Stakeholders Seek Favourable Policies to Spur Luxury Industry

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Oluchi Chibuzor

Stakeholders in the luxury industry have said the potential of the sector remains untapped, even as they called for an enabling environment to encourage investors.

Speaking at the fifth anniversary edition of The Luxury Reporter magazine (TLR) and the unveiling of TLR international luxury conference, held in Lagos, recently, the Publisher, Mrs. Funke Osae-Brown, said it had been a journey of success that started six years ago.

She said the vision was to report on the African Luxury by projecting Nigerian brands.

This, according to her, prompted the  visit of her team to the 2019 edition of the Baselworld in Switzerland where they interacted with CEOs of renowned luxury brands in the watch and jewelleries.

“We are constantly in search of indigenous luxury brands that will compete with international brands; we believe this will contribute to economic growth of Africa.

“Furthermore, it is no longer news that Nigerians top the list of high spenders, they spend on luxury brands. We don’t just want Nigeria to be a consumer of luxury but also manufacturer of luxury products that can compete with their counterparts not just on the continent but globally,” she said.

Commenting on the Luxury international conference, she noted that clocking five years in business was a sign of maturity and that the venture has come to stay.

“TLR International Luxury Conference will attract senior luxury sector executives, corporate decision-makers and financiers from around Africa and the world including Chairmen of different sectors.”

Meanwhile in a panel session titled, “Luxury Retail in Nigeria: The Opportunities, Challenges and Policy Options,” stakeholders selected across automobile, aviation, among others, agreed that people derive

satisfaction from different things, adding that luxury as a concept was fast growing in Nigeria.

However, they noted that the industry remains untapped, saying challenges of poor infrastructure, epileptic power supply, lack of creativity, high cost of importing finish materials for local products, policy instability and lack of data, were affecting the sector.

Speaking at the event, the General Manager, Marketing & Corporate Communications, Coscharis, Abiona Babarinde said, “for us, automobile is about lifestyle to complement your successful life to give people experience they deserve because average Nigerians is a car freaks,” adding “that you want to drive a good car you have a bad road and are in secured.”