The Business of Fashion in Kenya
Making money in the fashion industry is like putting thread through a needle hole; it requires patience and attention to detail. In August, the Festival of Fashion and Arts (FAFA) and Commercial Bank of Africa (CBA) introduced workshops on “the Business of Fashion” at Riara University. From financial management, pricing and taking advantage of technology attendees covered the full business cycle.
“We decided to increase our total sponsorship to KES 3 million this year. The sponsorship will see CBA become the exclusive bank sponsor for the FAFA events and FAFA’s official financial advisor,” said CBA’s Chief Executive Officer, Jeremy Ngunze.
Speaking on the workshops, Managing Director of Kiko Romeo, Ann McCreath said: “The courses give an amazing opportunity to listen to business gurus and be prompted to think outside the box. A successful model for a fashion business is not just about design, make a product, market it and sell it, it’s about how do you financially plan and market your business.”
Reflecting on the necessity of the classes, McCreath shared that, “ By this time in business, I should have made more money. I’m not alone in the industry we are in, there’s something we are all doing wrong.”
Among the accomplished speakers was CEO of Rich Management, Aly-Khan Satchu, whose forum “Mindspeak” McCreath credits as the inspiration behind the FAFA/CBA workshops. Satchu’s key points were: taking small bets, shaping your serendipity, good cash flow management, having passion and flexibility. “You’ve got to spend less than you earn so that you are in the game in a year’s time,” he advised. Later adding that, “The mentality you have to have is of learning and never giving up.”
A telling part of the process was when attendees had to share what they had to start, stop and continue doing to grow. Top habits to stop included procrastination, delaying decision making, underselling themselves, making excuses and failing to execute ideas to the end. Self-Mastery Coach, Jane Katuga, pointed out that all the above were forms of fear. “People don’t fear failure, they fear what people will say about their failure.”
Finding the formula for financial sustainability, brand building and personal growth is still a challenge in Kenya. It remains to be seen which students will pin point their niche, and rise in the business of fashion.
For more information, log onto www.fafa.com
