Fashion

IFFAC Invests in African Fashion and Beauty Brands

1 Mins read

Roberta Annan, founder of the Accra, Ghana-based African Fashion Foundation and managing partner of Annan Capital Partners (ACP), launched the Impact Fund for African Creatives (IFFAC) in Paris earlier this week. Billed as a long-term capital vehicle, IFFAC supports African creative entrepreneurs by awarding grants and early-stage investments to qualified businesses, while also providing a structured form of technical and vocational skills training and a mentorship and networking platform.

IFFAC will award grants ranging from €10,000 – €50,000 ($11,600 – $58,000) to selected projects. Those entrepreneurs who successfully complete prescribed skill-building exercises will be eligible for consideration of €250,000 – €2 million ($290,000 – $2,3 million) as venture capital toward an approved business plan. According to Annan, the idea for IFFAC grew out of the African Fashion Foundation, which she founded in 2011 to empower emerging designers on the continent.

“When I was just starting to build my brand, the support I received from Roberta and the African Fashion Foundation was essential,” said Nigerian designer Kenneth Ize, one of the entrepreneurs slated to receive funding from IFFAC. “That support was what allowed me to elevate my work to a global audience.”

Other beneficiaries of IFFAC include Ethos Members Club, Chef Coco, GM & Ahrens, Mansa by Ebony Skincare.

Nigerian fashion designer and LVMH Prize finalist, Kenneth Ize, is bringing his exhibition about weaving looms, previously showcased as part of his Paris Fashion Week Men’s debut in 2020, to the Ghanaian capital of Accra.

Source: www-businessoffashion-com.cdn.ampproject.org

Related posts
Fashion

Viva Bruce: the banker turned fashion designer

2 Mins read
In times past, the programming code that was wired into our brains in terms of career path was to go to school,…
Fashion

Crocs to change clogs’ ingredients to be bio-based by 2022

3 Mins read
Brand that became fashion success story during lockdown aims to be carbon neutral by 2030 Crocs – the previously loathed shoe company…
FashionLifestyleNews

Lee Jeans joins forces with Artistic Milliners on sustainable denim

1 Mins read
Denim brand Lee Jeans has developed Cradle to Cradle Certified jeans at the gold and bronze levels in partnership with Artistic Milliners,…

Leave a Reply

Your email address will not be published. Required fields are marked *