Nigerian investor Verod Capital Management and energy drink company Red Bull have invested in West African clothing company DTRT Apparel. DTRT – ‘Do The Right Thing’ has targeted the global clothing manufacturing market, aiming to attract work that previously went to Asia, particularly China, while making a positive impact on communities in West Africa. Headquartered in the United States, the company is a joint venture between US investors and Ghanaian fashion industry veteran Salma Salifu and supplies clients in the US and Europe. It has more than 2,000 employees in West Africa, with more than 1,500 based in Ghana.
As a part of the deal, DTRT will supply “anchor customer” Red Bull with clothing. The Austrian energy drink company has turned itself into an expansive lifestyle brand, while Lagos-headquartered Verod invests in a range of sectors including manufacturing, consumer goods, business, agriculture, education, healthcare and financial services.
The investment was predicated on the very rapid growth of the Ghanaian economy, due largely to its political stability, and Ghana’s unique advantages for cost-competitive production.
