DTRT Apparel Ltd (DTRT), West Africa’s largest clothing manufacturer has announced a major investment from leading investment firm Verod Capital Management and Red Bull GmbH, in a transformative deal for the West African apparel industry.
DTRT supplies cost-competitive products to the major US and EU-based brands via a global network spanning three continents. The company employs over 2,000 people in West Africa, procures textiles from Asia and exports primarily to the EU and US markets, benefitting from supportive trade arrangements between the US/EU and Ghana.
Verod Capital is investing alongside a major strategic investor, Red Bull, the $7 billion producer of Red Bull energy drinks and one of the most innovative marketers in the world. Red Bull will be an anchor customer for DTRT, and DTRT will be a part of Red Bull’s global apparel sourcing operations.
The apparel firm was founded in 2013 by two apparel industry entrepreneurs in a joint venture with a renowned Ghanaian fashion entrepreneur, Mrs. Salma Salifu, Managing Director of Dignity DTRT, the company’s manufacturing partner.
Skip Richmond, co-Founder and co-CEO of DTRT Apparel said: “Given today’s global macro-economics, apparel brands are increasingly looking for cost-competitive, socially responsible, long-term manufacturing alternatives outside Asia.
“This milestone deal is an affirmation of our vision of sustainable apparel manufacturing in Ghana – with the highest production, environmental and labour standards – and affords us the opportunity to significantly expand our production capacity and capabilities to make DTRT Africa’s leading apparel manufacturer.
“We’re very excited to work with our partners and strategic investors to drive growth and provide our value-added services on a larger scale to current and future customers.”
Danladi Verheijen, Verod Managing Director said: “Verod Capital’s investment in DTRT is predicated on the very rapid growth of the Ghanaian economy, due largely to its political stability, and Ghana’s unique advantages for cost-competitive production.
“The DTRT team are highly experienced operators who are also 100% committed to improving the lives of West Africans, which aligns with the mission of Verod Capital. We look forward to working with the Founders to build up this business but also to help West Africa become a major hub for apparel manufacturing.”