Page 13 - bne IntelliNews monthly magazine October 2024

bne October 2024 Companies & Markets I 13
Wagner operated in numerous African countries including:
Central African Republic (CAR): Wagner was heavily involved in CAR, providing security services to President Faustin-Archange Touadéra’s government in exchange for access to diamond and gold mining rights. They were also reported to have protected government officials and trained local forces.
Sudan: Wagner had a significant presence in Sudan, where it supported the government of former President Omar al-Bashir. Wagner’s operations involved providing military training and securing mining concessions, particularly for gold. After Bashir’s ousting, the group reportedly maintained influence with Sudan’s military leadership.
Libya: Wagner played a prominent role in the Libyan civil war, backing the forces of General Khalifa Haftar's Libyan National Army (LNA) against the UN-recognised Government of National Accord (GNA). Wagner fighters were reportedly deployed to support Haftar's offensive on Tripoli.
Fast fashion slowly conquers the Balkans
Mali: Wagner expanded its operations in Mali after the country’s military coup in 2020, forming close ties with the junta. The Malian government hired Wagner mercenaries under the guise of combating terrorism, but their presence also coincided with growing instability and reports of human rights abuses.
Mozambique: Wagner was involved in combating Islamist insurgents in northern Mozambique, particularly in the Cabo Delgado region, which is rich in natural gas. However, the group reportedly faced setbacks, with several fighters killed and operations scaled back.
Madagascar: Wagner provided political and security consultancy services during the 2018 presidential elections in Madagascar, reportedly supporting President Andry Rajoelina’s campaign.
Burkina Faso: There are indications that Wagner has been increasing its influence in Burkina Faso, particularly following the military coups in 2022 and 2023, where the junta sought external security support amid rising jihadist violence.
Shoppers queue for the opening of Albania's first H&M store.
The rise of fast fashion
Fast fashion refers to retailers like H&M, Zara, Primark, and others that have revolutionised the industry in recent decades by slashing the time it takes to move from design to store shelves. Previously, this process took months, but fast fashion companies condensed it to just weeks, producing low-cost garments in a variety of constantly changing styles. Between 2000 and 2014, the number of garments purchased in Western markets doubled, surpassing 100bn items annually.
Western fast fashion brands began entering Central and Eastern Europe in the early 2000s. Over the last two decades, they have expanded from Central Europe into the Balkans and further east into Russia and beyond. With feeding the demand for ever more clothes at the heart of their business model, these companies have been expanding geographically to sustain growth.
Clare Nuttall in Glasgow
Six years ago, bne IntelliNews explored the spread of fast fashion into new frontiers, highlighting how major Western fashion retailers like Inditex and H&M had largely focused on larger emerging markets, with the number of stores broadly correlating to the GDP of each country. At the time, only Romania, Southeast Europe’s largest economy, saw significant penetration from these fashion giants.
Today, while the Balkan markets remain small, international fashion chains are steadily gaining ground, with several
new store openings in recent years. However, this expansion has been inconsistent, driven not only by the size or overall attractiveness of the economies, but also by the ability to work with reliable local partners and secure space in modern shopping malls. This is particularly evident in smaller countries such as Kosovo and North Macedonia.
www.bne.eu