Along with other luxury goods manufacturers such as Porsche, LMVH are increasing their marketing efforts in a country where wealth and poverty exist side by side. Despite this, Nigeria is West Africa’s fastest growing economy, and those who have money are looking for new ways to flaunt it.
For Hennessy, Nigeria is the largest market in Africa and the Middle East. This is a country where the economy is growing fast – thanks to both their crude oil industry and other developing industries such as banking and telecommunication. It’s a sign of how important Hennessy views this as they produced a cognac in 2010 specifically to celebrate the country’s 50th anniversary of independence.
Tokini Peterside, Hennessy’s Nigerian Marketing Manager, said
“For Hennessy cognac, Nigeria ranks among the Top 10 consuming countries in the world.”
In the past, the wealthy of Nigeria had to shop in Dubai, Paris and London to satisfy their penchant for luxury goods. But this is all changing as companies realise what a huge potential direct sales in the country offer. The rich of Nigeria know what they want, and they’re not afraid to splash out to buy it.
Sources: www.newser.com, www.edmontonjournal.com
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