From the inception of the world, what has not gone out of trend and will continue to be in fad is fashion, what people wear and how they wear it.
Fashion is a popular style of practice, especially in clothing, footwear, accessories, makeup, and prevailing styles of behaviour that add values to human personalities.
In this era of global trade, high-fashion runways are just one part of the broader textile and apparel industry that ranges from high-end luxury brands to fast-fashion retailers and thousands of companies producing and selling clothing, shoes, and other textile products.
The global fashion market is valued to be over 3 trillion dollars, 3,000 billion, and accounts for 2 percent of the world’s Gross Domestic Product (GDP) that includes many sub industries, such as menswear, womenswear and sportswear.
The womenswear industry is valued at 621 billion dollars while menswear industry is valued at 402 billion dollars with retail value of the luxury goods market of 339.4 billion dollars.
Childrenswear had a global retail value of 186 billion dollars, sports footwear valued at 90.4 billion dollars and bridal wear industry is at 57 billion dollars.
In Nigeria, the fashion industry has started becoming an attention-grabbing vogue that young people have started finding passion to venture into which is gradually shifting attention from the western style mass has produced readymade fashion to a retail culture with custom made traditional wears taking place in many cities.
Kuddus Kolawole, Lagos State Coordinator of the Fashion Designers Association of Nigeria (FADAN) once asserted that the nation’s fashion industry is worth about 10 billion dollars, which is about N1.55 trillion and should attract investors “because it is juicy”.
In the past five years there have been numerous fashion weeks and shows organised and attended by Nigerian designers across the world. Nigerian styles are inspiring designs of world class fashion houses like Gucci and are being featured in global fashion magazines.
Foremost African financial institution, Guaranty Trust Bank is set to organise a fashion weekend event to promote enterprise in the Small Media Entreprise sector of the fashion industry. The not-so-short answer would begin with the fact that GTBank actually has an extensive footprint in fashion that goes back several years.
Previously, the bank has sponsored two of the country’s leading fashion events, The Arise Fashion Week and The Lagos Fashion and Design Week for a combined period of five years and contributed significantly to raising the international profile of African fashion through collaborations including the Ndani Installation at Selfridges and the “Double Club” Collaboration with PRADA.
This year’s extravaganza has been said to be a bigger event compared to what the bank has done in the past to support fashion to celebrate African fashion and to directly boost both the expertise and exposure of small businesses and create a platform that will truly serve the stakeholders in the fashion industry.
As Segun Agbaje, the Managing Director of GTBank, said, it is about growing SMEs in a sustainable manner that is not driven by profits but focused on empowering our customers and growing our economy collectively.
Entrepreneurs will have the opportunity to interact with and learn from global fashion industry leaders, and retail exhibitions which will showcase the wares of dozens of SMEs within the fashion industry for patronage from guests that will show how effective retail exhibitions can be seen in the very successful GTBank’s Food and Fair held in May where over 25,000 guests helped over 100 SMEs achieve record sales of their products.
At the fashion MasterClasses, participants will have the direct opportunity to interact and learn from local and international fashion industry leaders, learn how to make a profitable business out of fashion, as well as being treated to a sizzling series of runway shows featuring collections by renowned Nigerian and international luxury brands to enjoy an amazing showcase of a diverse range of affordable and luxury apparel, footwear, accessories, beauty items, and much more from budding indigenous SMEs.