FEDERAL POLYTECHNIC NEKEDE
P.M.B 1036,
OWERRI- IMO STATE
ASSIGNMENT
ON
DISCUSS CORPORATE GOVERNANCE LEGISLATION IN
NIGERIA HIGHLIGHT DISCLOSURE AND TRANSPARENCY
ISSUES
BY
NAME: UGWUMBA MATTHEW
DEPARTMENT: BUSINESS ADMINISTRATION
LEVEL: HND I (EVENING)
COURSE TITLE: CORPORATE GOVERNANCE
COURSE CODE: BAM 329
SERIAL NO: 34
REG NO: 23BH/0297/BAM
DATE: AUGUST, 2024
Executive Summary
Our establishment "Fashion Dominion" is a fashion and lifestyle
brand that aims at specializing in creating high-quality, trendy,
and custom-made clothing for individuals who value unique,
stylish, and affordable fashion based in Owerri, Imo state. We aim
to redefine fashion in the region by offering a wide range of
clothing products, from casual wear to formal attire.
Our mission is to provide our customers with clothing that not
only enhances their personal style but also boosts their
confidence.
Fashion Dominion seeks to fill the gap in the market by offering
fashionable apparel, including bespoke tailoring and accessories
that cater to both men and women in Owerri and beyond. We also
aim at becoming an A-list sought-after brand for acquiring and
learning professional fashion designing in the region.
Our financial projections indicate a steady growth rate, with
expected revenue of N13 million in the first year, and a growth
rate of 30% annually. We are seeking an investment of N10
million to develop our operations, launch Marketing Campaigns,
and secure new retail space.
Company Description
Legal structure: Fashion Dominion will operate as a Limited
Liability Partnership Company (LLPC) registered in Nigeria.
Ownership: Fashion Dominion is owned by a group of 15
partners who are owners and CEOs.
Location: Fashion Dominion will acquire a large space/store at
Ikenegbu, Owerri that will be enough to accommodate the
company's operations.
Fashion Dominion is founded with the vision of creating a brand
that promotes local fashion while embracing global trends. Our
unique selling point lies in the custom designs we offer, which are
tailored to individual preferences and body types, along with our
ability to cater to emerging fashion trends. We aim to make a
lasting impact on the fashion industry in Nigeria by providing
excellent customer service, quality garments, and a shopping
experience that is second to none.
Products and Services
Fashion Dominion will offer a variety of products and services,
including:
Custom-Made Apparel: Tailored shirts, suits, dresses, and
accessories for both men and women, designed to fit
individual preferences.
Ready-to-wear Collections: Trendy clothing lines for
various occasions, including formal wear, casual wear and
evening attire.
Accessories: Scarves, hats, bags and Shoes that
complement our clothing line.
Personal Styling: Personalized fashion advice and Styling
services for individuals and corporate clients.
Fashion Events and Pop-up Shops: Hosting fashion
events, trunk shows, and pop-up shops to promote new
Collections.
Market Research and Analysis
Target Market
Fashion Dominion will primarily target fashion-conscious
individuals aged 18 – 45 years in Owerri and its surrounding
areas.
Our key Customer segments include:
Young professionals and entrepreneurs
Students
Fashion enthusiasts who seek unique high quality apparel
Industry Analysis
The Nigerian fashion industry has seen significant growth, with
consumers increasingly leaning towards local fashion brands that
combine style with authenticity. Owerri as a growing city in Imo
State is an ideal, location to tap into this rising demand for
trendy, locally-produced apparel.
Competitive Landscape
The fashion industry in Imo State is competitive, with local
boutiques and street vendors offering apparel. However, many of
these businesses fail to meet the demands of modern fashion
towards individuals looking for unique designs and high-quality
Fabrics. Fashion Dominion stands out by offering bespoke
tailoring, premium-quality garments, and personal Styling
Services, Creating a unique niche in the market.
Market Needs
Customers in Owerri seek unique and stylish clothing, but often
struggle to find high-quality garments that reflect their individual
tastes. Fashion Dominion will address this need by offering
customized option, trendy styles and reliable customer service.
Marketing and Sales Strategy
Marketing Plan
To reach our target market, Fashion Dominion will employ a blend
of digital and traditional marketing strategies.
Social Media Marketing: Utilize platforms like Instagram,
Facebook, and TikTok to showcase our collections, behind-
the-Scenes Content and customer testimonials.
Influencer Partnerships: Collaborate with local influencers
and fashion bloggers to increase brand awareness.
Search Engine Optimization (SEO): Optimize our website
for search engines to attract online customers.
Local Advertising: Advertise in local newspapers,
billboards, and Collaborate with event organizers to host
fashion-related events in the region.
Sales Strategy
Retail Location: Fashion Dominion will open a flagship
store in the heart of Owerri, strategically positioned to
attract foot traffic.
E-Commerce Platform: A user-friendly website and online
store to cater to customers outside Owerri and for those who
prefer online Shopping.
Customer Loyalty Program: A rewards System for repeat
customers and special discounts for referrals.
Organization and Management
Fashion Dominion is led by a dynamic team with experience in
fashion design, retail management and business operations.
The CEOs with over 5 years of experience in fashion design,
will oversee the Creative direction, product development,
and brand identity of Fashion Dominion.
The Chief Operating Manager or Officer (COO) who is a
seasoned Business Manager, will manage day- to-day
operations, finance and customer relations.
We will also employ skilled fashion designers sales
representatives, and production staff as the business grows.
Funding Request
Fashion Dominion is seeking an investmentof N10 million to fund
the following initiatives.
Store Setup & Rent: 15% (N1,500,000) for lease, renovation,
store interior, and fittings
Production & Inventory: 45% (N4,500,000) for purchasing
fabrics, clothing materials and overall equipment for
production.
Marketing & Advertising. 12% (N1,200,000) for digital
marketing, influencer "Collaborations, and local campaigns.
Salaries and Remuneration: 20% (N2,000,000) for Staff
Salaries.
Miscellaneous: 8% (N800,000) for Packaging, legal fees,
delivery and other operating expenses for the first year.
Financial Projections
Here's a 3-year financial projection for the business with the
following assumptions:
Initial Investment: N10,000,000
Annual Revenue Growth Rate: 30%
Expenses Ratio: 75% of revenue
Profit Margin: 25% of revenue
Year 1: Business Launch
Revenue: N13,000,000
Expenses (75%): N9,750,000
Net Propt (25%): N3,250,000
Year 2: Expansion & Growth
Revenue (30%): N16,900,000 (30% growth)
Expenses (75%): N12,675,000
Net Profit (25%): N4,225,000
Year 3: Scaling & Expansion
Revenue: N21,970,000 (30% growth)
Expenses (75%) N16,477,500
Net Refit (25%): N5,492,500
This proposal outlines our vision, goals and detailed plan to
establish Fashion Dominion as a premier fashion brand in Owerri
and beyond. With the requested investment, we are Confident in
our ability to achieve these goals and make a significant industry
in Nigeria.
