Challenges of the fashion business:
The list below are challenges fashion business faces in Nigeria
High installation costs:
Based on the sort of style company in Nigeria you are establishing, it might either be extremely cheap to begin or quite expensive to implement.
Rising costs of manufacturing:
Fluctuations in exchange rate worth makes the price of products and services leap. After the currency depreciates, it falls against the US dollar cost, inducing the local market price to grow.
Marketing & Revenue:
Building a trusted distribution system can be hard for several fashion entrepreneurs. Therefore, they will need to employ experienced sales individuals who might eat deeply into their profits. The limitations fashion entrepreneurs face in marketing their own goods induces many to have reduced turnovers, which eventually contributes to lots of closed stores.
Sourcing credible producers:
Locating reliable manufacturers in overseas countries can be tough, particularly when you’re highlighting your study on the net. With many non-credible folks masqurading themselves online since garment makers, obtaining a mill that would actually create exactly what you would like in the perfect quality, quantity, and cost can prove to be hard to discover.
Staying up-to-date with all the tendencies:
To remain busy and not get hauled off from the contest, fashion brands across the globe must continuously innovate. They have to launch a new fashion each year or so, and be certain they’re designing their own wears in song to the current marketplace needs.
Contest:
The fashion industry in Nigeria is quite crowded, and thus, profitability is hard to reach, particularly for those that are working in tight markets. Unless a style manufacturer can successfully differentiate itself from other people, and still produce a societal ripple impact with its brand name, while offerring a superior service at very competitive rates, breaking even would be tough to realize.
