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Project Title Or Company Name Project Costa Growth & Employment Project (GEM) Federal Ministry of Industry, Trade & Investment World Bank Assisted Final report – Fashion Segment Reliance Restricted 15 May 2018 | Version 1.0 (Final) 15 May 2018 | Version 1.0 (Final) Reliance Restricted Federal Ministry of Industry Trade & Investment Growth and Employment (GEM) Project Block G, Room 225 Old Federal Secretariat, Area 1 Garki, Abuja Ernst & Young Nigeria Final Market Study Report - Fashion Segment 15 May 2018 UBA House 10th Floor Dear Sirs, 57, Marina Lagos In accordance with your instructions, we have performed the work set out in your engagement agreement dated 11 September 2017 (the “Engagement Agreement”) in connection with the market study of four (4) value chains across different locations (the ey.com “Market Study”). Purpose of our Report and restrictions on its use This final report was prepared on the specific instructions of the Federal Ministry of Industry Trade & Investment for the Growth and Employment (GEM) project objectives, and should not be used or relied upon for any other purpose. This Report and its contents may not be quoted, referred to or shown to any other parties except as provided in the Engagement Agreement. John Uwajumogu We accept no responsibility or liability to any person other than GEM or to such party to whom we have agreed in writing to Partner-Transaction Advisory Services accept responsibility in respect of this Report, and accordingly if such other persons choose to rely upon any of the contents of Ernst & Young, Nigeria this Report they do so at their own risk. Transaction Advisory Services Nature and scope of the services T +234 1 844 9962 The scope and nature of our work, including the basis and limitations, are detailed in our engagement letter. M +234 815 082 9090 F +234 1 844 9963 This final written report comprises the Fashion segment market assessment, where we have summarised our key findings, E [email protected] together with references to the supporting analysis. Our work commenced on 11 September 2017 and was completed on 15 May 2018, therefore, does not take account of events or circumstances arising after 15 May 2018. Whilst each part of our Report addresses different aspects of the terms of reference for this engagement, the entire Report should be read for a full understanding of our findings and advice. We appreciate the opportunity to provide our services to Federal Ministry of Industry Trade & Investment. Please do not hesitate to contact us if you have any questions about this engagement or if we may be of any further assistance. Yours faithfully, John Uwajumogu Project Costa: Final report – Fashion Segment | Page 2 of 83 15 May 2018 | Version 1.0 (Final) Dashboard 1 Introduction 7 Policy, legislation & case ... 2 International Overview 8 Business factors impacting ... Table of contents 3 Nigerian Overview 9 Policy factors impacting ma ... 4 Market sizing 10 Risk assessment 5 Value chain 11 Strategic recommendation ... 6 Competitive landscape Introduction International Nigerian Market sizing Overview Overview 1 2 3 4 Page 4 Page 6 Page 10 Page 14 Value chain Competitive Policy, legislation Business factors landscape & case studies impacting ma ... 5 6 7 8 Page 20 Page 30 Page 36 Page 43 Policy factors Risk assessment Strategic impacting ma ... recommendat ... 9 10 11 Page 48 Page 50 Page 54 Project Costa: Final report – Fashion Segment | Page 3 of 83 15 May 2018 | Version 1.0 (Final) 1 Introduction In this section Page Project background, objectives and coverage 5 Project Costa: Final report – Fashion Segment | Page 4 of 83 15 May 2018 | Version 1.0 (Final) 1 Introduction 1 Introduction 7 Policy, legislation & case ... 2 International Overview 8 Business factors impacting ... Project background, objectives and coverage 3 Nigerian Overview 9 Policy factors impacting ma ... 4 Market sizing 10 Risk assessment 5 Value chain 11 Strategic recommendation ... 6 Competitive landscape Project background Project objectives and methodology • The Government of Nigeria has emphasized the importance of diversifying the • The objective of this study is to provide the GEM project with a deep market economy, supporting sectors that have potential for growth and creating massive understanding of selected value chains (VC) within Nigeria, and an appraisal of their employment. competitiveness in relation to other countries recognized for significant trading in these value chains. • In line with this commitment, the Government has sought the World Bank’s partnership to help Nigeria support Micro, Small and Medium Enterprises (MSME) • The study methodology adopted involved all three research parameters namely operating in different high potential sectors throughout the country. desk research, qualitative interviews with industry stakeholders and a quantitative survey of selected value chain players across several states. Value chain players • This support is being implemented under the Federal Ministry of Industry, Trade surveyed were drawn from the following sub-sectors: and Investment (FMITI) and operationalized in the Growth and Employment (GEM) Project by the Project Implementation Unit (PIU). 1. Textiles: Locally manufactured semi-finished and finished fabrics • Project support addresses cross cutting sector issues, assistance to specific 2. Leather: Raw, semi-finished and finished leather products clusters, and more direct support to firms channeled through a platform called the Business Innovation and Growth (BIG) Platform providing various trainings, 3. Accessories: Semi-finished and finished accessories technical assistance and grant schemes. Scope of study Fashion is best defined simply as the style of clothing/accessories worn at any given time by groups of people. The global fashion industry encompasses the design, manufacture, distribution, marketing, retail, advertising, and promotion of all types of apparel (men’s, women’s, and children’s) from expensive haute couture and designer fashions to ordinary everyday clothing. For the purpose of this report, the Nigerian fashion industry has been sub-categorized into 3 broad markets, as defined below. Textiles: Leather: Accessories: Locally produced woven fabric and yarn, locally Locally produced leather stock, imported leather Locally produced and imported jewellery and beads produced clothes, imported clothes, imported fabric, stock, locally produced and imported leather shoes, (earrings, necklaces rings) as well as wrist watches. imported second hand clothes. Also includes hats belts and bags. Also includes ancillary items like cufflinks, buttons and scarves. and non-prescription eyewear. Project Costa: Final report – Fashion Segment | Page 5 of 83 15 May 2018 | Version 1.0 (Final) 2 International Overview In this section Page International Overview 7 Project Costa: Final report – Fashion Segment | Page 6 of 83 15 May 2018 | Version 1.0 (Final) 2 International Overview 1 Introduction 7 Policy, legislation & case ... 2 International Overview 8 Business factors impacting ... International Overview 3 Nigerian Overview 9 Policy factors impacting ma ... 4 Market sizing 10 Risk assessment 5 Value chain 11 Strategic recommendation ... 6 Competitive landscape The Global Fashion Scene Table 2.1: Fashion Spend for the leading global fashion countries ► The global fashion industry is estimated at US$1.9trillion, based on aggregate fashion spend in 2017. The fashion industry accounted for about 2.4% of the world’s aggregate US$'bn 2015 2016 2017E 2018F 2019F 2020F 1 Gross Domestic Product (GDP) in 2017. USA 402.5 410.9 426.3 440.8 456.3 472.3 ► The global fashion industry is dominated by the United States of America, China, India and China 258.8 254.1 272.0 302.4 330.6 359.5 Western Europe. Table 1.1 shows a breakdown of fashion spending in the leading fashion markets, and the aggregate annual contribution to global fashion. India 86.7 92.6 106.4 117.2 128.5 140.8 ► The global spend in the leading fashion countries has been driven mainly by population size UK 99.9 92.4 91.5 97.4 102.3 108.1 and disposable income per capita. Japan 82.5 91.8 91.6 91.6 93.3 97.7 ► Global fashion brands have been drawn to the Chinese, Indian and Brazilian markets Brazil 76.5 76.7 85.3 88.5 90.9 96.1 primarily due to the demand created by high population and increasing spending power. Zara entered the Indian market in 2010; and in 2015 the company announced record Germany 77.5 78.2 78.9 77.0 80.8 82.4 revenues of over US$100million from less than 20 retail outlets. 2 Italy 70.8 71.2 73.0 71.4 75.0 76.7 ► In addition, the interest rates in these countries fall within the range of 0.01% and 6.5%, (excluding Brazil, with interest rate of 14.2%) providing cheap financing to entrepreneurs. France 50.0 51.5 51.5 50.7 49.6 48.8 Spain 38.6 39.4 40.3 41.1 41.2 41.7 ► In Western Europe, cheap financing is driven by the quantitative easing program of the European Central Bank, which is aimed at reducing interest rate through the purchase of 1,243 1,259 1,317 1,378 1,449 1,524 Eurozone government bonds. This has aided the development of the European fashion Estimated Global fashion spend 1,829 1,818 1,936 2,064 2,173 2,290 industry, as fashion designers and retailers have been encouraged to access debt facilities, to aid business expansion and export of their merchandise and retail goods. 3 Top 10 countries contribution 68% 69% 68% 67% 67% 67% ► Increasing life expectancy rates in Japan continue to slow historical fashion industry Source: Business Monitor International growth due to the static tastes of the older demography, who are unreceptive to emerging fashion trends. Table 2.2: Global Macroeconomic Indicators – 2017E ► Pending international economic policies stemming from the Brexit vote and the political transition in the United States have resulted in a growth decline in fashion spend.
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