Venezuelan fashion designers adapt to economic crisis

Global Business

In a deep economic crisis, there is no doubt Venezuela is a difficult country to grow a business in.

Inflation has hit quadruple digits and the International Monetary Fund predicts inflation will reach 13,000 percent by the end of the year.

That is forcing some companies to close their doors, and many more are expected to do the same.

However, that is not the case for one clothing retailer in the Venezuelan capital, Caracas, that is determined to stay open after 20 years in business.

CGTN’s Juan Carlos Rivas reports.

Gaby Revilla is doing what some people believe is virtually impossible: investing in Venezuela. The country is struggling with one of the worst performing economies in the world.

The owners of the clothing store had to adapt to the difficult times. They made changes in their business model to try and reach a wider range of customers.

Photos: Inside the Gaby Revilla brand

Gabrielys Orsini and Robersont Revilla believe the clothing market in Venezuela still has great potential.

It has not always been easy for Revilla. All of its designs are manufactured in Venezuela.

But the company has had to adapt to the price changes of foreign materials and often struggled with importing the fabrics from abroad.

For example, they stopped using expensive fabric like cotton, and instead now rely on cheaper materials. For them, flexibility is what has kept them in business.

Even in difficult times, Revilla has found business opportunities in the midst of a crisis.