On the 5th of October 2021, the Impact Fund For African Creatives (IFFAC) was officially launched at an exclusive event during Paris Fashion Week.
IFFAC is the first long-term support for African creatives which aims at investing in private small and medium sized enterprises that specialize in the creative, fashion and lifestyle industry with one of its core focus being investments in production and raw material sourcing. The Fund, with a size of €100 million, aims to address a lack of capital and management skills required to leverage the power of African creative and cultural industries. IFFAC intends to expand the social capital of African countries thus contributing to the United Nations Sustainable Development Goals and promote inclusive growth in these economies.
The IFFAC launch also served as a springboard for the unveiling of the Ambassadors Collective, an initiative of African Fashion Foundation. African Fashion Foundation (AFF), an aggregator for IFFAC, is a non-governmental organisation that empowers emerging fashion designers and creative professionals from Africa and its diaspora to succeed amid the shifting tides in the global fashion industry. Over the years, the African Fashion Foundation has provided professional and educational developmental opportunities in partnership with established players in the fashion industry to support the success and progression of the African creative economy.
Conceived following the 2021 AFF industry retreat, The Ambassadors Collective is an initiative of the African Fashion Foundation established to support and nurture African creativity by fostering collaboration amongst African Fashion brands. Under the Ambassadors Collective, AFF will spearhead various projects, one of which was The Ambassadors Collective exhibition showcase at the IFFAC Launch. Featuring designers: Adebayo Oke-Lawal of Orange Culture, Adama Amanda Ndiaye of Adama Paris Studio, Alima Bello of Bello Edu, Emmanuel Okoro of Emmy Kasbit and Elie Kuame of Maison Elie Kuame, took part in a runway presentation and a fashion exhibition showcase.
Speaking at the launch of The Impact Fund For African Creatives (IFFAC) alongside The Ambassadors Collective showcase, Founder of African Fashion Foundation (AFF), Roberta Annan stated:
“This has been a vision in the making and seeing it coming into fruition was a very defining moment. We are excited about this launch because of the impact it is going to make in empowering African creatives. At African Fashion Foundation, collaboration is at the core of our work in adding value to the African Fashion Ecosystem. Our aim is not just to collaborate but also convene with other stakeholders in an effort to advance the African fashion industry ”
The Impact Fund For African Creatives initiative hopes to empower African fashion creatives to unlock their full potential through financial investment.
To find out more about the African Fashion Foundation, kindly visit the official website https://africanfashionfoundation.org