Fashion Means Business!

The Business of Fashion!

Fashion Means Business!

I am going to change the fashion business narrative in Africa… I know it’s a bold and audacious statement, but at Big Startup, we THINK BIG and start small. There is an underlying narrative that says fashion is for hobbyists and isn't real business. Well, let me give you some stats - Zara is a Spanish fast fashion retailer based in Arteixo in Galicia. It is the main brand of the Inditex group, the world's largest apparel retailer. Zara has more than 2200 stores in 96 countries and in 2017 started to manage approximately 20 apparel collections annually!! The company has grown overall sales by about 50% in five years to $17.5 billion. LVMH, is a French multinational luxury goods conglomerate which was formed in 1987 under a merger between Louis Vuitton and Moet Hennessy. A mix of fashion & leather goods, perfumes & cosmetics, wines and spirits. It controls around 60 subsidiaries that each manage a small number of prestigious brands and operates over 2,400 stores worldwide. In January 2018, LVMH announced record sales of 42.6 billion Euros for 2017. In the same year, the net profit increased 29%. Hermès International is a French high fashion luxury goods manufacturer established in 1837. It specializes in leather, lifestyle accessories, home furnishings, perfumery, jewelry, watches and ready to wear. Known for luxury goods by 2008, Hermès had 14 product divisions that encompassed leather, scarves, ties, men's and women's wear, perfume, watches, stationery, footwear, gloves, enamelware, decorative arts, tableware, and jewelry. In February 2015, Hermès announced an increase of its turnover of 9.7%, which represents more than $4 billion in sales. The difference between these brands and yours is quite simply, YOU. Are you daring to dream big? Are you treating your fashion business as a hobby? Have you put the right structures in place to ensure that your business is sustainable? Or are you releasing one collection every 2 years and expecting your brand to go global? These are some hard questions you need to answer. I’m here to ensure that fashion entrepreneurs are building brands with strong identities. Brands that know who their customers are and are meeting their needs. Brands that are creating a seamless shopping experience, brands that are investor ready and are generating the sales of their dreams. If that describes who you want to be then get ready to put in the work!! Wonuola Okoye Principal Coach Big Startup Sign up HERE for one of our tailored services, designed to meet the needs of new and existing fashion entrepreneurs and you’ll be on your way to building your fashion brand and becoming a Startup Star.