Three years ago, MallforAfrica joined the raft of Nigerian tech start-ups attracting private equity and venture capital backing.
Wealthy Nigerians used to travel abroad to get their fix of luxury goods. However these days, they can take a stroll around Victoria Island, an exclusive neighborhood in Lagos where brands like Porsche, Hugo Boss, and Ermenegildo Zegna line the streets.
The growing trend of Fashion Weeks across the African continent challenges the notion that global fashion starts in the northern hemisphere.
It’s the African cash cow that produces oil, diamonds and more recently, fashion.
Earlier this year, Nigeria became Africa’s largest economy and the 26th largest economy in the world, valued at $509 billion, based on GDP figures that were recalculated using a base year of 2010 instead of 1990.