The Lagos Fashion and Design Week is an annual platform that allows local designers to come together and showcase their products. Designers also socialize and network at the event.
Founded over a decade ago, the event has helped many startups find investor or capital funding for their budding businesses. Designers have also reached a wider consumer base with their products or services.
The global fashion industry is worth $3 trillion, accounting for about 2% of the world’s Gross Domestic Product (GDP). It provides a lot of space for innovation and startup disruption.
On the other hand, Africa has a market share of less than 1%. The Sub-Saharan fashion market is worth over $31 billion, Nigeria accounting for 15% of the amount. The figure translates to $4.7 billion.
Clothing is a common product across consumer demographics.
Business startups in the fashion industry pay thousands of dollars to attend networking events, tech conferences, and trade shows. They interact with clients, meet potential investors, and receive inroads and insights into emerging technologies at the events.
Designers attend the Lagos Fashion and Design Week. However, only a few startups exploit opportunities for networking, growth, and making sales through the fashion week platform.
Fashion is highly profitable and a rare success story in the previous decade. According to McKinsey, the industry has grown by 5.5% every year. However, startups overlook the fashion industry as profitable due to existing misconceptions.
The fashion industry is perceived as niche, inaccessible, and luxury, and closed off to innovation and input from outside. However, the converse is true.
Fashion houses, designers, vendors, and brands experience similar problems as businesses in other industries. They strive to monetize faster, cut costs, and communicate with consumers faster and better. Startups are willing to pay lots of dollars for quick solutions to their problems.
According to the 2017 Fashion report by McKinsey, startups in the industry focus on enhancing their performance through leveraged new technologies.
The Lagos Fashion and Design Week allows brands, designers, and organizers to make lots of money. The cities hosting such events benefit from the revenue that’s pumped back into the city hosting the event.
Linda J. Pepper
Linda J. Pepper is the founder of the Lagos Fashion and Design Week. She’s a fashion designer with over three decades worth of experience in the industry.
Pepper created the Fashion Week platform in Lagos to allow startups, intermediate and experienced designers to showcase their products.
She helps local designers to network at the event, showcase products on the runway, and increase their potential of attracting global designers and high-end brands.
The Fashion and Design Week in Lagos has been running for several years now on end. It showcases innovative and forward-thinking designers who adopt emerging technologies in their designs.