RENEW Strategies

RENEW and the Impact Angel Network Close 7th Investment in East Africa

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Emily Ziethen
| December 28, 2015

RENEW is pleased to announce that members of the Impact Angel Network (IAN) recently invested in Desta PLC (Desta), a textile and apparel manufacturing company located in Addis Ababa, Ethiopia. Desta, a family-owned business established in 1992, produces and exports fabric and garments and provides cut-and-sew, knitting and embroidery services to domestic and international clients.

The IAN anticipates that the investment in Desta will create significant social impact in Ethiopia by adding more than 100 jobs to the local economy and supporting several hundred existing jobs, many for women, and will positively impact the burgeoning textile sector in Ethiopia. Desta is also committed to fair treatment of its employees and adherence to guiding principles of sustainability, setting it apart from the trajectory this industry has taken in many other low and middle-income countries.

Women working on sewing machines at Desta’s factory in Addis Ababa. Photo by Laura Davis.

Ethiopia rapidly is becoming an attractive location for textile manufacturing on account of competitive labor costs, government incentives, low energy costs, and other factors.* Companies such as H&M, Tesco, Gap, Belk, and Wal-Mart, among others, are now sourcing textile products from the country.**

This is the IAN’s seventh investment in East Africa.

*African Capital Markets News
**Sourcing Journal


Download the press release, contact us at renew@renewstrategies.com, follow us on Twitter @RENEWLLC or find us on Instagram @impactangelnetwork to learn more.