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Fashion accessory firms to see good times soon

NEW entrepreneurs will be able to “ride the wave” of the fashion accessory business in 2010, a major fashion accessory supplier said in an interview.

Brent Ngoboc, owner of Beads and Findings, is optimistic that younger people who will venture into the fashion accessory business will be able to stay in the market next year despite the economic crisis.

The global economy has been weak since the sub-prime mortgage crisis in the United States caused a financial contagion worldwide. But there have since been signs of recovery.

“Sales have dropped by half since the crisis began, but we see that they’re picking up a little, now that we are nearing the end of the year,” he said.

He added that while fashion accessories continue to lead the export industry in Cebu, emerging entrepreneurs should work hard to look for raw materials and creative designers, and keep abreast with the changing trends in fashion.

Ngoboc stressed that they should keep the operational costs minimal so they can survive the stiff competition.

“Many have ventured into creating costume jewelry because, for one, it requires minimal start-up capital of P100,000 if you want to export, and a modest amount if you just want to have additional income,” he said.

Beads and Findings is a subsidiary of Cebu Hardware Corp. It has become the major supplier of fashion accessory components to Cebu-based exporters since the business was converted from a hardware store into a fashion accessory store in the 1980s.

It imports raw materials from areas like China, Taiwan, Korea and Hungary. Some materials are also locally sourced from the Visayas provinces.

Aside from being the major supplier of fashion accessories in Cebu, Beads & Findings also conducts seminars to train walk-in customers in making costume jewelry.

⇒  Published in the Sun.Star Cebu newspaper