The University of Lagos, Nigeria is an untapped market in terms of providing clothings for its over 30,000 students currently enrolled. The project is aimed at providing and meeting up with the increasing demand for quality bespoke clothings including uniform clothings for faculties, clubs, religious gatherings, dinner suits and dresses which is at an all time high. This project is geared towards procuring these equipments in order to produce clothings on a larger scale to meet up with the demand from this already existing market.
Current Status
The enterprise is currently active. We currently work out of a flat since it is spacious and sell products mostly to students of the University of Lagos, Nigeria. There is a current staff of 2 designers, 3 tailors, 2 delivery agents and 2 social media managers.
Market
The target market is for students. There are currently 3 higher learning institutions whose locations are in proximity with one another and also the VULCAN headquarters. The students of these instiutions; University of Lagos, Yaba College of Technology and the Federal College of Education are the target market although the general public can buy too.
Problem or Opportunity
The University of Lagos, Nigeria is an untapped market in terms of providing clothings for its over 30,000 students currently enrolled. The project is aimed at providing and meeting up with the increasing demand for quality bespoke clothings including uniform clothings for faculties, clubs, religious gatherings, dinner suits and dresses which is at an all time high. With the inability to buy the neccessary equipments to produce these clothings on a large scale, this project is geared towards procuring these equipments in order to produce clothings (especially for the final year students who order the most for convocation, faculty dinners and award nights) on a larger scale to meet up with the demand from this already existing market.
Competitors
Competitors are also fashion houses who cater to the wide numbers of students ordering clothings.
Advantages or differentiators
Our designs are fresh and cannot be copied easily.
Finance
We currently sell yearly to about 1,000 students their bespoke suits and dresses for just their dinner nights. The cost of a suit is 25,000 naira (63 dollars) and the cost of a dress is 15,000 naira (38 dollars). For a combined students of 1000 male and 1000 female students, the total is 50,500 dollars. With more equipments, we could sell to double and make 101,000 dollars yearly. The progression will be geometric with each passing year.
Loan terms
36 months
Interest rate, %
10
Type of pledge
Real estate
Pledge and assets
2 plots of land in Osogbo
1 acre of land in Oke-Ila
Solution (product or service)
1. Production of bespoke Suits and dresses
2. Mass production of uniform clothings for faculties
3. Mass production of uniform clothings for clubs
4. Mass production of uniform clothings for religious gatherings
5. Production of runway clothings for fashion shows and events
6. Tailoring services.
