Tag: fashion

Don’t just cry as your currency plunges. Here are 6 off-the-wall investments for Africans to hide their money

Art in Fashion exhibition in Germancy, featuring Vlisco fabric in the photo and draped on the picture. (Photo: Flickr/Marcdubach).
Art in Fashion exhibition in Germancy, featuring Vlisco fabric in the photo and draped on the picture. (Photo: Flickr/Marcdubach).

African central banks are currently burning through their foreign reserves at a rate faster than any other in the region in a bid to shore up their currencies, but going by recent events in Asia, they are likely to soon throw in the towel and relinquish control of their exchange rates altogether.

Thursday’s move by Kazakhstan, central Asia’s largest crude exporter, to abandon its currency peg has intensified speculation that authorities in Africa will devalue or halt intervening in their foreign-exchange markets.

Commodity-dependent nations such as Zambia and Ghana are struggling to cope with currency declines of more than 20% against the dollar since January, as global commodity prices tank. Bloomberg’s Commodity Index tumbled to its lowest this week since 2002; South Africa’s rand touched 13 to the dollar this week for the first time in 14 years.

Gold is traditionally the investment of refuge when currencies are volatile, but this year, even gold has not been spared the commodity plunge. Still, beyond the doom and gloom, there are still some opportunities to shield your savings from being decimated.

There are some  potentially “depreciation-resistant” investments that a smart African investor can put his/ her money in:

Sari

(Photo/Sandra Cohen-Rose/Flickr).

The sari is the most recognisable traditional Indian dress for women. It’s six yards of rectangular cloth, often brightly coloured and elaborately embroidered. The sari is an important part of Indian culture, worn by grown women who have come into their own, writes Shikha Dalmia in Forbes.

Africa has a large Indian diaspora, particularly in the east and south of the continent. Increasing “westernisation” is often feared to signal the demise of traditional attire, but this is rarely the case. Instead, traditional garments actually become more elaborate and expensive, because they are now only worn on special occasions. Some saris are even embroidered with real gold thread and rough diamonds, and can retail for up to $10,000.

According to one online retailer, the margins for selling saris online can go up to 200% compared to 60% in general clothing and apparel.

“Traditional” African fabric

(Photo/Marcdubach/Flickr).

What we loosely refer to as “African fabric” goes by different names around the continent, but it is recognisable by its bright colours, bold patterns, and boxy geometrical designs.

The most successful brand in the market is Vlisco; the Dutch company was acquired by British private equity firm Actis in 2010 for $151 million, and has transitioned from a retailer of fabric to a fully-fledged fashion house, releasing 20 to 30 designs every few months to outpace the Chinese imitations that have encroached the market.

As is the case with saris, “westernisation” makes jeans, trousers, shirts and blouses everyday attire, so African fabric such as Vlisco’s  increases in status and desirability – more so the “original” wax print – used to make elaborate outfits for church on Sunday, gifts for relatives, or, simply to hoard.

Vlisco has been retailing in Africa for more than 100 years, and has survived all kinds of turbulence in Africa’s political and economic history. In 2011, Africa generated 95% of Vlisco’s $250 million in net sales that year.

Single malt whisky

Whisky for sale in Edinburgh. (Photo/Petyo Ivanov/Flickr).

If you’re willing to wait a few years for your investment to mature, whiskies are known to fetch extremely high prices at auctions across the globe – particularly rare blends from renowned distilleries.

According to the Investment Grade Scotch index that is compiled by UK-based Whisky Highland, the top 100 whiskies appreciated by an average of 440% in the last six years. By contrast, the Standard & Poor’s 500 stock index increased by 31% in the same period, and the Live-ex Fine Wine 100 Index dropped by 2%.

And it’s not only “old” whiskys that are valuable. The tip for an investor is to buy a limited edition whisky – particularly those that are a run of less than 10,000 bottles. It means that there are very few bottles of that particular blend around. That’s what makes them valuable.

For example, InsidersEdge.co.uk  highlights Tun 1401, which was a limited edition release from a distillery called The Balvenie in Scotland just a few years ago. It retailed for £150 per bottle, and can now be sold for anything up to £2,000 a bottle – a 1,233% profit margin.

The most expensive whisky in the world is known as “The Constantine” from Macallan distillery in Scotland, according to CNN Money. In January, Sotheby’s sold a six-litre decanter of Macallan M for $631,000. In May, a 50-year-old bottle of Japanese Yamazaki single malt sold for $33,000.

These transactions are becoming relatively frequent, if not commonplace. Indeed, Whisky Highland expects 30,000 rare, expensive bottles to be sold at auction this year, a 50% increase on the 20,211 that were sold in 2013.

Cement, lorries, earthmovers…

Construction site in Ethiopia. (Photo/Simon Davis/DFID/Flickr).

Africa is one of the world’s fastest urbanising regions. In 2000, one in three Africans lived in a city; by 2030, one in two will do so. It means that the construction sector and industries that support those activities are bound to be in high demand. Cement is one example.

Old Mutual Investment Group’s African Equities Manager Cavan Osborne says Lafarge, South Africa’s PPC and Nigeria’s Dangote are all cement companies that have a strong footprint on the continent and are investment options worth considering.

“Everyone in the world wants to have a house, and if they already have one they want a nicer or a bigger one. That’s what makes cement such an attractive prospect,” said Osborne.

Schools and training colleges

School laptops in Nigeria. (Photo/Carlos Gomez Monroy).

Africa is the only continent in the world that is still growing, while the rest are aging. More than half the world’s growth between now and 2050 will be in Africa. Six in every ten Africans are aged under 24 years—the youngest population of any region globally.

If the right policies are drawn up, this sets the continent up for a big “demographic dividend” windfall, as workers outstrip the number of dependents. But for that to happen, these young workers have to acquire the necessary skills, and this means that post-secondary education will be in high demand.

The gold standard of post-secondary education in Africa is usually a university, conferring an academic degree. But training and technical colleges – though marginalised in Africa – are likely to make a comeback as they are a quick win for African economies striving to take advantage of the estimated 85 million jobs in light manufacturing will be up for grabs in the next few years as wages and manufacturing costs rise in China.

Good old land

View of Kisumu, Kenya’s third largest city, from Riat Hills on the outskirts of the city. (Photo/Victor Ochieng).

If you don’t have enough money for diamond-encrusted saris and 50-year-old whisky, don’t despair. In Africa, you can’t go bad with good old land, particularly if you head out to smaller cities and towns where your initial investment is likely to be lower than in the main capital city.

‘My Heritage, My Inheritance’

This is a clip from My Heritage, My Inheritance, a highly anticipated fashion film by South African knitwear designer Laduma Ngxokolo. Through his knitwear line, Ngxokolo seeks to preserve culture through contemporary fashion, and now film. This film was created to capture the deeper meaning behind the brand.

Centered around the theme of the Xhosa Ulwaluko (male circumcision and initiation) ceremony, the film chronicles the events that take place during this time – one of the most important events in the life of a young man as he graduates into manhood. Ngxokolo gives us a powerful and rare glimpse into a world reserved only for those entitled to undergo this process and educates us about the philosophies behind his brand.

 

Tuxedos, takkies and wearable art

These clothing and jewellery collections from African fashion labels speak for themselves. If you’re looking for sartorial inspiration different from the red carpet and magazine pages, you’re bound to find them here.

Jason Porshe is a luxury bespoke Nigerian menswear brand. The latest collection ‘Skyfall’ – tagged as a glorious return to the 20s by the creative director Jason Samuel – is stylish, classy, old-school and vintage. It includes tuxedos, plaid trousers, trench coats, detailed coats, and elegant suits with a colour palette that varies from classical to neutral shades.

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Yevu is an upstart menswear and womenswear fashion brand, taken right from the streets of Ghana and into the marketplace of Australia. The creative director, Anna Robertson, spent a year in West Africa and established a sustainable and ethical brand. Each outfit is handmade by Ghanaian artisans.

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Sawa Shoes is a retro sneaker brand that is 100% sourced and made in Ethiopia. Founded in 2009 in Cameroon, the brand has expanded into international markets and launched an online store. CEO Mehdi Slimani says Sawa is inspired by a ‘vintage attitude’ and he is dedicated to adding value to Africa by supporting the local industry. The premium footwear is available in a variety of styles and fabrics – low tops, high tops, leather, suede and canvas.

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Capture

Nigerian Ghanaian designer Anita Quansah launched her own London-based label of statement jewellery in 2006. Her collections have been a huge success, with international magazines like Vogue and Elle featuring her work. Each piece is handmade, unusual and unforgettable.  The latest collection, Silhouette of Power, stays true to the brand. Crystals, shells, feathers, chains, and many more are brought together to create wearable art.

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The Wambui Mukenyi label was born in 2009, after the self-taught Kenyan designer branched out from sewing for private clients to creating wedding gowns and ready-to-wear women’s fashion. Her latest collection, Fall 2014, is inspired by minimal colour and simple geometric patterns.

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Nyumbani Design is a Tanzanian-based jewellery brand. Their SS14 collection encapsulates the brand’s signature warm-coloured wooden jewellery, all of which are hand-carved with locally sourced wood from many different indigenous Tanzanian trees. This makes each piece unique in some way. The brand, founded by Kerry Glanfield, is inspired by her cultural influence from East Africa, the Caribbean and the Mediterranean. This collection is part of a wood fusion range, dipped in 24 carat gold plating.

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African designers to descend on Tshwane for fashion week

Fashion week chairperson Dr Precious Moloi-Motsepe on October 10 announced that the Mercedes-Benz Fashion Week Africa (MBFW Africa) will be taking place from October 30 to November 2.

Collections of more than 30 designers from 15 countries across the continent will be showcased in 20 runway shows in the City of Tshwane; the new host of the four-day event.

Featured in the event is Mozambican designer Taibo Bacar – last year’s designer of the year winner – as well as Mille Collines from Rwanda, Mina Evans and Duaba Serwa from Ghana, Sheria Ngowi and Mustafa Hassanali from Tanzania, David Tlale, Marianne Fassler and Thula Sindi from South Africa.

The event is a trans-seasonal showcase, which takes place yearly in October and provides a stage for African and heritage designers to present their work.

Moloi-Motsepe said: “MBFW Africa is the pinnacle of African fashion: the platform is the gateway between African designers and the global fashion community to engage and promote our local industry.

“African designers have shown themselves to be world-class in their creativity and aesthetic, and MBFW Africa strives to heighten accessibility to new markets through regional and international exposure, creating a global desire for African-designed fashion.”

Mercedes-Benz Fashion Week Africa will be held in Tshwane this year. (Pic: Supplied)
Mercedes-Benz Fashion Week Africa will be held in Tshwane this year. (Pic: Supplied)

This year’s fashion week will also feature a retail element: the Africa Fashion Trade Expo. The expo offers designers the opportunity to engage in business-to-business networking with the media and buyers as well as sales directly to the public.

For more information go to www.afi.za.com.

Rhodé Marshall for the Mail & Guardian

Boys of Soweto: a love letter to township style

Boys of Soweto is the vividly shot tale of a dapperly-dressed circle of gentlemen, a group of suave-conscious South Africans known as Boys of Soweto. The short film, shot in just a day’s work, runs like a high-end fashion spread set to jazzy tempo, a love letter to both style and township beauty, a union perhaps most colorfully represented by Boys of Soweto. Alyssa Klein interviewed director Meja Shoba for Okay Africa.

Boys of Soweto, a vividly shot tale of a dapperly-dressed circle of gentlemen.  (Pic: Okayafrica)
Boys of Soweto, a vividly shot tale of a dapperly-dressed circle of gentlemen. (Pic: supplied)

What’s the concept behind the film? What’s the story?
The concept is about six well-dressed men who make a point to look good in order to vie for the attention of a beautiful young lady who routinely passes their way. One of the gentlemen fortuitously gets close to her, and they all quickly learn that her affection is won by a simple and sweet gesture.

Is it your first short film?
I’m in UCLA’s graduate film program studying directing, so I have shot a few short narrative films already, as well as a short documentary on South African kwaito-electro duo Dirty Paraffin.

What is the most important aspect of the film? The fashion, the guys or the story?
After meeting and plotting with the guys of Boys of Soweto, we all decided to organically integrate fashion and township elegance as part of the narrative, not as independent entities. I wanted to let the sensibility of story be the core of the film, and let all other elements such as the guys’ chemistry and rapport with each other, the fashionable suits, the beautiful young lady, and the Soweto location all enhance the look and feel of the film.

Who are the Boys of Soweto?
Boys of Soweto is a South African fashion and style group consisting of Bobo Ndima, Mbali Bangwayo, Pirates football player Manti Molemo Moholo, Kronic Bonisiswe Nhleko, and Morgan Kgobane. The group has an urban sophistication to their gentleman style. They are lovers of all things fashion and are quite known in the Johannesburg scene.

What do you guys have upcoming?
At the moment I’m scripting an African inspired Charlie’s Angels-esque heist film that I wish to shoot in Johannesburg. And as for Boys of Soweto, they recently were commissioned by Palladium boots for a photo shoot and continue to keep pushing their group to the public. I have a strong feeling I will be working with the guys very soon! It was fun collaborating with them.


Alyssa Klein for Okay Africa

With more than half the population in many African nations under 25, the bright continent is currently undergoing an explosion of vibrant new music, fashion, art and political expression. Okayafrica is dedicated to bringing you the latest from Africa’s New Wave.