Still regarded as being among the World’s leading players on the cosmetics scene as well as its longest established, New York-based Estee Lauder Inc. are looking to increase their market penetration in Africa.
Leonard lauder / Getty
/ By Gali Raz /
According to recent market reports Estee Lauder is going ahead full tilt with their plans to introduce several of the top-selling brands in Africa, with plans to be active in marketing their products initially in Nigeria and later in Mozambique toward the end of the year. The company have announced their plans to gradually increase their presence in the economically developing countries such as Angola, Nigeria, Ghana, the Mozambique and Tanzania to begin with, following in the footsteps of their highly successful launch in Lagos during 2012
The company’s marketing department has already identified several key markets estimated to have the largest growth potential, with cities such as Abuja and Port Harcourt in Nigeria following in the footsteps of Lagos, as well as the capital cities of Africa’s largest and most well-developed countries reportedly being the key target for Estee Lauder’s marketing drives.
As well as planning to open additional stores in the Lagos region for the company already has a strong foothold Estee Lauder are reportedly also preparing to introduce their MAC brand of makeup to fresher markets in the region. The company’s marketing team and confident that thanks to its encompassing range of fragrances, the MAC brand will help Estee Lauder stamp a major footprint in the rapidly economically expanding in Cote d’Ivoire as well as in Botswana and Zambia.
Industry economists point to the fact that, Estee Lauder, like many of their competitors in the cosmetics industry has been suffering from the effects of the economic downturn in the U.S. and particularly in the European markets. In this last quarter, Estee Lauder did report an upturn in sales but only by conspicuously low levels.
The Estee Lauder Company is named after its late co- founder, who established the company with husband, Joseph in 1946. Estee Lauder has been regarded as one of the most influential figures in the world of business during the 20th century, being awarded the Presidential Medal of Freedom. In 1967 Estee was named one of ten Outstanding Women in Business in the United States, as well as being inducted into the Junior Achievement U.S. Business Hall of Fame in 1988.
When the company was first established in New York City, their entire range of projects consisted of just four items.
However such was the dynamism and forward thinking of the couple that within the space of just two years later, they had succeeded in opening their first account, with the highly prestigious Saks department store situated on Fifth Avenue in New York.
Over the next fifteen years, the Lauders took a careful path slowly expanding their product range and their market penetration, although they continued to market their projects only within the United States. In 1960, came their first international breakthrough when Estee Lauder products were put on display in another shopping landmark, the leading London department store Harrods.
In 1961 the company began to expand into Asia, opened a marketing office in Hong Kong, and 20 years later, in 1981, Estee Lauder products became available in the leading department stores throughout the Soviet Union.