Share FacebookTwitterPinterestLinkedinWhatsappTelegramEmail 295 African fashion has boomed in recent years, fuelled by the rise of Afrocentrism and changing perceptions of the continent. Today fashion designers are leveraging its rich cultures, history, and fabrics to create a name for themselves. The apparel and footwear industry is also seeing growth and is estimated to be worth US$31bn in sub-Saharan Africa, according to the research group Euromonitor. Ethiopia’s low-cost textile industry has recently attracted interest from foreign retailers – the industry has experienced growth of 51% over the past six years. H&M and Tesco are already sourcing garments from the market, while PVH Corp (which owns the Calvin Klein brand) has recently set up a factory in Ethiopia’s Hawassa Industrial Park, a mega facility located 275km southeast of the capital, Addis Ababa. More Articles You Would Love VIDEO: Lupita Falls In Love With Accra After Her Recent Trip & Pens A Love Letter; Watch What She Got Upto Here Fashion Enthusiast Ivy Prosper Creates Petition To Ban Lutterodt Of Air For Saying Rape Victims Enjoy The Act Mauritius is Africa’s leading manufacturer and seller of apparel abroad – accounting for $761.3m in apparel exports, according to the African Development Bank (AfDB). And in Lesotho, apparel makes up 60% of total exports and 80% of its manufacturing workforce. But despite this, Africa’s clothing and fashion industry is still in its infancy. For example, the 10 largest textile exporters make up only 0.5% of worldwide textile production, reveals the AfDB. And although the continent produces 10% of the world’s cotton, much of this is exported to Asian markets, where it is spun into yarn and then woven into fabric. Not enough value is added on the continent. Furthermore, while the AfDB estimates Africa’s fashion industry could be worth $15.5bn over the next five years, this is only a small share of the industry’s global value of $1.3tn. High operational and logistical costs, alongside little government support, are some of the major limitations facing the industry. As a result, 90% of African fashion businesses are SMEs that lack the funds, skills, and support to grow beyond the small stage and to scale operations. In an effort to address this, the AfDB is launching its Fashionomics B2B platform – which looks to build up African fashion in the global value chain. The platform will be made public in the first quarter of 2017 and aims to strengthen each link of the value chain – from cotton farmers to fashion designers. Read Full Article Here Ghana Economics & Politics african fashioneconomicsfashion Share FacebookTwitterPinterestLinkedinWhatsappTelegramEmail Afua Akoto More For You #fGSTYLE: From The Church To The Lounge; Treat Your Sundays With These Trendy... #OOTD: Queen Of Afrobeats Yemi Alade Proves She’s Still The Queen Of African... #BeautyOfTheWeek: Check Out Stunning Images Of SA’s Vitiligo Super Star Yolanda Monyai From... VIDEOS: Tunis Fashion Week 2024 Ended With A Bang, Watch Snippets & See... “There Is A Risk Europe Could Die” Macron Speaks Shortly After Losing Control... PICS: “A Bald Woman Knows Her Kingdom” Gorgeous Top African Model Ayen Monica... #OOTD: Rutie B Hits Us With A Perfectly Stylish ‘Break-Out-The-Norm’ Top & Down... Nigerian Designer Uduak & Asiko Artist Recreate Yoruba Mythology & Gods in Stunning... Trashy Rap Star ‘Megan The Stallion’ Is Being Sued By Her Camera For... #OOTD: Nigeria’s Prudential Atelier Shakes Up The Internet With This Astonishing Wedding Guest... Leave a Comment Cancel ReplyYou must be logged in to post a comment. This site uses Akismet to reduce spam. Learn how your comment data is processed.