Lagos Fashion Week Announces Relief Grant for Nigerian Brands

Studio 189’s show on the catwalk during last week’s Lagos Fashion Week. LFW

Lagos Fashion Week has announced a 500 million naira ($1.2 million) relief grant to support 30 Nigerian fashion brands, part of a larger government program to ease the impact of Covid-19 on Nigerian businesses while also increasing the country’s export capacity.

“Fundraising for designers on the continent can be an arduous task,” said Omoyemi Akerele, founder of Lagos Fashion Week, which wrapped its latest edition Oct. 30. “Traditional lending models have stringent requirements, and most brands are not necessarily ready to go down the equity route. I believe the Export Expansion Facility grant facilitated by the Nigeria Export Promotion Council [NEPC] will help strengthen the selected beneficiaries’ access to market strategy for the next season,” she added.

According to Akerele, the beneficiaries of the grant, whose names have not yet been made public, have been selected from

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How Nykaa captured the online beauty market in India pre IPO



Storyboard | How Nykaa captured the online beauty market in India pre IPO


© Storyboard
Storyboard | How Nykaa captured the online beauty market in India pre IPO

On Day one (28 October), Nykaa owner FSN E-Commerce Ventures IPO was subscribed 1.55 times. The beauty e-tailer’s journey is a David vs many Goliaths battle. The company managed to create a community of loyal customers while facing competition from multi-category big tech platforms such as Flipkart and Amazon in India.

Watch: Nykaa IPO | Should You Add This Stock To Your Cart?

A lot worked in favour of Nykaa. The platform, which was launched in 2012, grew on the back of multiple macro factors that led to the emergence of a new segment of online shoppers. This included low-cost internet, smartphone penetration, growth in fashion spend by youth, increasing spend on fashion from tier II cities and the rising influence of social media.

This wave brought a whole set of buyers online including women.

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