How big is the African fashion industry?

$31 billion
The second-largest sector after agriculture in Africa is the fashion and textile industry with an estimated market value of $31 billion in 2020 and growing every year (1).

What companies hold the largest share of the fashion industry?

As one of the largest and most recognizable brands on the planet, Nike held the largest market share within the global apparel and footwear market, with a share of 2.8 percent in 2017.

What is mass market fashion?

Mass market clothing is manufactured in large quantities and made available for the open market. This clothing is typically available in standard sizes with many copies of the same design. As there is a large demand for this type of apparel, becoming a mass market fashion designer is the most rewarding at the moment.

How much is the African fashion market worth?

According to Euromonitor Internations, “the combined apparel and footwear market in sub-Saharan Africa [alone] is estimated to be worth US$ 31 billion.”

Is Zara in Africa?

Inditex-owned homewear brand Zara Home is arriving to South Africa with an inaugural store in Johannesburg, set to launch in the coming weeks. Zara Home has also recently become the first Inditex brand to launch localised e-commerce operations for the Southern Hemisphere.

Who is the largest fashion company in the world?

Top 10 world’s largest apparel companies 2016

What is the biggest fashion industry in the world?

LVMH, Louis Vuitton Moët Hennessy, a French luxury conglomerate is currently the largest fashion company worldwide. LVMH’s annual revenues reached 42.6 billion euros in 2017 and the company is valued around 122 billion euros.

Who is the biggest fashion retailer in the world?

Inditex
Inditex had the highest sales among the selected major apparel retailers and manufacturers in the world, with sales of approximately 24.8 billion U.S. dollars in 2020. Hennes and Mauritz (H&M), and Fast Retailing were ranked second and third, respectively.

Is H&M a market leader?

H&M is the world’s second largest clothing retailer, after Inditex, and the UK is its third-largest market.

What brands are mass-market?

Examples of mass-market retailers include big-box stores such as Target, Sam’s Club, and Best Buy, as well as brands like Levi Strauss and Gap, and e-retailers like Amazon. Supermarket, drugstore, mass merchandise, and warehouse chains are all considered mass-market retailers.

Is Zara a mass-market?

Leading mass-market fashion businesses offer collections more frequently than the average market. This freshness describes the fast-fashion business model, where Zara, which is capable of translating trends in products in a matter of weeks, revolutionized design, manufacturing and retailing.

Is Africa ready for luxury goods and fashion?

Roberta Annan, a Ghanaian entrepreneur creator of the foundation, African Fashion Fund, interviewed for this article believes that the 4 African countries ready for development of luxury goods and fashion in Africa are: South Africa: They have 71,000 millionaires, about 60 percent of Africa’s total millionaires.

Which international fashion brands are entering South Africa?

Major international brands such as Zara, Topshop, Forever 21 and H&M are beginning to tap the South African market, and presumably looking towards the rest of the continent too.

Will foreign luxury brands come to South Africa in the future?

Foreign luxury brands already have shops there. By 2020, Bain estimates there will be 420,000 South African households with more than $100k disposable incomes (Rice, Financial Times, 2013). Luxury companies and buyers are therefore likely to continue to look to South Africa for luxury products.

Why South Africa is Africa’s luxury shopping destination?

South Africa “The Established” is tipped as the gateway to the continent’s luxury market, largely due to its well-established shopping culture, increased international exposure, significant innovation, relatively stable and transparent pricing and convenience.