John Obayuwana, the Founder and Managing Director of Polo Luxury Group, has projected that Lagos alone could generate  $2-3billion in luxury sales.

He made this projection while addressing delegates at the just concluded Financial Times Business of Luxury Summit  in Mexico.
In a presentation on ‘The challenges and opportunities that exist for international luxury brands in Africa particularly in Nigeria,’ Obayuwana, said that  the current consumption of luxury goods by Nigerians in shopping destinations such as Paris, Dubai, UK etc. show the spending power of Nigerians in the luxury sector.

SUMMIT – From left, Christian Louboutin, John Obayuwana and Burak Celet during the Financial Times Business of Luxury Summit in Mexico.

“Wealthy Nigerians have a huge appetite for luxury shopping abroad. 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.”

He stressed the importance of paying attention to the middle class in order to ensure the sustainable development of the luxury industry.

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 ongoing 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. Theses include the likes of Stella McCartney; Christian Louboutin; Caroline Brown;  LapoElkann; William Lauder; Marco Bizzarri and Vanessa Friedman.