Hivos East Africa, Equity Bank Kenya and Association of Fashion Designers in a bid to spur entrepreneurship in the fashion industry
Hivos East Africa, Equity Bank Kenya, and the Association of Fashion Designers of Kenya (AFAD) have released the findings of a study that was commissioned by Hivos to analyse the challenges and opportunities for local fashion designers and small tailoring houses in Kenya.
The report titled; “The Kenyan Textile and Fashion Industry: The role of fashion designers and small tailors in the fiber to fashion value chain”, examines how Kenyan designers and manufacturers can attract and tap into the global apparel value chains.
Speaking during the launch, Equity Bank Chief Executive Officer and Managing Director Dr James Mwangi said the findings would make the creative space more lucrative. “It provides us with insights to make progress as well as initiatives that aim to drive the interdependence in our local fashion designers whose desire to be self-reliant is unrivaled, this will eventually strengthen the creative economy,” he said.
Equity Bank also unveiled a credit product dubbed “Maridadi Business”, which is a comprehensive financial solution with credit of Ksh5,000 up to Ksh100,000,000. The proposition is designed to scale-up and strengthen the fashion industry by economically empowering players through provision of affordable financial and non-financial services tailor made to suit their needs.
“The bank is keen on bridging the gap that will connect these entrepreneurs and build structures that will enable them to compete favourably at a global level by nurturing business growth through financial/entrepreneurship training, working capital and exposure that will in return elevate the whole value chain in the ecosystem,” Dr James Mwangi added.
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According to Hivos East Africa’s Regional Director Mendi Njonjo, Kenya’s fashion industry remains largely untapped given its potential to create 300,000 jobs for women and youth. ‘’Hivos sees the findings of this study, as an opportunity to ensure women and youth are part of this huge market. Besides employment and empowerment, the textile and cotton industry offers the possibility of renewable energy powered businesses and green jobs which is a big step towards sustainable development,’’ she said.
In conjunction with AFAD, the designers will be provided with networking programme trainings and platforms to market their designs. The established fashion designers will be instrumental in nurturing the young talent on what is required to make it in the industry.
These findings come at a time when statistics indicate that Kenya’s local fashion design and apparel retail market is estimated at more than $330m a year, according to the Kenya Association of Manufacturers (KAM).
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