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Nigerian fashion startup, Rooomxix, raises $1.5m led by Patricia

Writer: Joan Aimuengheuwa

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Rooomxix
Source: Google

Worth over $30 billion in sub-Saharan Africa and $4.7 billion in Nigeria, the fashion industry should not be underrated.

Acknowledging the value of this sector, Patricia, Africa’s largest Bitcoin trading company, has invested $1.5 million in Rooomxix, a Nigerian streetwear fashion brand, to stimulate its expansion across the continent.

Explaining this, Fejiro Hanu Agbodje, the CEO of Patricia said, “the fashion industry, especially the high streetwear niche holds untapped opportunities for brands like Rooomxix. This new funding will allow Rooomxix to ramp up its expansion plans in Nigeria, delving deep into technology, expanding inventory for the online stores to service Africa.”

Rooomxix deals in retail streetwear fashion brands. The startup was built on a goal to redefine street fashion in Africa, bringing the industry into the country rather than relying on imports from other countries. This will further ensure affordability and ease in accessing this brand of fashion across the country.

Highlighting the startup’s goals, Gbenga Adeyefa, the CEO of Rooomxix, said: “Our confidence in securing this new financing is backed up by budding industry and enormous potential that lies in streetwear not just in Nigeria but Africa at large. Our goal is to accelerate Africa’s transition into the global fashion scene through high street wears.”

It is elating to say that the fashion industry within Nigeria and Africa at large is not at the rear. There is a gradual but steady increase in the sector’s acknowledgement. Appreciating Nigerian craftsmanship holds a lot of value which should not be ignored. Job creation, among other value-added products, are being birthed by the sector.

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“If we go down memory lane Nigeria had 167 Textile Mills and had 300,000 workers in its employ hence it was the second-largest employer of labour after the government. Due to the economic liberalisation of the 1980s and influx of foreign goods, and the taste Nigerians had for foreign goods the industry began to decline and companies began to close in droves to the extent that today the Textile Mills had shrivelled to 24 employing no more than 20,000 workers.”

Hamma Kwajaffa, director general of the Nigerian Textile Manufacturers Association.

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