Traders ought to see Nigeria’s trend trade as subsequent oil, gold – Lexy

Traders ought to see Nigeria’s trend trade as subsequent oil, gold – Lexy

Lexy Mojo Eyes is the founding father of Legendary Gold Restricted which owns and organises The Nigeria Style Present, the Nigeria Style Week, the Nigeria Style Awards, the Nigeria Mannequin Awards and their new initiative – Africa Style Reception. By means of one in every of his occasions, the Nigeria Style Week, he had the primary going inexperienced trend initiative in Africa. It attracted worldwide media protection from CNN, BBC, Aljazeera, REAUTERS and many others. On this interview with IFEOMA OKEKE-KORIEOCHA, he speaks on the challenges and potential for the expansion of Nigeria’s trend trade.

Findings have proven that the 4 largest french firms are all cosmetics and trend manufacturers. These embody LVMH valued at $500billion, L’Oreal valued at $238.98billion, Hermes valued at $212.88billion and Dior valued at $157.69billion. The style trade in Nigeria nonetheless haven’t scratched the floor to contributing considerably to Nigeria’s GDP. I’ll due to this fact wish to ask why do you suppose Nigeria’s trend and cosmetics trade isn’t doing very properly as regards taking a superb chunk of the nation’s GDP?

They aren’t doing in addition to they need to as a result of we’re nonetheless very younger within the enterprise and severe buyers haven’t but began taking a look at this sector as severe enterprise. Gamers on this sector are nonetheless SMEs and never large conglomerates. Bernard Arnault who owns Louis Vuitton, Christian Dior, Givenchy, Tiffany’s, Marc Jacobs, Sephora, Fenty Magnificence and so forth is as we speak the richest man on the planet with $211 billion. He simply over took Elion Musk. However you probably have adopted these manufacturers intently, they’ve been there for many years and plenty of big, consented and deliberate funds have been pumped into these manufacturers over time

What classes do you suppose Nigeria can study from France on the way it has leveraged trend and cosmetics to develop its financial system?

Traders ought to significantly begin trying on the trend and wonder trade together with their worth chains as the following oil and gold. These merchandise are every day necessities. Everybody wears garments and makes use of beauty merchandise every day. So, this reveals you the financial viability of those sectors.

Do you suppose the successes that France has made in it’s trend and cosmetics trade is an indication individuals suppose extremely of French trend, creativity, life-style and tradition?

The French authorities for hundreds of years recognised this sector as a serious overseas change earner for France. So, they put every part in place to make the trade thrive. France has no pure sources like Nigeria that has oil and so many others. So, they created and made viable the style and wonder trade. Sure, Nigeria has oil, but when our authorities create the enabling setting within the magnificence and trend industries, Nigeria can make more cash in these sectors than in oil and fuel industries put collectively.

Past high quality, why do you suppose the world desires to purchase from these French manufacturers?

It is because they’ve created, outlined, redefined and perfected what luxurious merchandise in trend and wonder needs to be. Once you speak about trend, you speak about Paris and Milan first. These cities personify what craftsmanship is all about in these sectors. It’s centuries of perfection and investments

Some say, the success of those manufacturers is a facet impact of excessive taxes and value of operations in lots of EU international locations. Corporations who face these circumstances concentrate on luxurious items the place they will demand greater margins. What’s your tackle this?

Luxurious merchandise isn’t about how costly the merchandise are or the excessive taxes on them. It’s a few set of merchandise which might be meant for the excessive and mighty. It’s meant for the upper echelon of each society around the globe. For these high-class group of individuals, its not about how costly. It’s about how unique and particular the merchandise are. In reality, the costlier they’re, the extra enticing it turns into for them.

What extra; do you suppose trend trade in Nigeria must meet up with their contemporaries in different international locations?

Nigerian designers are as much as the duty. Most of them are even higher than the artistic Administrators within the international manufacturers. However the distinction is overseas, they run as conglomerates with big investments made on them whereas in Nigeria, they nonetheless run as particular person manufacturers and SMEs. The massive manufacturers overseas have been in a position to separate enterprise from creativity getting the most effective arms to deal with the assorted elements. However in Nigeria, the Artistic Director handles the enterprise facet too. Most of them are solely artistic individuals

What are the challenges and prospects of trend and cosmetics trade in Nigeria?

The most important problem is capital to remodel them from small to large manufacturers. The trade wants the enterprise individuals to take cost of the enterprise elements. Additionally, an enabling setting by authorities which ought to embody beneficial insurance policies. The prospects are monumental and large with unimaginable future. With over 1.3 billion individuals in Africa alone, we don’t want the remainder of the world to make the numbers. Then now add the remainder of the world to it you may think about the prospects

What’s the price (in naira) of the Nigerian trend trade?

Information will not be all the time very appropriate. However Euromonitor means that Nigerian trend market is price $4.7 billion

Style entails a whole lot of issues from clothes to equipment to cosmetics and many others. Which of those section sells extra in Nigeria and why ?

All of them promote very properly.

Would you hyperlink Nigeria’s not-so-good efficiency in trend trade to the extent of poverty within the nation ?

It’s all about correct branding and extra investments within the sector. It’s not in regards to the stage of poverty.

As a giant title within the trend trade, are you able to share with us your journey within the trade and why you selected this area?

I pioneered the Nigerian trend trade from 1990 until date. I reoriented Nigerian designers to look inward to native materials, equipment and designs. It is because I knew that is the one method Nigeria and the style trade can earn wanted overseas change that may contribute to the Nigerian GDP. It’s nonetheless work in progress. I additionally reoriented Nigerians to put on Nigerian garments. Earlier than I got here into the scene, Nigerians by no means put on native garments. However as we speak, made in Nigeria garments is our delight. Presently, with my partnership with the African Union and UNESCO, I’ve within the final 13 years moved the marketing campaign to the remainder of Africa. We’ve labored and promoted designers and trend entrepreneurs from over 46 African international locations and shortly we shall be in all 55 African international locations.

Might we all know among the large manufacturers within the trend sector that if properly harnessed, can put Nigeria on the worldwide map?

They’re rather a lot, and there are extra arising.

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