Nigeria: 'Innovation, Resilience Key for Nigerian Luxury Market'

15 January 2020

The Executive Director, Polo Limited, Jennifer Obayuwana, has described the Nigerian luxury market as one which is unique due to the ever-changing consumption behavior of Nigerians who are fashion enthusiasts and are defined by the latest trends.

However, Obayuwana, noted that the onus falls on luxury brands to understand consumers and remain at the top of their game in ensuring that they satisfy the fashion needs of the market.

Speaking at the Financial Times Luxury Conference in London, the executive director expressed gratitude to organisers of the conference, for providing a platform for luxury custodians to share insights and give a balanced perspective of their unique markets especially those within the African luxury market space.

According to Obayuwana, Polo Group, a luxury company, which began the journey three decades ago into the luxury space, has experienced its fair share of hiccups since inception.

"However, despite the organisational and external challenges which had threatened to disrupt the business growth of the Polo brand within the growing Nigerian luxury market, the innate resilience and commitment by the business drivers in fulfilling the vision of enriching lives and adding beauty to the way of life of Nigerians through premium pieces that defines their persona changed the game within the Nigerian luxury market," she was quoted to have said in a statement.

She added: "What has given Polo an edge within the Nigerian Luxury space since the 1980s, lies in the confidence and trust by high-end Swiss watch making brands such as Rolex, Cartier, Piaget, Chopard and Omega who understood the fragmented competitive environment of traders and brokers in the luxury space.

"They identified with the common goal and interest shared with the Polo Brand in forging strategic partnerships and focused at making Luxury a way of Life for Nigerians."

She further stated: "In over 34 years of operation, Innovation has led the foray of the business's strategic direction which has been aimed at adapting to the ever changing economic landscape, increasing the market penetration drive and diversifying the unique offerings of the group in servicing the growing fashion market with the subsidiary called Polo Avenue, which attracted the partnership with international brands such as Gucci, Bottega Venetta, Valentino, Jimmy Choo, Alexander McQueen, Billionaire among others.

"Another historic move by Polo Group in 2019, was to satisfy the growing demand for affordable jewelry in Nigeria by partnering with the global brand Swarovski.

"This led to introducing the first Swarovski Jewelry store in Nigeria, located at the Ikeja City Mall," she said.

She added: "We discovered that global brands such as Rolex, Cartier, Piaget, Omega, Bovet and Montblanc amongst other renowned watch brands partnered with the Polo Luxury Group as their official agent in Nigeria, not just because of our heritage, history and insight of the luxury market space, but because we share the same core values, philosophies and passion to bringing happiness to the world and the pursuit of excellence in achieving consumers delight."

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