NIGERIA – Patricia, a Bitcoin trading firm based in Lagos, has announced a US$1.5 million investment in urban streetwear apparel brand Rooomxix to facilitate its nationwide expansion.
Patricia and Rooomxix, according to a corporate release, have been in contact since 2019 and have had a few partnerships in the past, with the current raising strengthening the alliance. The deal was concluded in April this year.
“Our confidence in securing this new financing is backed up by budding industry and enormous potential that lies in streetwear not just in Nigeria but in Africa at large. Our goal is to accelerate Africa’s transition into the global fashion scene through high streetwear,” Gbenga Adeyefa, the C.E.O of Rooomxix, said.
Rooomxix is a retail streetwear fashion firm that has been in operation since July 2018, with the goal of revolutionizing street fashion in Africa and guaranteeing that high street fashion aficionados are not limited by shipping limits when purchasing for oneself. The brand intends to make high-end streetwear more affordable and accessible across the continent.
“Our goal is to accelerate Africa’s transition into the global fashion scene through high streetwear.”Gbenga Adeyefa – C.E.O, Rooomxix
“The fashion industry, especially the high streetwear niche holds untapped opportunities for brands like Rooomxix. This new funding will allow Rooomxix to ramp up its expansion plans in Nigeria, delving deep into technology, expanding inventory for the online stores to service Africa,” CEO of Patricia Fejiro Hanu Agbodje said.
It is worth noting that discussions regarding Nigeria’s fashion business these days tend to focus on the luxury and mid-market segments, ignoring hundreds of value companies that make up a substantial portion of the industry.
In the last 10 years, the Nigerian fashion industry has grown in size and sophistication, attracting global attention. Going by GDP data from the National Bureau of Statistics (NBS), the “textile, apparel, and footwear” sector has averaged growth of 17% since 2010.
This rise has been fuelled by an increase in demand but also partly by unprecedented initiatives that continue to edge Nigeria into the global fashion consciousness, according to stearsng.com
The fashion industry in Nigeria has an incredible chance at growth if managed strategically. More so, if the industry is invested in purposefully and sustainably, it has incredible potential to empower many individuals and businesses, drive technological growth and in the long run, vastly improve the Nigerian economy.