[EXCLUSIVE] Laureen Kouassi-Olsson launches Birimian, an investment company serving luxury made in Africa<

La Tribune Afrique - How do you prepare to manage mergers and acquisitions at Lehman Brothers at 23?

Laureen-Kouassi Olsson: As a student at EM Lyon, I was quite naturally interested in the finance professions. In 2006, I joined Lehman Brother's after a summer internship, even before graduating. This is how my career in high finance in London began. I was involved in transactions for industrial groups. Suffice to say that I was an exception on the platform where I was the youngest employee, the only African and the only female analyst. We don't really prepare for that. I had achieved my goal of joining a Bulge Bracket [group of the most powerful investment banks in the world, editor's note] at 23, but the pressure was such that I ended up, like my colleagues, by "dehumanizing" myself. and by losing part of my “Africanness”.

How has the subprime crisis been a revelation in your career?

Before the arrival of the crisis, I was already beginning to think about new directions, but at that time, Africa did not interest anyone. Arrive on September 15, 2008, the bankruptcy of Lehman Brothers [...] I decided to give meaning to my professional career and to orient myself towards responsible finance. I went to institutions that work on Africa, integrating pro-bono - on a voluntary basis - an entity that dealt with government bonds. Apart from my Ivorian origin, I did not know the macro-economic determinants of the different African countries. I thus trained teams on the construction of financial models, in return I developed my knowledge of the continent. One thing leading to another, I met an employee of Proparco... I joined this structure in which I was involved in financing transactions for financial institutions in Africa, within the banking and financial markets division.

In 2013, you supported part of the Proparco management team in launching Amethis, an investment fund for Africa sponsored by Edmond de Rothschild private equity...

At the end of 2012, when I joined Amethis, I took responsibility for the strategy of the banking sector, which represented approximately 40% of its commitments. In 2016, I moved to Ivory Coast where I took over the management of the 1st regional office of Amethis on the continent. I discovered an exceptional creativity, but limited means. I looked into the creative and cultural industries (CCI) sector and I gradually identified the actions to be put in place to support the players in the sector. In July 2020, I left Amethis, finally ready to launch Birimian, a project I had been nurturing for four years.

What does Birimian's activities cover and what does this name mean?

Birimian is the name of the first deposit in West Africa where rough diamonds were discovered. I wanted to draw a parallel between the creative industries and the extractive industries, considering that African creators are precious stones in their raw state, which must be polished and sublimated to make them blossom on an international scale. Contrary to the currents of identity claims which can sometimes lead to confusion on the awareness of African creativity, we defend our culture by relying on partnerships with strategic actors based on terms favorable to all parties.

How is the Birimian society structured?

It is an operational investment company, dedicated to the strategic financial support of luxury and premium brands that are inspired by an African heritage. I am the majority shareholder -60% -. I invested a few million euros with a dozen investors who are natural persons. Birimian covers four trades. First, we identify designers and creative companies, with the support of a creative board and the support of the Institut français de la mode (IFM). We want to bring together a pool of actors from the world of creation, publishing and influencers to identify talent.

The second job is capacity building and training. We are developing an incubation and acceleration program with the IFM. The third job is investing. We provide patient capital to identified brands, in the form of equity investments and investments in convertible bonds [...] At the incubation stage, the entry ticket is between $30,000 and $70,000 , at the acceleration stage between $80,000 and $500,000 and at the growth capital stage, from $500,000 to $3 million. The fourth business is based on development. It is aimed at brands that do not wish to bring new shareholders into their capital, but need to have access to an ecosystem. We offer them this solution, in return for commissions which will be deducted from their turnover.

Who are your technical and strategic partners?

In Paris, London or Milan, all the fashion weeks at the start of this year highlighted African creativity. Yet, creators on the continent are not ready to meet the demand, both in terms of production capacities and in terms of quality standards. The IFM understood the interest of opening its doors to us, as did the Fédération de la haute couture et de la mode. We are finalizing a partnership with Who's Next, the leading organizer of brand distribution events worldwide. We are going to engage in discussions with distributors such as Le Bon Marché or Les Galeries Lafayette and prepare our brands to enter these distribution channels. We are also in discussion with ANDAM, to offer them young talents at the next Fashion Award.

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What is the added value of Birimian?

We have several strengths. Birimian is based on a community of high-potential brands, a community of African investors or Africanophiles, a community of key players in the creativity industry, the international fashion scene, but also large groups - Birimian has decided to be a donor to the IFM Foundation, whose donors are major luxury groups such as LVMH and Chanel. Birimian's role will be to promote diversity within the international creative -. Birimian is run by a team of women. Céline Gainsburg-Rey is a French expert in luxury management, Michelle Kathryn Essomé, American, is the former CEO of the AVCA (Africa Venture Capital Association), Funke Faweya, Nigerian - ex-Procter & Gamble - is a specialist in management of brand operations [...] Birimian positions itself as a strategic partner with brands. We provide the funds, structure the company, we institutionalize it and we call on the experts if necessary, so that the creators no longer have to worry about management.

What are the geographies and sectors in which Birimian operates?

Birimian sets no boundaries on the continent. We are starting from West Africa, as I am based in Abidjan and our brands are distributed to date, between Côte d'Ivoire and Ghana. Christie Brown is based in Ghana, Loza Maléombho and Simone and Elise in Ivory Coast. YEBA is in Belgium (with origins in Benin), because Birimian also accompanies creators from African diasporas [...] At the sector level, we are present in fashion and accessories, beauty and cosmetics and the " gourmet” [coffee, cocoa, editor’s note].

How has the Covid-19 pandemic impacted the luxury sector?

The luxury industry has been hit in its fundamentals, if only in terms of distribution. We had to move towards digital solutions. In terms of workflow, it is one of the industries that has held up the best. The pandemic has also led to a phenomenon of awareness. African industry retains in its production methods, systems inherited from its tradition and its heritage through tailors, weavers... This specificity is based on materials, inspirations and components. We are faced with creators who are reinventing the African heritage, according to modern codes. Today's consumers are looking for more ethics, but African creativity is based on traditions that it preserves and which have been perpetuated from generation to generation, as opposed to an international scene too often emptied of meaning, without transmission. It's the right time for us! The YEBA brand that we have in our portfolio, is inspired by a Beninese queen and Christie Brown from a traditional heritage linked to matriarchy and the empowerment of women in Ghana, for example.

What role has the digital sector played in the luxury sector?

African creativity has experienced a veritable leapfrog. The digital sector has become the primary provider of content and dissemination of this creativity. Birimian has decided to place the Digital Native Vertical Brands - DNVB - at the heart of its strategy and relies on a "phygital" model to meet a number of challenges (limited access to capital, low production capacities and exclusion from international values).

What are your short term ambitions?

At the end of 2021, we aim to select around fifteen brands in our incubation and acceleration programs, which will benefit from financial support and access to opportunities. We want to quickly have brands distributed in major selective retailers like Le Bon Marché.

Interview by Marie-France Réveillard

8 mins

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