Africa has enormous market potential as the world’s second-largest continent and home to more than a billion people.
- Rihanna, the global pop singer, turned billionaire entrepreneur, has announced that her Fenty range of beauty and skincare items will now be available in Africa
- The African personal care and cosmetics sector is worth billions of dollars, with yearly growth rates of close to 10 per cent
- The African debut of Fenty Beauty and Fenty Skin cosmetics, supported by French luxury goods giant LVMH, will take place in eight African markets by the end of May 2022
The African personal care and cosmetics sector is worth billions of dollars, with yearly growth rates close to 10 per cent. With worldwide growth hovering around 4 per cent, the African market is growing at more than twice the rate. The African beauty business is anticipated to hit more than US$14 billion in value by 2022.
According to estimates, the African beauty and personal care industry will grow to expand by US$1.26 billion between 2021 and 2025. According to Datamonitor, worldwide sales amounted to US$170 billion in 2011, with skincare products accounting for 27 to 31 percent of global sales. Haircare and scent are two other care products that are in high demand.
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Africa has enormous market potential as the world’s second-largest continent and home to more than a billion people. After a rocky start, beauty corporations recognize this and are increasing their activities in Africa. Many worldwide brands are now shifting their emphasis to Africa.
Companies can now determine the number of sales and interest from Africa, particularly Sub-Saharan Africa, thanks to advances in technology. Many beauty brands have recognized a market niche and discovered an eager audience for their goods in Africa.
However, it’s not only about beauty corporations getting better information about African market demand. Africa’s demographics have been gradually shifting, increasing demand for global cosmetic goods. Three-quarters of Sub-Saharan Africa’s population is under 30, the group most likely to be interested in beauty products, hair care, and perfume.
Rihanna, the global pop singer, turned billionaire entrepreneur, has announced that her Fenty range of beauty and skincare items will now be available in Africa. As a result, the African debut of the Fenty premium cosmetics line will enhance the constantly demanding beauty and cosmetics business while also putting pressure on other luxury brands vying for a slice of the fast-growing multi-billion dollar beauty market pie.
According to the Barbados-born ” Diamonds ” singer, whose birth name is Robyn Fenty, the African debut of Fenty Beauty and Fenty Skin cosmetics products, funded by French luxury goods giant LVMH, will begin in eight African markets by the end of May 2022.
“I’ve been looking forward to this moment. “Fenty Beauty and Fenty Skin are finally available in Africa,” she said on her verified Twitter account. “On May 27, we will attack Botswana, Ghana, Kenya, Namibia, Nigeria, South Africa, Zambia, and Zimbabwe,” she continued.
According to Forbes, the singer of “Love the Way You Lie” and “Umbrella” is the wealthiest female performer, behind only American media powerhouse Oprah Winfrey, thanks to her hugely successful efforts in fashion and cosmetics. The singer was placed 1,729 on Forbes’ current list of foreign billionaires, published in April by the US business magazine.
The 36-year-old is also Barbados’ first billionaire and is now expecting her first child. Rihanna’s net worth of 1.7 billion dollars stems from the success of her cosmetics business Fenty Beauty, which she co-owns with French luxury retailer LVMH.
Inclusion in the cosmetics business has been a hot topic, with more cosmetics companies attempting to broaden their product lines to accommodate a wide range of skin tones.
Rihanna’s makeup line is noted for offering a diverse spectrum of 50 skin tones, including dark colors for women of color, which were uncommon when it first debuted in 2017. This has elevated the brand to the forefront of diversity in business, propelling the artist to an enormous fortune.
The success of Rihanna’s cosmetic business Fenty Beauty has contributed to her US$1.7 billion net worth. The singer also has a 30 per cent shareholding in the Savage x Fenty lingerie business, which was valued at US$1 billion in February of last year.
In an interview, the singer and entrepreneur, who has been named the world’s wealthiest female artist, stated that she is still adjusting to her new financial standing.” It’s difficult because it’s difficult to accept where you’re at because I know where I’ve come from,” she was quoted as saying. “At the same time, it feels fantastic to encourage young ladies and boys who, like me, come from low circumstances, have parents who are immigrants or are themselves immigrants, to accomplish this.”