An Armenian fashion company has achieved a 25% increase in turnover and a 30% increase in its customer base, thanks to business advice provided through an EU-supported Advice for Small Businesses programme, implemented by the European Bank for Reconstruction and Development (EBRD).
This is just one of many success stories made possible in Armenia thanks to the programme. It supported one woman-led enterprise, specialised in fashion knitwear and apparel production, to develop its branding and promotion strategy in order to improve market performance. The company began its activities in 2014 with small-scale production of knitwear clothing. Operating initially in the provincial cities, the company managed to expand its operations into the capital Yerevan. The fashion brand managed to gain the trust and loyalty of clients due to its uniqueness and quality of products.
The EBRD Advice for Small Businesses programme, funded by the EU in its Eastern Partner countries under its EU4Business initiative, aims to promote good management in the small and medium-sized enterprises (SME) sector by providing assistance to individual enterprises, helping them to grow their businesses. It supports SMEs to make structural changes and develop new business skills, helping them to thrive and compete in market economies. The programme also enables SMEs to access local consulting services on a cost-sharing basis by providing grants of up to €10,000.
