Muri). Participating designers included members of the Sharia Creative Industry (IKRA) Indonesia under Bank Indonesia, national designers, SMEs supported by ministries and agencies, associations, design schools, and ten international designers from Malaysia, South Africa, Australia, India, Italy, Russia, Turkey, Spain, the UAE, and Jordan.
Destry Damayanti, Senior Deputy Governor of Bank Indonesia, emphasized that modest fashion, the Sharia economy, and Islamic finance cannot stand alone. This event represents a synergy and collaboration among Bank Indonesia, ministries, industries, and communities to advance the Sharia economy and finance, particularly modest fashion, in Indonesia.
“The growth of modest fashion has been extraordinary. Bank Indonesia will fully support and commit to its development, with the key being our collective consistency in fostering and innovating in this sector. We hope IN2MF becomes a strategic platform to strengthen Indonesia’s position in the global modest fashion industry,” Destry stated at the closing of IN2MF 2024.
