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East African apparel giant Archive to invest in Nigeria
05 Oct '12
1 min read
The Archive Group, a leading garment company in the East African region, is investing in Nigerian garment sector.
The company plans to build a manufacturing unit in the Lekki Free Trade Zone, which would create jobs for Nigerians.
Moreover, it is also planning to raise N3 billion through private placements for implementing an aggressive growth plan.
The Group, which owns Industrial Tailoring Co., Shirt Company and BodyLove Cosmetics, has also acquired a 49 percent stake in Okunoren Twins, a Nigerian suitmaker.
Archive said it would re-invest its profit in Nigerian garment sector over the next five years so as to achieve complete backward integration, and thus make clothing available to Nigerians at lower prices.
Fibre2fashion News Desk - India
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