Singer Rihanna’s luxury beauty line, Fenty, is reportedly set to enter Africa as the brand tries to carve off a major chunk of the rapidly growing African beauty and personal care space, which currently holds a valuation of over $12 billion.
According to the latest figures, the cosmetics market can reach $14 billion this year, propelled by a solid rise in disposable incomes in the continent’s middle class.
As per analysis from Brookings Institute, with rising discretionary incomes, demand for high-quality, foreign-produced niche goods will rise as well. It also claimed that emerging African economies will offer exciting opportunities to international businesses for expanding into the region in terms of distribution and retail.
It further stated that improving business situations and changing demographics are just two of the factors that are leading to increasing household consumption, which is also expected to reach $2.5 trillion by 2030.
According to the World Bank, the continent’s young population will make the region an attractive investment avenue for retailers, manufacturers, and brands from around the world.
In a press release last week, Fenty announced that it was the natural next step for the brand to launch in Africa to expand its ‘Beauty for All’ concept.
Rihanna, who hails from Barbados, stated that she is a proud Bajan and feels a close connection with Africa and the people there.
She added that she has had the pleasure and privilege to spend time in Africa, with the experiences leaving a lasting impression. Now, to leave her lasting impression in the region, she brings her brands Fenty Skin and Fenty Beauty to eight countries on the continent, with hopes to bring them to more nations in the future.
Fenty is set to launch on 27th May in South Africa, Namibia, Nigeria, Botswana, Zimbabwe, Ghana, Kenya, and Zambia.
The brand is probably the biggest and the most hyped to launch in the African cosmetic market among various multinational brands that are also making investments in the continent.
German chemical major, BASF, and major flavors and fragrances brand, Symrise, have also recently set up research and development facilities in Nigeria aimed at making formulas tailored to the needs of regional consumers.
This indicates that Fenty may also make further investments in the continent’s beauty sector.
Source credit: https://www.howwemadeitinafrica.com/rihannas-beauty-line-fenty-seeks-to-tap-into-africas-growing-cosmetics-industry/143401/