Yves Rocher expands in Nigeria
The brand’s move into Nigeria began with a pilot launch of a boutique retail store in Jabi Lake, in the capital Abuja in July 2016, and continues with this move in the country’s largest city, Lagos. It has opened its doors in Movare Mall, Lekki.
Yves Rocher is exclusively distributed in Nigeria by Parfums Estate Limited, a wholly-owned subsidiary of Montaigne Limited, according to reports.
Market researchers note that Nigeria has seen positive growth in recent years when it comes to the beauty and personal care market.
“Despite the relatively poor economic conditions in the country in 2015, beauty and personal care in Nigeria continued to register positive growth,” the firm Euromonitor explains, referring to its most recent data on the market.
Top categories and consumer groups
Looking at the current state of play in the Nigerian beauty market, Euromonitor notes there are several factors helping its development.
“Growth was driven primarily by rising urbanisation, growth among the young population and higher numbers of women in the formal workforce,” the firm says.
“There is greater interest among young, urban and female consumers for value-added products in a range of categories including oral care (whitening and total care), skin care (extra moisturising and lightening), and colour cosmetics (BB/CC creams).”
Companies show confidence
In response to this blossoming scene, various major players are showing confidence in the country, with Yves Rocher just the latest.
Unilever is one such major player. Paul Polman, CEO, said in 2014 that Unilever’s focus would remain on growing its business in Nigeria.
“In the last 3 years we have invested $200 million in Nigeria; this is in keeping with our strategic ambition to grow our business in Nigeria in the coming years,” he said.
Indeed, his comments were echoed the following year by Bruno Witvoet, executive vice president of Unilever Africa, who said that Unilever has “confidence in the long-term growth prospects of the company and consumer goods sector in Nigeria.”
L’Oréal is another player which has invested in the market: speaking at the Nigerian Retail Transformation Conference back in 2014, the managing director of L’Oreal Central West Africa announced the company has invested “over 800 million euros” in research and development in the region.
