CHICAGO, Illinois
| Asking Price |
$599,999 |
Year Established |
2009 |
|
| Annual Revenue |
|
Reason for Selling |
Medical Issues |
|
| Annual P/L |
|
Attention |
Kristina Wynne |
|
| Annual Cash Flow |
|
Listing Number |
979616 |
|
| # of Employees |
4 |
Business Category |
Retail: Clothing & Accessories |
|
Business Overview:
For over 15 years, this Chicago-based African fashion boutique has been a beloved destination for vibrant, authentic African clothing, shoes, jewelry, bags, arts and crafts, and waist beads. The store specializes in offering a curated selection of high-quality items sourced from diverse countries, including Ghana, Dubai, Nigeria, Italy, and beyond, creating a unique fusion of global styles and traditional African craftsmanship.
The business is known for its rich cultural offerings and has established strong relationships with international dealers, designers, and wholesalers, ensuring the authenticity and exclusivity of its inventory. Customers have long appreciated the boutique’s commitment to providing items that celebrate African heritage while embracing modern trends.
As the current owner prepares to transition the business, they are committed to staying on as a consultant to help the new owner seamlessly continue the boutique’s legacy. This support will include guidance on importing the specialty items and transferring well-established relationships with international suppliers. The seller’s mentorship will ensure the new owner not only preserves but also enhances these crucial connections, enabling a smooth and successful transition.
This is an excellent opportunity for a buyer passionate about fashion, culture, and global business, with the added benefit of ongoing support from a seasoned professional in the industry.
Property Features and Assets:
<p>Monthly Rent: $2,000.00<br><br>Square Units (Foot, Meter): 2,000<br><br>Lease Expiration Date: October 15, 2025, 12:00:00 AM<br></p><p><br></p><p>FF&E Overview:</p><p>Apparel = $275,200<br>Ball Gowns - $400/27 pcs = $10,800<br>Kinte cloth - $350/14 pcs = $4,900<br>Raven cloth - $200/25 pcs = $5,000<br>Material - $110/900 pcs = $99,000<br>Sequin and laces - $250/50 pcs = $12,500<br>Normal Lace - $95/200 pcs = $19,000<br>Women’s Clothes - $100/800 pcs = $80,000<br>Men’s Clothes - $250/150 pcs = $37,500<br>Boys - $50/40 pcs = $2,000<br>Girls - $45/100 pcs = $4,500<br><br>Accessories = $93,050<br>Designer bag - $400/3 pcs = $1,200<br>Leather bags - $100/15 pcs = $1,500<br>Back Pack - $30/50 pcs = $1,500<br>Tote Bags - $40/75 pcs = $3,000<br>Beaded hand bags - $50/ 16 pcs = $800<br>Women’s Clutches - $25/50 pcs = $1,250<br>Already made hair garments - $50/75 pcs = $3,750<br>Not made head garments - $55/200 pcs = $11,000<br>Women’s shoes and matching handbags - $130/250 pcs= $32,500<br>Men’s Shoes - $120/200 pcs = $24,000<br>Men’s belts - $40/150 pcs = $6,000<br>Men’s wallets - $35/50 pcs = $1,750<br>Watches - $120/40 pcs = $4,800<br>Men’s hats - $20/50 pcs = $1,000<br><br>Jewelry = $939,700<br>Rings - $12/2,500 pcs = $30,000<br>Necklaces/Earring Set - $25/3,000 pcs = $75,000<br>Bangles - $20/500 pcs = $10,000<br>Necklaces - $50/15,000 pcs = $750,000<br>Earrings - $12/3,000 pcs = $36,000<br>African necklaces -<br>African Earrings - $5/1,500 pcs = $7,500<br>Waste beads - $9/3,000 pcs = $27,000<br>Nigerian necklace - $120/35 pcs = $4,200<br><br>Braided Wigs - $70/ 25 pcs = $1,750<br>Human hair wigs - $50/1,000 pcs = $50,000<br><br>Medicinal items - $400<br>Toothbrush, Vicks, African soap, African toothbrushes, creams, etc.<br><br>African Art = $26,225<br>Normal Chair - $400/ 2 pcs = $800<br>Unity Art - $500/ 2 pcs = $1,000<br>Wall Art - $25/25 pcs $625<br>120 QT Pots - $220/8 pcs = $1,760<br>Sanoka art - $1,000<br>King/Queen chair - $800/2 pcs = $1,600<br>African Art - $400/8 pcs = $3,200<br>Small African Art - $70/200 pcs = $14,000<br>Small African chairs $150/ 3 pcs = $450<br>Medium Drums - $95/ 10 pcs = $950<br>Small Drums - $30/ 10 pcs = $300<br>Large Drums - $270/ 2 pcs = $540<br><br>Miscellaneous = $17,195<br>Black soap - $20/500 pcs = $10,000<br>Incense and oils - $2/100 pcs = $200<br>Hand fans - $8/35 pcs = $280<br>Premium hand fans - $45/17 pcs = $765<br>Dishes - $25/ 30 pcs = $750<br>ATM - $3,000<br>Head Mannequins - $15/40 pcs = $600<br>Full Body Mannequins - $100/16 pcs = $1,600<br><br>Total Inventory = $1,351,770<br><br>FFE - $3,000<br>Cabinets and glass display casings<br><br>FF&E General Condition: New<br></p>
Market Competition and Expansion:
<p>Competition: <br></p><p>The primary competition for this boutique comes from other African retail stores that offer similar products, such as clothing, jewelry, and crafts.</p><p>Expansion: <br></p><p>1. Sustainability and Ethical Fashion: With increasing consumer demand for sustainable and ethically sourced products, this African fashion boutique is well-positioned to capitalize on the growing trend. By emphasizing the use of natural, hand-crafted, and sustainably produced items from African artisans, the business can attract conscious consumers who prioritize ethical fashion choices. Highlighting fair trade practices and the support of small-scale producers in Ghana, Nigeria, and other partner countries can help differentiate the brand and align it with modern values of sustainability and social responsibility.<br><br>2. Social Media Presence: The boutique has tremendous potential to expand its reach through social media platforms. A targeted strategy leveraging Instagram, TikTok, and Facebook can help showcase the vibrant and unique items available in-store, engage fashion influencers, and create a loyal online following. With curated content, live fashion showcases, and collaborations with social media personalities, the business can reach a wider, more diverse audience. User-generated content, influencer partnerships, and storytelling around the origins of the products can further drive engagement and build brand authenticity.<br><br>3. Global Expansion: The boutique has already established strong ties with international suppliers, offering a natural opportunity to explore global expansion. By building an e-commerce platform, the business can cater to international customers who are interested in African fashion and culture. Additionally, the existing relationships with designers and wholesalers in multiple countries position the boutique to explore partnerships or even pop-up stores in key international markets, expanding its footprint beyond Chicago. With the right digital marketing and logistical support, this boutique could become a globally recognized name in African fashion.<br></p>
Additional Details:
- The property is Leased.
- The owner is willing to train/assist the new owner.
- This is not homebased business opportunity.
- This is not a franchise resale opportunity