Of the 50 leading global brands, 14 are already in the Nigerian market, notably, Nike, Microsoft, BMW and Coca-cola. The 2nd largest economy in SSA, South Africa, boasts of 39 international brands: Disney, McDonalds, Apple etc.
As the Nigerian market opens up, and the ease of doing business initiatives take off, we expect these brands to develop aggressive entry strategies into the market.
In the luxury goods segment, LVMH, Gucci & Burberry are all in South Africa, but not yet in Nigeria. The 115% difference in the income per capita (Nigeria: $2,640.29, SA: $5,691.69) may be primarily responsible for this.
This edition of the Unity Bank Digest is all about luxury. Check out the pieces on the uptick in Burberry’s sale and the (Italian) Florence based shoemaker turned family-owned luxury giant, Salvatore Ferragamo.
Additionally, the attached document contains your usual dose of the latest developments in the business and social space. These include the future of Nigeria’s oil production and the fate of Etisalat.
It promises to be a good read.
Enjoy your read!