Africa's first dedicated investment company
By Megan Maritz
When we speak on the subject of fashion, more often than not the first brands that come to mind are the ones that everyone is already familiar with. Brands like Chanel, Prada, Fendi and Hugo Boss have all been household names for the past decade alone. And most of the world’s most influential fashion creatives come from these regions such as Italy, France, Spain and the United States, the same countries that have supplied us with brands that we know and love. But with these countries and brands being the top dogs in the fashion industry; we often forget how much talent the rest of the world has to offer. And this is especially true in regards to the continent of Africa. We have seen the Africa fashion scene gain more traction in the last few years, with the creation of fashion weeks similar to the ones that have already been established such as London and Paris fashion week. As well as African designers being featured in runway and fashion shows such as African designer Maxhosa by Laduma showcasing their latest collection in New York fashion week. But how long will it take for African designers to become internationally known in the same way as many mainstream designers are?
The launch of Africa’s first investment company dedicated to the international exposure of African creators and designer brands alike is a huge step in the right direction for African luxury brands. In an article written by Carlos Mureithi titled “Africa’s fashion industry has its first dedicated investment company” he details how the market for Sub-Saharan African clothing, fabric and footwear retail is roughly valued at being worth $31 billion, as well as African designs being used as inspiration for designers that operate internationally. Mureithi goes on to further explain how Africa entrepreneurs can only operate within the formal sector and have a scarcity of funds, production capacity, distribution and networks that hinder growth within this industry.
This is where Birimian Holdings comes in with their aim to support African designers and fashion brands. The company was created in order to accelerate Africa's growth in this sector not only regionally but internationally as well. Birimian will aim to provide financing from $30 000 to $3 million within different stages of growth that the company goes through. Not only that, but Birimian will help provide brand deliberation and coaching, aid companies in the strengthening of their production volume and distribution processes and lastly to help provide brands and companies with the international exposure that they need.
Birimian stated to Quartz Africa that “Rather than having the rest of the world coming on the continent to get inspired, take what they want, and use it in their own way, there is a need for us as an African brand to really strengthen our capacities to excel and shine internationally”. The investment company is already working with four afriacn brands known as Yeba from Benin, Christie Brown from Ghana, Simone et Élise and Côte d’Ivoire’s Loza Maléombho. With an already established list of brands that have received support from the company, the prospects of success in this sector is high.
Most programs with the aim to support designers entering the realm of fashion often only implement plans that last the short term and brands are often left wondering how they will sustain the growth that they have achieved. However, the same cannot be said for Birimian. As the company aims to carry out expansion plans with the goal of providing sustainable growth in the long term, both locally and internationally. This will be achieved through investors being tied in with the company for a minimum of five years, cementing in the long-term aid for partner brands and international recognition by using digital channels.
The creation of this investment company and the goals that they have promised to uphold is one that should be looked upon with admiration and support, as providing aid to help Africa and African designers to get where they need to be in the fashion world is a cause that will always be needed. It is exciting to see where this company will go in the future and the achievements they could make.