Financial Literacy In The Fashion Business


Fashion designers face challenges of entrepreneurship, including limited exposure to financial literacy. This makes running and growing a fashion business a daunting experience for many of them.

In response to these challenges, Masa Square Hotel set out to develop a viable and sustainable way of contributing towards development of creativity and entrepreneurship for fashion designers by means of talk shops. Hence the collaboration with Stanbic Bank this past week in the second edition of Masa Fashion Show Talk Factory for the benefit of the six fashion designers who turned up to be drilled in financial literacy.

The hotel’s General Manager, Hayden Bowl, said any industry could be affected by challenging economic conditions when consumer demand is adversely affected or when there are changes in policy or industry practice. “This is why we engaged stakeholders, especially from the financial services sector, to share their insights into ways to position an enterprise with a business model that stands the test of time and market fluctuations,” Bowl said.

“It is about business continuity which our nation needs to fully harness. Ultimately it is essential that members of the public and private sectors keep the conversation going that encourages local enterprising which we believe can significantly contribute towards driving economic development and diversification.”

The hotel conceptualised the theme to inspire the fashion designers to consider exporting their goods regionally and beyond because international commerce offers a variety of opportunities for growth in terms of reach and market competitiveness. Centred upon a desire for driving financial literacy, topics of discussion included Budgeting 101, Crowd Funding and “Positioning Your Business to attract Investors.”

Stanbic Bank Botswana’s support for Masa Fashion Show Talk Factory came off the back of the bank’s established track record with building initiatives to drive greater financial literacy. As part of Stanbic’s desire to become a facilitator of improved youth employability and entrepreneurship, the bank took the opportunity to further illustrate that it is more than just a bank but a true and dedicated partner in helping Batswana build its own legacies.

Stanbic Bank Botswana’s Head of Secured Lending, Wabo Moswate said: “We are honoured to have been a part of the informative session. It is never too late to acquire knowledge and use it. We can gather wisdom and profit from it. We can grow, progress and improve while in the process strengthening the lives of those within our circle of influence.”

Over the years the Masa Fashion Show has provided a platform for upcoming fashion entrepreneurs and provided insights through the talk factory series about ways in which creatives can turn their passion into viable and sustainable businesses. This year’s edition exposed the designers to issues legal aid and professional etiquette, afforded them an opportunity to share their stories of success and exposed them to different industry leaders in Botswana.

The evening’s proceedings marked the second and final installment of the Talk Factory series. The hotel’s campaign will culminate in the Masa Fashion Show 2019 on Saturday 2 November 2019.

Masa Square Hotel’s Sales & Marketing Manager, Botho Mogami, concluded: “We could not be any more excited to have had this engagement. In the bigger picture, our message to the youth does not stop here. We look forward to the upcoming Masa Fashion Show. Beyond this we look forward to seeing these talented professionals progress in their careers using the skills they have received today, the insights of professionals, as well as the exposure they have received. Successful business is about leveraging the world around you and taking up opportunities. We therefore trust that our designers will press on with their craft to take on the local market and beyond.”