Jennifer Obayuwana, executive director of Polo Luxury Group, says the insatiable appetite Nigerians have for luxury keeps the business afloat.
Obayuwana made this known while speaking on Traders, a programme aired on CNNMoney.
“Nigerians have an insatiable need for luxury and they consume it. We’re very flamboyant and you see that in our weddings. So it fits in perfectly with our business because Nigerians are huge consumers of luxury,” she said.
“When I came into the business, I felt that it would be important to serve the emerging middle class that we saw rising very fast.
“In order to do that, I thought it was important for us to open up new stores, expand the business [and] bring in some new brands”
According to Obayuwana, online exchanges constitute 30 percent of sales and this has to change.
“E-commerce is the biggest drive right now. It’s a very important aspect of our business now and it’s going to give us that competitive advantage on our side. It does allow us to dream big, watch this space, we will be the biggest luxury provider in Africa.”
The Polo Luxury Group, which is a family business, started in the 1980s.