L’Oréal Paris, one of world’s biggest beauty brands has officially launched into the Kenyan market as it expands its footprint in the beauty market with the introduction of a wide range of products specifically catered towards the Kenyan market. L’Oréal which prides itself as pioneering in beauty science, Parisian and a feminine brand that empowers women through its famous slogan “Because you’re worth it,” says rising customers demand for luxury but affordable beauty and personal care products are behind its entry into Kenya to better meet the requirements of the market and grasp local opportunities.
“L’Oréal Pbut still a huge number of potential consumers that largely remain untapped Paris brings to the market quality, effectiveness and innovation in a country with a growing consumer base ,” said L’Oréal East Africa Managing Director Serge Sacre.
The brand has announced availability of its top-rated Revitalift Filler Range, targeting different skin types. The product has been developed to protect users’ skin against sun damage and fine lines while promoting healthy and youthful glow. L’Oréal is banking on its research and development centre to come up with products according local preferences. L’Oréal currently invests on 4% of its revenue on research and development.
Sacre added the market has the potential to move from its current 30% penetration to a value of a billion dollars in five years from its current estimated value of $200 million. L’Oréal has presence in 140 countries and over 85,400 employees.
The global anti-aging products market size valued at $ 40.49 billion in 2020 is projected to expand at a compound annual growth rate (CAGR) of 5.4% from 2021 to $ 60.26 billion by 2028, according to a report by research firm, Grandsview.
A growing awareness among consumers on age-related skin problems such as fine lines, wrinkles, and dullness of skin, coupled with an increasing propensity to spend onproducts that help them to proclaim their skin youthfulness, the research firm said will drive the market demand throughout the forecast period.
The Nairobi launch brought together industry experts including scientists, dermatologists, distributors and celebrities.