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Home Companies Company News

Moet boss says Nigeria is its biggest Champagne market in Africa

Onome Ohwovoriole by Onome Ohwovoriole
July 30, 2017
in Company News
Moet boss says Nigeria is its biggest Champagne market in Africa
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In what many may take as a sign of Nigerians love for imported items, Moet and Chandon Global Ambassador Pierre Louis Arraud says Nigeria may be its biggest market in Africa, ahead of South Africa and Kenya.

Nigeria according to him, has the largest economy in Africa, as well as population. The company plans to introduce premium versions of champagne into the market.

What this means ?

Arraud’s statement clearly shows Nigerians have maintained their appetite for imported goods, despite a recession, and policies by the Central Bank of Nigeria (CBN) to control the demand for foreign exchange.

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The cheapest bottle of Moet Champagne goes for around N15,000 and premium versions for as high as N100,000. At a conservative consumption rate of 10,000 bottles in a month, the company’s annual revenue from Nigeria could run into billions of Naira.

Implications for the economy

Importation of wines and spirits acts as a drain on the nation’s foreign exchange reserves. Competitors seeing the fantastic sales made by the firm will also come into the market.

Belaire, another champagne brand has recently stepped up its promotion in Nigeria. Guinness Nigeria, has also gotten distributorship rights for Diageo’s range of spirits and wines.

Moet and Chandon  was founded by a French wine merchant Claude Moet in 1794.  Moet merged with Hennessy Cognac in 1971 and with Louis Vuitton in 1987 to form the luxury group (LVMH).

Popular brands produced by the company include Moet and Dom Perignon.  Results for the half year ended June 2017 show the company sold 25 million bottles of Champagne.

Tags: LVMHMoet and ChandonNews Review
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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