Cosmetics company Make-up Art Cosmetics (MAC), are looking to open 20 stores in Africa within the next five years. Kenya, Ghana, Cote d’Ivoire and Mozambique have been earmarked as potential locations.
This comes shortly after the Estée Lauder owned make-up brand stated that they will be making major expansions in South Africa. Since 2000, MAC has operated 24 stores around South Africa and hope to double this number within the next three years. Plans for brand presence in Botswana and Zambia are due to take place before the end of this year.
With Sub-Saharan Africa being dubbed as one of the newest hot spots due to its economic growth increase in recent years and its young and growing demographic, MAC are hoping to capitalize on this and increase their company presence on the continent.
MAC global brand president Karen Buglisi states “The stores in Nigeria are exceeding our expectations. We are excited about the potential for Africa … but we know this is a slow build…As the African economy continues to mature, these segments are likely to grow more rapidly…E-commerce is one of the fastest-growing channels we have around the world. In South Africa, it will be a little bit slower, but we are patient … we don’t have high expectations for revenue immediately, but we can use it to raise awareness of the brand in Africa”.
MAC, famed for it collaborations with Rihanna and Lady Gaga, was founded in 1984 by Frank Toskan and Frank Angelo in Canada. Estée Lauder acquired the brand in 1994.
Source: Business Day LiveSee Also: