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Sh100 million transformation program to drive access to the immense growth opportunity Click here to connect with us on WhatsApp Nairobi, November 19th, 2024...
PZ Cussons East Africa has targeted the luxury skincare market with a Kshs 100 million transformation program designed to capture a portion of the growing segment and turn it into a strategic growth driver for the regional business. Speaking during the announcement of its latest Venus strategy for the highly competitive skincare category, PZ Cussons EA Managing Director Sekar Ramamoorthy stated that the firm’s premiumization push was informed by consumers moving towards higher-valued items in the category that historically dominated the mass market. With analysts estimating the national total market particularly to reach Kshs 64 billion in 2024 and grow at an annual rate of 6.
5 percent over the next five years, Ramamoorthy explained that the firm had opted to blend into the new consumer wave where the mass market was quickly melding into the hitherto luxury segment. As a result, PZ Cussons has mobilized its more than 100 years of research expertise in product manufacturing and sourced the ingredients from Europe, Asia and Africa to build on its local manufacturing expertise that has seen the firm rise to number three in national market share. “The gap between mass and premium female consumers in Kenya has been narrowing for a while now, and this is an excellent time for us to gain traction for the Venus skincare range with elevated formulas and modern production technology,” said Ramamoorthy.
This new move to premium shoppers is expected to be a key growth driver for the firm, as it seeks to capture consumers seeking elevated value. Ramamoorthy added that “Women in the age range from 25 to 45 years old are actively seeking out quality, natural ingredients and efficacy in a more calculated approach to their purchases, opting for long-lasting, multi-functional products.” The Kenyan skincare market, he explained, has exhibited ongoing robust performance.
Within it, the high-premium market segment is showing strong growth where consumer receptivity to these products reveals that in addition to the features, they also focus on their worldview, concept, ingredients, and packaging. “We are leveraging on our heritage of well-researched insights on authentic, safe, and natural ingredients including Hyaluronic acid, Niacinamide, Retinol, Bakuchiol, and ceramides, having been in the market for over six decades,” noted Ramamoorthy. He pointed out that the firm had learned that the more informed people are about a product category, the higher their expectations.
Overall, the PZ Cussons MD reiterated that the path to premiumization of Venus had taken a holistic approach that encompasses packaging and product innovation with exceptional ingredients and formulations. By investing in these areas, the firm has created a high-quality Advanced Venus Skincare range that resonates with consumers and stands out in the highly competitive market. “We want to inspire new customer habits as people seek innovation and desirability beyond utility with the new Venus skincare range,” stated Ramamoorthy.
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