Wealthy Nigerians have huge appetite for luxury – Polo Luxury Group boss, Obayuwana

John Obayuwana, the Founder and Managing Director of Polo Luxury Group participated at the recently concluded Financial Times Business of Luxury Summit 2014 as a subject expert on Africa.

The Summit took place at the St. Regis Hotel in Mexico City on May 11th – May 13th. This year, the summit took a deep-dive into the markets of the future, from the geographic to the virtual, and the value systems that make the difference. Mr. Obayuwana spoke on a panel that focused on the economies and the luxury industry of Turkey and Africa. Other members of his panel included Christian Louboutin, Burak Celet, and William Hutchings.

Mr. Obayuwana discussed the current state, the challenges and opportunities that exist for international luxury brands in Africa particularly in Nigeria. He stated that, “Wealthy Nigerians have a huge appetite for luxury from shopping abroad.” Speaking on the preference exhibited by Nigerians when consuming luxury, he said, “In Nigeria, customers are not just looking for logos, they are looking for quality and great service.” In addition, he spoke about the challenges that have inhibited the luxury industry in Nigeria such as lack of power supply, high cost of operation, lack of human capital, and the lack of retail infrastructure.

Mr. Obayuwana explained, “Despite a chronic dearth of infrastructure, Lagos alone could generate $2-3billion in luxury sales.” The current consumption of luxury goods by Nigerian in shopping destinations such as Paris, Dubai, UK etc. show the spending power of Nigerians in the luxury sector. Furthermore, he stressed the importance of paying attention to the middle class in order to ensure the sustainable development of the luxury industry.

During the panel session, Mr. Obayuwana took a stance on a serious issue by bringing out a sign with #Bring Our Girls Back inscribed on it. He used the opportunity to educate the attendees about the ongoing struggle to safeguard the return of the girls kidnapped by Boko Haram in Borno State.

Mr. Obayuwana has played a significant role in shaping and defining the landscape of the luxury industry in Africa. He continues to do so with his on going effort to ensure the application of international standards in the retail luxury industry in Nigeria, which is evident at Polo Limited and Polo Avenue.

The Financial Times Business of Luxury Summit this year attracted senior executives, industry leaders, brand experts, executives and decision makers of the luxury industry such as the likes of Designer and CEO of OBE, Stella McCartney; Founder of Christian Louboutin,

Christian Louboutin; President of Carolina Herrera, Caroline Brown; CEO of Italia Independent, Lapo Elkann; Executive Chairman of the Estée Lauder Companies, William Lauder; President of Bottega Veneta, Marco Bizzarri and Fashion Director & Chief Fashion Critic of the New York Times, Vanessa Friedman.