NIGERIA – A new entrant into Nigerian growing wine market – Luxeria, a premium brand, has promised to give Nigerians at the upper level of the market segment a memorable experience that is comparable to what is obtainable anywhere in the world.
The brand is one of the few wine brands that was recently launched in Nigeria and it confirmed the belief in many quarters that the segment is daily growing.
To compete well in the market, the Managing Director of the company, Maria Martinez said the company has developed relevant marketing activities around its distribution networks in Lagos, Port Harcourt and Abuja.
She also stated that the company has, in its stable, collection of exotic spirits and wines that target the country’s high-end consumers.
In order to fully tap into the opportunities in the Nigeria spirits market estimated to be worth over $2bn, Luxeria, the lifestyle company, according to the MD, had entered partnership with top brands in the world to bring some of the choicest spirits to the doorsteps of Nigerians.
She said: “Nigeria’s spirits market has been experiencing consistent growth rates year–on-year since 2007 while other developed markets are shrinking. We now need to rise to the occasion to meet the needs of our increasing sophisticated Nigerian clientele who have refined tastes and a distinct preference for prestige brands.
“The market is huge and incredible and we are really looking at expanding our reach beyond Lagos in the very near future so that we can continue to meet the needs of a vast majority of Nigerians who need our services.”
Latest figures, according to her, indicate that the Nigerian spirits market is worth over $2billion and one of the fastest growing around the world with a six per cent annual growth rate.
According to a recent report by International Wine and Spirits Research, the market is valued at over $2.84bn with imported brands accounting for around $500m of the entire share.
Industry watchers are predicting a further explosion over the next few years especially with the economy fingered to witness tremendous growth over the same period.
To further cement its place in the highly competitive market, the company named top spirit brands in the country such as Moet Hennessy, producers of Dom Perignon, Moet et Chandon, VeuveClicquot, as well as PernodRicard, makers of Chivas, Perrier Jouet and Royal Salute as those it had partnered with to provide customers with a wide-range of luxury wines and spirits for its 2015 collection.
In addition are the exquisite Faberge Eggs in Vodka and Cognac, made with enamel, crystal, and 24-carat gold gilding and the Moet Nectar Rose Jeroboam Leopard Luxury edition bottle coated in 22-carat gold leaf and camouflaged with a leopard motif with only 60 bottles produced worldwide.
In a country where many ordinary citizens live on less than N160 a day, consumption of alcoholic beverages remain popular among a vast majority of the populace with local and international brands jostle for consumers’ loyalty.
Euromonitor International, a research firm, last year said in a report that Nigeria spent an estimated N9.4bn on champagne in 2012, a remarkable rise from N7.8bn in 2011 while also projecting that the value could rise to N616.8bn by 2017.
Meanwhile, the development is said to be upsetting the beer industry, where stakeholders are said to be working out various strategies to appeal to consumers, who are already considering the health benefits in wine over other alcoholic drinks.