By Leila Bardien – Textile Industry Stalwart, Retail Entrepreneur,
Fashion Technology Enthusiast
Fashion was feeling the strain of it’s impact on the world which came
under greater scrutiny when the United Nations released the global
charter of the Sustainable Development Goals (SDGs) in 2016.
Fashion has been impacted heavily by the Retail apocalypse which
started unfolding in 2017.
And now fashion faces it’s the most tragic opponent in decades… The
crown itself, Covid-19.
But all is not lost, this has created an opportunity for Africa. Great
opportunity. Provided we approach it sensibly and leverage the great
enabler… technology.
For the past few years, Africa has gained attention for the possibility
that it represents. From bold maximalist prints to truly authentic
artisanal crafts. Inspiring key events from Maria Grazia Chiuri’s cruise
collection staged in Morocco during April 2019, to the young South
African designer, Thebe Magugu claiming the prestigious LVMH prize in
September 2019 with his compelling storytelling collection. Talent and
artisanal skills are abundant.
But this alone will not move the needle.
On 1 December, Mckinsey in partnership with the Business of Fashion
(BoF) released the annual State of Fashion Report. The report candidly
discusses major themes affecting the fashion economy AND assesses a
range of possibilities from an executive viewpoint. If talent was the
only consideration we would be leading the charge but it’s not. To
remain competitive and on par with our global counterparts, we need to
devise multiple strategic scenarios to “navigate the road to recovery”
as mentioned. In a nutshell – think global, act local.
A key discussion point would be understanding e-commerce which
experienced major growth levels due to lockdown regulations.
Fortunately, Juliet Anammah, Chairperson of Jumia Nigeria shares their
approach in this report providing us with the much needed African
perspective. She advises that e-commerce remains a long-term play with a
disciplined approach to reaching profitability, remaining confident in
the growth opportunities in comparison to competitors Konga and
Takealot. Fashion businesses, particularly early-stage need to seriously
consider this long-play insight by Anammah, as they now have another
runway to consider that requires a burn rate calculation.
To formulate your own perspective and put yourself ahead of the curve,
download the cutting edge report here
tunity as a Fashion Nova
