NAIROBI, Kenya, July 26 – Champagne maker Veuve Clicquot is planning to expand to Kenya amid growing demand for premium products in the country.
Its Chief Executive Officer, Jean-Marc Gallot, told Bloomberg TV that it is considering expanding to Kenya as well as Tanzania and West Africa.
Veuve Clicquot is part of the luxury brand LVMH, which is owned by the second-richest man in the world, Bernard Arnault & family.
According to Forbes, Arnault and his family are worth $222.5 billion, just behind Elon Musk, who is the richest person globally with a net worth of $239.9 billion as of today.
Some of renowned companies under LVMH include Dior, Louis Vuitton, Sephora, and TAG Heuer, among others.
Currently, the winemaker sells its products in Nigeria, Tunisia, Morocco, Alegria, and South Africa.
The rising middle class as well as the affluent on the African continent have created an opportunity for big brands to tap.
Its massive young population also offers companies an opportunity to expand their markets beyond traditional ones.
