Temitope Ogbeni-Awe is the CEO, TOPCOMM PR Concept & Events, an integrated marketing communication and events management company with sponsorships from African Wealth Report, BlackPace, Lions&Gazelle, Regalo African Luxury and FireBreak Group. In this interview with OBINNA EMELIKE, he speaks on the growing Nigerian luxury sector, developing value chain in the sector and partnership with The Luxury Reporter for The Luxury Lifestyle Summit.
You are hosting a summit in September, what is the summit about?
The Luxury Lifestyle Summit is an annual event that aims to attract senior luxury sector executives, corporate decision-makers and financiers from in Nigeria including Chairmen, CEOs, CFOs, COOs, Presidents and Managing Directors from different industries.
The Luxury Lifestyle Summit will be a two-day event incorporating conference and exhibition where issues on the luxury industry will be discussed especially how new technology is influencing manufacturers while giving opportunities to luxury lifestyle products designers, wholesalers and retailers to exhibit their wares.
The summit will provide a veritable platform for diverse retailers of jewellery, beauty, motor, watches, private equity, investment banking, private banking, investment / asset management, architecture, travel companies, luxury hotels, luxury event management companies, luxury service providers, airlines and others to showcase their products and discuss how to maximise the online market.
Why do you think a summit of this nature is necessary now considering the economic situation?
There is no better time to beam a searchlight on the Nigerian luxury industry than now that the economy is in recession. There is affordable luxury that the Nigerian market attracts. It is a huge market and goes with the growth of the middle class. We believe it is about developing the entire value chain in the luxury sector. We no longer want to just export our leathers from Kano to Italy where value is added to it and sold back to us as Louis Vuitton, Chanel handbags, wallets, shoes, belts among others.
We believe the way to go is educate service providers about this and how to develop our internal luxury environment. This can help change the narrative from negative external perception to a positive internal one. It has to do with how we promote and drive it from internal rather than from external. Internal means to drive competition and standards- from the production of locally produced quality goods and services to providing quality tourism management and spots among others.
Do you think we have brands in Nigeria that qualifies as luxury brands?
I will tell you that there are more young and savvy Nigerians who are more aware of what the international market is saying. Hence, they are strongly positioning themselves as bespoke brands. There is a new wave what I call Maison Parfum, I mean new brands daring to go into the art of perfumery and their products are comparable to what you have abroad. They are blending rare notes to create exquisite line of scented candles, essential oils, diffusers and more. These are brands that are like two three years old. Then, we have what I call the heritage brand in the fashion industry, the haute couture that have been around for more than ten years. In this category, we have Deola Sagoe, Frank Osodi, Ade Bakare among others. We also have Lanre Da Silva Ajayi and new entrants like Mai Atafo for bespoke suits, Mudi and Vaskere for traditional outfits.
Of course, there are the retail stores that exist side by side with local brands. There is a new luxury store Esorae Luxury that deals in elegant beddings and bathroom accessories. There is also Modan, a store that stocks foreign luxury fashion labels. Ermenegildo Zegna and some luxury skincare and make up brands have presence here. The automobile sector is not left out, Coscharis Motors are representative of Rolls-Royce, BMW, Jaguar, and among others. Mercedes Benz and Porsche are here as well.
Is there a luxury market in Nigeria?
A 2016 report by Phillips Consulting, ‘Capturing the Growing Demand for Luxury Goods in Nigeria Survey Report’ shows that wholesale and retail trade accounts for about 21 percent of Nigerian GDP, preceded only by the agricultural sector which contributes 35 percent. With a growth rate of about 10 percent, 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.
There is a huge potential for growth in the Nigerian Luxury industry as a result of long term investment potential, demographic potential, rising level of disposable income in the country. However, there are factors like huge skill gap, huge market entry risk and tough business environment impeding the growth of the sector.
There is affordable luxury that the Nigerian market attracts. It is a huge market and goes with the growth of the middle class. The way to go is educating Nigerians about this part and how to develop its internal luxury environment. This can help change the narrative from external perception to internal. It has to do with how we promote and drive it from internal rather than from external. Internal could be to drive competition and standards- from the production of locally produced quality goods and services; to providing quality tourism management and spots.
Who are some of the speakers you are expecting at the summit?
Our confirmed lead speaker is Paul Andrew, founder and chief responsibility officer, African Wealth Report, a research and intelligence publication of Blackface Africa. With over two decades of global investments and wealth advisory experiences, Andrew who is based in Geneva, Switzerland, brings an exceptional knowledge of African and global luxury practice to summit.
Also, Daniel Weihrauch, CEO of Lions&Gazelles and RAIN’s group consulting partner for Middle East and Africa, will be speaking at the summit. He will bring his wealth of experience in the luxury hospitality industry to the summit. From Dubai to London, Paris to Lagos and many other destinations, Weihrauch has held successful trainings for corporates in the luxury hospitality industry. Weihrauch has substantial experience in leading the commercial efforts of global luxurious hotel groups such as Jumeirah, Kempinski and InterContinental Hotels & Resorts.
Other notable speakers confirmed for the summit include: Oliver Williams, CEO, Firebreak Group and a founding member of Wealthinsight, a leading wealth consultancy advising clients in over 15 countries; and Funmi Onajide, founder, Regalo African Luxury Store, a concept store which stocks high end leather goods, tea range among others sourced from Africa. All these speakers and other discussants like Kavita Chellarams of Arthouse Contemporary, Abiona Babarinde, group manager, corporate communications and marketing, Coscharis Motors, Ejiro Onobrakpeya, Dapo Okubadejo of KPMG, will also be speaking at the summit, which will take place on September 6-7, 2017 at the Federal Palace Hotel, Victoria Island Lagos. Stephanie Busari, CNN’s Africa Editor, will be moderating the session while Funke Treasure Durodola, general manager, Radio One, will be the event anchor.
