NAIROBI, Kenya, Oct 5 – Fast moving consumer goods firm PZ Cussons is bullish about the Kenyan market as it plans to invest more in the country.
The personal care manufacturer says despite the difficult period the firm has experienced in Kenya, there is a huge gap in the retail market and will inject Sh30 million in its operations.
Managing Director Sekar Ramamoorthy says drought, interest rates capping and the election sentiments have negatively impacted their business in Kenya.
“We had a severe drought which impacted the livelihoods of farmers, and that is not in the hands of anybody, coupled with the interest rates capping impacted the business confidence followed by the election sentiment which kept the country away from the shopping spree but we are confident and we will continue to invest in this market,” he told Capital FM Business in an interview.
He said new innovations, convenient stores, and e-Commerce will drive the FMCG market going forward.
“Next to South Africa, Kenya is the most developed retail market in Africa, the experience of retail is still shallow and Kenya has a deeper penetration opportunity and the market will continue to experience new innovation. Shoppers continue to look for new experience and hence we need to be ahead of customers thinking in bringing innovative products,” he added.
The firm has set its eyes on the burgeoning youthful Kenyan population in a bid to grow its market share.
The Sh30 million investment will be used in consumer awareness, digital innovation and the introduction of new brands in the Kenyan market.
The firm owns personal care brands like Imperial Leather brands, Carex, Cussons Baby, Flamingo, Venus as well as home care range that include morning fresh, and Ushindi.
The firm is a public listed company on the London Stock Exchange and has been doing business in Africa for more than a century.