Do you know that the global Fashion Industry is worth around $2.4 trillion, and that African Fashion accounts for only a marginal share of this value, at less than 5% while Asia and the USA share equally 80% of the market? Do you know that if fully developed, the African fashion value chain could have a 25% contribution to the welfare gain across the continent?
Western countries still dominate much of the higher value added portion of the textile and garments value chain, research, design, marketing and finance services. Truth is yet that globally, Africa’s cultural colours and clothing are increasingly being embraced, with international fashion houses now integrating more of African influences in their collections – while Africans themselves are starting to increasingly promote homemade attires.
Time has come for action – and the African Union Commission, in collaboration with the AfroChampions Initiative and several key associated parties, including La Francophonie (OIF), renowned financial institutions, such as the Trade and Development Bank, the African Development Bank, the Africa50 Fund, and Afreximbank, as well as several private operators, including the Office Chérifien des Phosphates, the Egyptian group Cleopatra, AeTrade or the African Fashion Federation, is launching a Pan-African Fashion Initiative, which is designed as a platform to bring in public-policy makers and private operators to define a long term roadmap to help African Fashion success in Africa – and beyond.
More to come at our special launch event on February 9th 2019 in Addis-Ababa!
Media advisory –: https://au.int/en/newsevents/20190209/african-union-commission-afrochampionstrade-and-development-bankafrica
Official invitation : attached