Africa’s Thirst for Champagne Could Bring Veuve Cliquot to Kenya and Ghana - BNN Bloomberg
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Veuve Clicquot bubbly containers. , Photographer: Dimitrios Kambouris/Getty Images
Veuve Clicquot, the producer of fine Champagne and a subsidiary of the renowned luxury conglomerate LVMH, is actively investigating opportunities in Africa to tap into the growing desire for high-end goods across the continent.
The CEO of the Champagne manufacturer is contemplating either expanding their operations in East Africa or venturing towards Ghana in order to enhance their influence on the continent. This particular beverage manufacturer, which falls under the ownership of French magnate Bernard Arnault, already distributes its products in various locations such as South Africa, Nigeria, and Francophone countries like Tunisia, Morocco, and Algeria.
According to Comite Champagne, South Africa is the largest purchaser of Champagne on the African continent, ranking as the 22nd most important destination for these exports in 2022. Veuve Clicquot has a significant 90% share of the market in South Africa, placing the country among the top 10 markets for the brand worldwide. The company has profited from the South African population's strong preference for well-known brands. Gallot stated that Veuve Clicquot will prioritize maintaining its dominant position in the South African market while also pursuing expansion opportunities across the continent.
According to Gallot, South Africa is our top market for Champagne. In an interview with Jennifer Zabasajja from Bloomberg TV in Johannesburg, he mentioned that we may expand further into Kenya and possibly Tanzania, as well as explore other nations.
In order to maintain its position in South Africa's market, Veuve Clicquot is planning to potentially halt or reduce the substantial price rises it has put into effect during the past couple of years, according to Gallot. LVMH has already acknowledged experiencing negative reactions from customers due to the price increases implemented on their Hennessy Cognac.
The CEO expressed confidence that in the subsequent price hike, we will exercise greater prudence or reduce our ambitions.
Africa boasts the most youthful population globally, with approximately 66% of individuals in sub-Saharan Africa aged below 30 years.
--With help from Angelina Rascouet.
