A global brand that deals in topnotch watch and accessories in over 40 countries, Vitae London Investment, has commenced preliminary moves to have a strong presence in Nigeria, African largest market with long term plan of seeking quotation on a securities market.
The Company’s founder, Mr William Adoasiwho addressed some members of business community in Lagos at the weekend, perhaps, the first in the series, explained that the $40 billion watch and accessories market was of high quality but affordable.
According to him, the global band with a huge market in the United States and United Kingdom has been endorsed by many cabrerites and thought leaders, including Richard Branson, a famous British billionaire, Adekunle Gold and the President of Ghana, Nana Akufo-Ado.
Adoasi explained that apart from Nigeria’s niche market, particularly with high population of millennials and generation Z, Vitae London’s presence in the country would bring many values, including job opportunities and social good.
“ We shall create pathways to employment, especially through marketing, logistics, sales and accounting and train young people. We shall expand to underserved communities in Nigeria, partner with local charity to understand local needs and create virtuous cycle of a brand selling in Nigeria, supporting Nigerians. We shall expand our focus in Nigeria through corporate partnerships, retail partnerships, e-Commerce, and celebrity capsule collection. We have always placed premium on social impact through our intervention in education of less privilege in Sub-Saharan Africa.
“ There is a disconnect between a generation of people who want to see positive change and the charities doing it. Education is key to overcoming poverty. Over 20 percent of children in Sub-Saharan Africa are out of primary school education. Simple things like school uniform and electricity to study at home act as deterrents. We distribute uniforms and solar light for the child in need, costing 5 percent of our sales.The initiatives are done in partnership with House of Wells and Pen to Paper, Ghana.”, said Adoasi.
Corroborating him, the Managing Director and Chief Executive Officer , Professional Stockbrokers, Mr AdedapoAdekoje, explained that market research revealed that Vitae London’s presence in Nigeria would enhance the company’s marketing drive as Nigeria remains a significant investment destination in Africa.
Details of the Company’s plan to embark on capital raise as preparatory to listing on a securities exchange in Nigeria are still under the wraps.
But Adoasi expressed optimism that the capital market option was on the front burner as it would enable Nigeriasn to be part owners of the global brand. There are strong indications that the Company would be launched in Nigeria in the last quarter of the year.
