It was a gathering of some of the best designers and players in the Nigerian luxury industry when Phillips Consulting unveiled the much awaited report on the Nigerian Luxury Industry at the Eko Hotel & Suites on Friday 30th September, 2016.
The event, put together by African Luxury Ltd and supported by The Luxury Reporter, offered a great opportunity for issues affecting the growth and development of the Nigerian luxury industry to be addressed.
In his key note address, Folusho Phillips, chairman Phillips Consulting said quality is a key component in the growth of the luxury industry. According to him, operators in the luxury industry including those who offer services must take quality seriously.
“We cannot deny the fact that we have products that qualify as luxury products. We manufacture some of the best leathers that have been made into quality hand bags for women, interiors for private jets amongst others. What we need to do is to make sure the value chain in the luxury sector works effectively,” he said.
L-R: Folusho Phillips, Chairman, Phillips Consulting, Ogbeni Tope Awe, CEO Topcomm, Funke Osae-Brown, Publisher, The Luxury Reporter with Abiona Babarinde, Marketing and Communications Manager, Coscharis Motors at the event on Friday.
The panel moderated by Funke Osae-Brown, publisher, The Luxury Reporter, saw Bola Balogun, CEO, Glam Brand Agency, Ade Bakare, CEO, Ade Bakare Couture, Folake Coker, CEO, Tiffany Amber, Faridah Alabo of Trifecta Management Services Limited, Ghana, and Bayo Adesanya, Associate Partner, Business and Advisory Services, Phillips Consulting, discussing some of the issues raised in the report.
Adesanya who kicked off the discussion said the wholesale and Retail trade accounts for about 21% of Nigerian GDP, preceded only by the agricultural sector which contributes 35%. With a growth rate of about 10%, this sector is expected to continue to be a key driver of the GDP.
“The growth in this sector is attributable to Nigeria’s growing middle class, with an increasing amount of disposable income. Our survey on capturing the growing demand for luxury goods in Nigeria provides a situational analysis of the luxury retail landscape in Nigeria from the perspective of the consumers and retailers,” he said.
On her part, Balogun, said there are many brands in Nigeria that qualify as luxury. According to her, labels like Tiffany Amber, Deola Sagoe, Ade Bakare amongst others are brands that have distinguished themselves and are today known as big players in the fashion industry serving high level clients.
Ade Bakare whose label has traversed different continent agrees that local tailors are not trained with the right skills in Nigeria as they as used to sewing straight lines. One of the ways he has succeeded in overcoming this challenge is cutting patterns for them to work with.
Coker agreed with Bakare of the dearth of adequate skills by tailors who really need to be trained and schooled on making neat hems.
While sharing her Ghanaian experience, Alabo said the Ghanaian luxury industry is opening up to foreign brands while local brands are equally finding their feet.
Also at the event, Oud Majestic, dealers of luxury Arabian perfumes, put up a strong presence with a pop up shop. Three winners walked away with bottles of luxury perfumes while the panellists went home with personalised gift packs courtesy Oud Majestic.
Event was well attended by many luxury service providers like Abiona Babarinde, marketing and communications manager, Coscharis Motors, Tope Ogbeni Awe, CEO, Topcomm, Yemi Odusote, CEO, PCAfrica, among others.
Below are more pictures from the event:
L-R: Ade Bakare, CEO, Ade Bakare Couture, Chika Acholonu, CEO, Oud Majestic with Funke Osae-Brown, publisher, The Luxury Reporter at the event.
Chika Acholonu, CEO, Oud Majestic with one of the winners of the luxury perfume giveaway courtesy Oud Majestic.
Bayo Adesanya, Associate Partner, Business and Advisory Services, Phillips Consulting, (Right) with his team and Funke Osae-Brown
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