{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Growth of luxury goods market in Nigeria' data-url='/boclips/videos/5c54c58dd8eafeecae171104' data-video-url='/boclips/videos/5c54c58dd8eafeecae171104' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nGrowth of luxury goods market in Nigeria\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eLagos - 30 October 20131. Various close-ups of luxury watches in display cases at Polo luxury shop in Lagos2. Sales staff with customer browsing watches3. Close tilt up of bejewelled Rolex 4. Close-up of ribbon being tied around...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eLagos - 30 October 2013\u003cbr/\u003e1. Various close-ups of luxury watches in display cases at Polo luxury shop in Lagos\u003cbr/\u003e2. Sales staff with customer browsing watches\u003cbr/\u003e3. Close tilt up of bejewelled Rolex \u003cbr/\u003e4. Close-up of ribbon being tied around gift-wrapped box\u003cbr/\u003e5. Sales assistant handing customer a purchase receipt \u003cbr/\u003eLagos - 26 October 2013\u003cbr/\u003e6. Interior of designer boutique Temple Muse, managing director Avinash Wadhwani with customers\u003cbr/\u003e7. SOUNDBITE (English) Avinash Wadhwani, Managing Director, Temple Muse: \u003cbr/\u003e\"Luxury isn't all about the western world we have luxury over here. We have it in fashion, we have it in film, we have it in music and our recent foray in art. Nigerian art and African art is been taking very seriously around the globe.\"\u003cbr/\u003e8. Various close-ups of luxury items, including cuff links and sunglasses on display \u003cbr/\u003eLagos - 23 October 2013\u003cbr/\u003e9. Wide interior of luxury shop\u003cbr/\u003e10. Various of sales staff at work at their computers, and speaking to prospective buyers over the telephone\u003cbr/\u003eLagos - 26 October 2013\u003cbr/\u003e11. SOUNDBITE (English) Kwesi Blair, Vice President, Robert Burke Associates:\u003cbr/\u003e\"There is definitely growing wealth and I think that not only just at the highest end, but also there's, I think a middle class that is really growing here that also wants access to luxury brands, brands from around the world.\"\u003cbr/\u003eLagos - 23 October 2013\u003cbr/\u003e12. Various of sales assistant taking down details of watch as she prepares for private delivery\u003cbr/\u003e13. Mid of watches being placed in lined box\u003cbr/\u003e14. Pan of exterior of Polo luxury shop on Victoria Island, Lagos\u003cbr/\u003e15. Sales assistant walking out of store with briefcase and leather bags, carrying wristwatches worth hundreds of thousand US dollars\u003cbr/\u003eFILE: Lagos, 3 July 2013\u003cbr/\u003e16. Wide top shot of Victoria Island, seen from Ikoyi, Lagos\u003cbr/\u003eFILE: Lagos, 16 March 2012\u003cbr/\u003e17. Exterior of Porsche centre in Lagos\u003cbr/\u003e18. Sales staff unveiling a Porsche Carrera 2013 edition\u003cbr/\u003e19. Various of Porsche and customers in showroom\u003cbr/\u003e20. SOUNDBITE (English) George Wills, Managing Director, Porsche Middle East and Africa;\u003cbr/\u003e\"The Middle Eastern, African region is actually the fourth largest, globally, for Porsche, so it is a market that is emerging. And the reliance on the typical sort of US and Europe markets are now starting to go away now and the emerging markets are becoming more key with China, with India, with Africa now.\"\u003cbr/\u003eLagos - 26 October 2013\u003cbr/\u003e21. Various close-up shots of jewellery on display\u003cbr/\u003e22. SOUNDBITE (English) Kwesi Blair, Vice President, Robert Burke Associates:\u003cbr/\u003e\"There's a huge opportunity for luxury brands to be here. Having been here for less than a week, I have recognised that not only is there wealth but there's a high level of sophistication and you know, the consumers here and I think that you know the question now is really being able to go out to the luxury brands and let them know that there's an opportunity to be here and they should absolutely figure out a way to do that.\"\u003cbr/\u003e23. Customers  browsing through designer clothes and accessories in luxury store\u003cbr/\u003e24. Givenchy wallets and accessories on shelf\u003cbr/\u003eLagos - 27 October 2013\u003cbr/\u003e25. Various of bartender mixing cocktails at an after party\u003cbr/\u003e26. SOUNDBITE (English) Ann Ogunsulire, Brand Manager, Moet Hennessy:\u003cbr/\u003e\"Those actually that are out in the night clubs, or out in the night, or are out drinking, are drinking champagne. They are a minority of the full population of Nigeria, but out of the people that are out, and celebrating and drinking, Moet is there.\" \u003cbr/\u003e27. Close-up of Champagne being poured into a glass\u003cbr/\u003e28. Mid of customer with glass of champagne\u003cbr/\u003e29. SOUNDBITE (English) Ann Ogunsulire, Brand Manager, Moet Hennessy:\u003cbr/\u003e\"Specifically its about that lifestyle. It is about knowing that when you're drinking now you are really exuding that feeling that you want, honestly it's all about success being a matter of style and when you're drinking Moet it is that certain style that you have and that's how we are special.\" \u003cbr/\u003eFILE: Lagos, 30 June 2013\u003cbr/\u003e30. Various, D' Banj, Nigerian artist and businessman sitting with friends, as Champagne is served\u003cbr/\u003eLagos - 26 October 2013\u003cbr/\u003e31. People at an after party \u003cbr/\u003e32. Mid, Genevieve Nnaji, Nigerian actress\u003cbr/\u003e33. Various interior of Temple Muse store, luxury items on display, people browsing\u003cbr/\u003e34. Mid of painting of Nelson Mandela displayed at Temple Muse\u003cbr/\u003e35. SOUNDBITE (English) Avinash Wadhwani, Managing Director, Temple Muse:  \u003cbr/\u003e\"The world is now such a small place that people are travelling so much, they are exposed. Our clients are well travelled and they are exposed. So we have them buying international brands but one of the things which we pride ourselves on is how a lot of our clients want something from the home-grown market.\"\u003cbr/\u003e36. Various of customers in store admiring painting by visual artist, Chidi Kubiri\u003cbr/\u003e37. Mid of exhibition curator Sandra Mbanefo Obiago\u003cbr/\u003e38. SOUNDBITE (English) Sandra Mbanefo Obiago, Exhibition Curator\u003cbr/\u003e\"Yes we know we have social problems, yes, we have poverty, but then there is an elite class that are consuming luxury brands and their consuming Chanel and Gucci. But we have Nigerian artists, Nigerian fashion, Nigerian accessories that are at the global level and we should celebrate that.\"\u003cbr/\u003e39. Various of models on catwalk during fashion show by Nigerian fashion designer Lanre Da Silva\u003cbr/\u003eA Nigeria's economy grows, the appetite for luxury brands is also increasing among the wealthy elite and the burgeoning middle class.\u003cbr/\u003eThis new purchasing power is starting to draw more and more international brands into Africa's most populous nation.\u003cbr/\u003eGlittering Piaget, Hublot and Rolex watches, worth hundreds of thousands of dollars, are on display at a luxury goods store in Lagos' Victoria Island.\u003cbr/\u003eThe wealthy elite in Nigeria have a healthy appetite for top-shelf brands, but have previously had to shop for them in Dubai, London and Paris. \u003cbr/\u003eNow though, sellers of luxury goods are opening stores in Nigeria. \u003cbr/\u003e\"Luxury isn't all about the western world we have luxury over here. We have it in fashion, we have it in film, we have it in music and our recent foray in art,\" says Avinash Wadhwani, managing director of Temple Muse, one of few designer boutiques in Lagos.\u003cbr/\u003eSince independence in 1960, wealth flowed into Nigeria as crude oil pumped out. \u003cbr/\u003eAfter democracy took hold in 1999, other industries have since developed in the country of 160 million, including banking and telecommunications. \u003cbr/\u003eNigeria's commercial capital Lagos, along with four other of Africa's largest cities, will each have consumer spending of 25 billion US dollars or more by 2020, according to a McKinsey and Co. report. \u003cbr/\u003eThat's comparable to spending in India's business hub of Mumbai.\u003cbr/\u003e\"There is definitely growing wealth and I think that not only just at the highest end, but also there's, I think a middle class that is really growing here that also wants access to luxury brands, brands from around the world,\" says Kwesi Blair of New York-based luxury-goods consultancy Robert Burke Associates\u003cbr/\u003eUnderstandably, international brands are keen to invest in the African nation.\u003cbr/\u003eSports car maker Porsche recently opened a showroom on Lagos' Victoria Island, home to many company headquarters and homes for the nation's wealthiest citizens. \u003cbr/\u003eThe open-air showroom, visible from traffic on one of the island's busiest roads, prominently displays the new Porsche 911 Carrera S, starting from about 150,000 US dollars.\u003cbr/\u003e\"The Middle Eastern, African region is actually the fourth largest, globally, for Porsche, so it is a market that is emerging,\" says George Wills, Porsche's managing director for the Middle East and Africa.\u003cbr/\u003e\"The reliance on the typical sort of US and Europe markets are now starting to go away now and the emerging markets are becoming more key with China, with India, with Africa now.\"\u003cbr/\u003eA recent government report showed more than 100 million people in Nigeria live in poverty, subsisting on less than 2 US dollars a day.\u003cbr/\u003eYet the spending continues in a nation where the rich take out full-page newspaper advertisements to celebrate birthdays and bells ring and waiters light up sparklers when a table buys a bottle of Champagne.\u003cbr/\u003e\"Its about that lifestyle. It is about knowing that when you're drinking now you are really exuding that feeling that you want, honestly it's all about success being a matter of style and when you're drinking Moet it is that certain style that you have and that's how we are special,\" says Ann Ogunsulire brand manager for the Champagne.\u003cbr/\u003e\"There's a huge opportunity for luxury brands to be here. Having been here for less than a week, I have recognised that not only is there wealth but there's a high level of sophistication,\" confirms Blair.\u003cbr/\u003eA city of contrasts, Lagos is home to a minority of wealthy elites, a growing middle class and an overwhelming majority of people just trying to get by.\u003cbr/\u003e\"Yes we know we have social problems, yes, we have poverty, but then there is an elite class that are consuming luxury brands and their consuming Chanel and Gucci. But we have Nigerian artists, Nigerian fashion, Nigerian accessories that are at the global level and we should celebrate that,\" says curator Sandra Mbanefo Obiago.\u003cbr/\u003eWadhwani of Temple Muse also feels there's a growing appreciation of local art and design in Lagos.\u003cbr/\u003eWest Africa's most populous city sizzles with an individual sense of style. \u003cbr/\u003eLagosian men and women often have outfits made for special occasions using the vibrant, multicoloured fabrics offered at local markets.\u003cbr/\u003eIn recent years, some world-class designers have been exporting that fashion sense beyond the coastal city's shores.\u003cbr/\u003eClients are reminded: \u003cbr/\u003e(i) to check the terms of their licence agreements for use of content outside news programming and that further advice and assistance can be obtained from the AP Archive on: Tel +44 (0) 20 7482 7482 Email: info@aparchive.com. \u003cbr/\u003e(ii) they should check with the applicable collecting 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