Cognac Hennessy in Kenya
After pushing hard in Nigeria, Hennessy is now starting to distribute its cognac in Kenya to take the opportunity of Africa’s second-largest luxury-goods market, with a market growth expected to be double digit.
In 2017, Kenya has 9,400 dollar millionaires, fourth-highest in Africa, and 17000 millionaires are expected in 2027.
Kenya was Africa’s second-largest market for luxury goods in 2016, with revenue of about $500 million, up 25 percent from a year earlier, according to a report by New World Wealth, a Johannesburg-based research group. The country ranked behind South Africa’s $2.3 billion market and ahead of Nigeria, it said. Brands like Hennessy are expanding their reach on the continent to tap into growing numbers of middle-class and rich people.
Source: Bloomberg
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