Olori is where African heritage meets modern design. Explore this $180K/Year handbag brand empowering artisans and celebrating culture in every stitch.
Hey there, SimplVest readers!
In this edition of the SimplVest Newsletter, we’re thrilled to take you on an in-depth journey into the remarkable world of Tomide Awe, the visionary entrepreneur behind Olori. Her story is an inspiring fusion of passion, culture, and an unwavering commitment to making a positive impact.
In this newsletter:
🤔How Olori was built
🧪The formula for keeping old and new business
📅What the future holds, and more!
The Birth of Olori
Tomide Awe’s journey commences in the heart of Nigeria, where the vibrant tapestry of traditions, cultures, and exquisite textiles shapes the essence of everyday life. As a child, Tomide was immersed in the mesmerizing world of African fabrics, each thread weaving a unique story and echoing the profound heritage of her homeland.
“These textiles were more than mere patterns,” Tomide fondly recollects. “They were portals to the rich narratives of Africa.” It was this deep-seated fascination that sowed the seeds of her entrepreneurial odyssey.
Incorporating African Fabrics into Modern Design
Tomide’s vision for Olori was crystal clear: infusing traditional African fabrics’ timeless allure into contemporary design.Â
She eloquently states,
“By incorporating African fabrics into modern design, my mission with Olori is to invite people to experience the beauty and culture of Africa.”*
The result? Unique styles derived from authentic, hand-woven African textiles meticulously crafted by local artisans in the heart of Nigeria. These artisans, guardians of age-old techniques passed down through generations, are at the core of Olori’s essence.
But Olori isn’t just about fashion; it’s a movement. Every purchase from Olori serves a dual purpose. It benefits the African artisans, preserving their time-honored craftsmanship, and economically empowers local, women-owned businesses across the continent.
Inspiration from Personal Heritage and Empowerment
Tomide’s inspiration extends beyond the allure of fabrics. It’s deeply rooted in her personal heritage and a burning desire for empowerment. She reveals,
“I was inspired to start Olori by the beautiful cultures of my people. Growing up in Nigeria, I was always surrounded by traditional prints and textiles.”*
These textiles symbolize tribal roots and stories held dear by the people of these regions.
The trailblazing women in her family also shaped her journey, particularly her grandmother, who faced the denial of education due to her gender but ensured that all her children received an education.
Each Olori sale contributes to funding the education of under-resourced girls. Bridge International Academies and CAMFED are proud partners of this initiative, helping to shape a brighter future, one handbag at a time.
“My mission,” Tomide states with conviction, “is to provide an avenue for women and girls in under-resourced communities to reach their full potential.”*
Launching Olori and the Kickstarter Campaign
Determination marked the path from dream to reality. While pursuing her MBA at The Wharton School in the UK, Tomide’s heart remained firmly rooted in her African heritage. She boldly returned to Nigeria to prototype her vision—a collection of handbags that seamlessly marred traditional African fabrics with contemporary aesthetics.
In September 2018, Olori embarked on a Kickstarter campaign that garnered tremendous support, exceeding expectations by achieving up to 112% funding. By April 2019, Olori had fulfilled its campaign, gaining valuable insights about its target audience.
Attracting and Retaining Customers
To attract and retain customers, Olori employs a multi-pronged approach.
They harness the power of Facebook ads for customer acquisition and collaborate with boutiques, engaging in in-person events and pop-ups to expand their reach. The media has been a valuable ally, with Olori securing features in prominent publications like Bustle, Glamour, and CheddarTV.
Future Goals and Expansion
Today, Olori stands as a profitable venture with ambitious plans for the future. While it currently operates primarily as an e-commerce business, Olori aims to broaden its horizons in 2023 by partnering with boutiques across the United States.
Their mission? To make Olori handbags accessible in at least one boutique in every state.
Presently, Olori operates with a lean team of two staff members and two interns, responsible for overseeing design, product development, marketing, and operations. While immediate international expansion is not on the horizon, Olori plans to explore new fabric patterns and bag silhouettes in the coming years.
As of 2023, Tomide and the Olori brand were one of the recipients of the Black Women Entrepreneurs Grant Program, supported By The Fearless Foundation And Amazon’s Black Business Accelerator.
Words of Wisdom from Tomide Awe
Tomide leaves us with valuable insights gleaned from her entrepreneurial journey. She emphasizes the significance of self-belief, cherishing even the smallest victories, and seeking guidance from those who’ve trodden similar paths.
“Don’t be so caught up in the race to the future that you forget to enjoy or appreciate the present,” she advises. “Seek guidance from relevant people. If there’s someone who has done something you’re trying to do, seek them out and learn from them.”*
*Adapted from original Interview with Starter Story (2021)
Final Thoughts
Tomide Awe’s journey with Olori is a testament to the power of passion, culture, and the unwavering belief in making a positive impact. Olori’s success reflects Tomide’s vision, celebrating heritage and supporting education simultaneously.
It inspires all entrepreneurs, especially those in the African diaspora, to dream big, work hard, and create positive change.
Thank you for joining us for this immersive exploration of the Olori success story in the SimplVest Newsletter. Feel free to share this newsletter with your friends and fellow investors passionate about finance and wealth management.
Until next time,
SimplVest
