Browsing: Africa Fashion

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The African fashion industry is hanging on by a thread and stitch, as it continues to suffer plummeting revenues in the wake of the Covid-19 pandemic, swiftly thrusting it into economic distress. According to the research group Euromonitor, the apparel and footwear industry is cumulatively estimated to be worth $31 billion. However, the vibrant industry is teetering on the edge of a precipice, with a plethora of challenges that have brewed up a storm, with rippling effects across the supply chain due to its interconnected nature. Covid-19 has just stirred up a hornets’ nest in the industry that was already on high alert. 

Prior to the pandemic, the fashion industry was generating $2.5 trillion in global annual revenues, but is set to contract by 27 to 30% in 2020, based on a joint report dubbed ‘The State of Fashion 2020, Coronavirus update’