Why Rihanna’s Fenty Beauty is expanding into Africa
Fenty’s planned launch in Africa is perceived as a reaction to the growth of the continent’s beauty and personal care industry which is now valued at over $12 billion.
Latest figures show the market could reach $14 billion in 2022, oiled by a steady rise in disposable incomes among the continent’s middle class.
According to Brookings Institute, growing discretionary incomes will lead to higher demand for high-quality, niche, and foreign-produced goods.
“Africa’s emerging economies present exciting opportunities to global businesses for expansion in retail and distribution,” reads its analysis in part.
Africa’s billion dollar beauty market has attracted global brands
“Changing demographics and improving business environments across the continent will be just two of the factors contributing to rising household consumption, which is predicted to reach $2.5 trillion by 2030.”
It further states that seven countries—Nigeria, Ethiopia, the Democratic Republic of Congo, Egypt, Tanzania, Kenya, and South Africa—hold half of the continent’s population, and 43% of Africans across the continent will belong to the middle or upper classes.
According to the World Bank, Africa’s youngest population make it an attractive region for manufacturers, brands, and retailers.
Fenty’s Africa launch is highly anticipated
In a release on Tuesday, May 10, the Fenty announced its African launch was a “natural next step” in expanding their ‘Beauty for All’ notion.
“I am a proud Bajan who also feels a close connection to Africa, and its people,” Rihanna said.
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SOURCE : QUARTZ AFRICA