Fashion is big business in Africa and with respect to this, the African Development Bank (ADB) wants economies in the African continent to cash in on the billions to be made. For this to happen, Africa's fragmented fashion industry initially needs to be unified. Ten top countries in Africa rake in $2.5-billion in apparel exports representing only 0.55 per cent of the global figure. In the next decade, the global fashion industry is expected to double generating up to $5-trillion, the ADB disclosed. The launch of the bank's online platform Fashionomics has been put in to help.
A prototype of the website provides access to research reports details of design schools, access to funding models and financing sources and lists of jobs and business opportunities. The free online initiative will also provide a forum for industry players as well as online tutorials to those interested in Africa. Fashion veteran Clive Rundle says that the access to funding and a lack of financial know-how have been challenges for many designers.