Sub-Saharan Africa’s apparel, textile, and footwear market is estimated to be worth $31 billion, and its fashions are often an inspiration for international designers. But many of its entrepreneurs operate in the informal sector. A lack of wide access to capital, low production capacities, and small distribution networks limit the industry’s growth potential. In response to this, a new investment company has launched exclusively targeting African fashion brands; getting into the continent’s multi-billion-dollar fashion industry as it looks to scale it up. Birimian Holdings aims to support African fashion brands in the continent and diaspora to facilitate and accelerate the growth of their businesses regionally and internationally. Birimian, run from Abidjan and Paris, wants to provide brands with long-term financing of $30,000 to $3 million at different growth stages. It will provide brand consultation and coaching, help companies strengthen their production and distribution capacities, and give them international exposure. In addition, the company aims to help brands strengthen their internal control and financial planning processes, and implement sustainable expansion plans. Launched in 2015, the Fashionomics Africa initiative helps African entrepreneurs in the textile, apparel, and accessories industries create and grow their businesses, including by easing access to finance.
SOURCE: QUARTZ AFRICA