On this month’s episode of ‘Traders’, CNNMoney meets Jennifer Obayuwana, Executive Director of Polo Luxury Group to explore the future of premium fashion in Nigeria.
The Obayuwana family brought the first luxury boutiques to Nigeria in the 1980s, and the business continues to evolve as it remains successful.
Online exchanges currently make up 30 percent of sales, which is something Obayuwana wants to change. Africa is leading in global population growth and in less than a decade, more millionaires will emerge from Africa, with wealth concentrated in urban centres. These factors combined make Africa a promising location for future luxury consumers.
Speaking on why Polo Luxury Group has been successful, Jennifer Obayuwana says: “Nigerians have an insatiable need for luxury and they consume it. We’re very flamboyant and you see that in our weddings. So it fits in perfectly with our business because Nigerians are huge consumers of luxury.”
“When I came in to the business, I felt that it would be important to serve the emerging middle class that we saw rising very fast. In order to do that, I thought it was important for us to open up new stores, expand the business [and] bring in some new brands.” She added.
When asked about the future of luxury fashion, Jennifer says: “E-commerce is the biggest drive right now. It’s a very important aspect of our business now and it’s going to give us that competitive advantage on our side… It does allow us to dream big, watch this space, we will be the biggest luxury provider in Africa.”
Watch the interview HERE.