Global revenue from fashion industry to hit $5tr in 10 years

The fashion industry, globally, is expected to double in the next 10 years, generating up to $5 trillion yearly, organisers of the African Fashion & Arts Award (AFAA) disclosed, yesterday. 
 
Calling on African investors in the fashion and arts industry to seek improvement in intra-African trade and business relationships, the organisation noted that “in the United States of America alone, $284 billion is spent every year on fashion retail through the purchase of 19 billion garments.”
 
Founder and President of AFAA initiative, Kingsley Amako, declared at a briefing in Abuja, that “this presents a tremendous opportunity for Africa at various levels of the value chain, from design to production to marketing, because the fashion industry is a profitable business.”
 
Amako disclosed that fashion and arts industry is the most popular among Africa’s 1.4 billionpopulation, adding that over 65 per cent of that population, which comprised persons within ages 12 to 35 years, is in the industry. 
 
Speaking on the coming third anniversary of AFAA scheduled to hold in Abuja in December, Amako insisted that the attention to the fashion and art is the way to go.