491 views | Akanimo Sampson | February 4, 2019
Despite the prevailing unfavorable conditions, PZ Cussons Nigeria Plc says they are not considering to exit the country. Though she is facing trading issues in Nigeria, Chief Executive Officer, Christos Giannopoulos, says they will continue to maintain their strong market shares in the key products category in Nigeria until growth returns to the market.
PZ Cussons Nigeria is part of a multinational consumer goods business, PZ Cussons Plc. They manufacture and distribute some of the best loved brands in the country from Imperial Leather to Cussons Baby, Morning Fresh to Thermocool and Robb.
The company is operating in five core categories – personal care, beauty, home care, food and nutrition and electricals. Worldwide PZ Cussons Group employs over 5000 people across Africa, Europe, Asia, and North America.
PZ Cussons’ history dates back to the 1800’s , when the minds of two extraordinary people – George Paterson and George Zochonis – met in Sierra Leone and embarked on a journey of exploration and opportunity.
PZ Cussons is parent to some brilliant brands. Their strategy is to develop or acquire brands that are, or have the potential to be number one in their category.
The company also has a great track record of developing fantastic local brands such as the number one Nigeria detergent brand Zip, first to market Mamador cooking oil and number one white goods brand Thermocool. Our acquired brands have taken us into exciting new markets and categories, including our number one sunless tanning brand St Tropez, number one Australian baby food range Rafferty’s Garden and innovative cult hair brand Fudge.
Giannopoulos in a statement on January ending made public their resolve to stay on in Nigeria. The news came as the London Stock Exchange published PZ’s half-year report for the second half of 2018. Although the content of this report did not state that PZ Cussons was leaving the Nigerian market, the report led to some assumptions.
In the report, PZ Cussons made comments about their state of affairs in the Nigerian market, most of which were not positive. It also made a remark about how low consumer disposable income was affecting trade which in turn had an effect on their growth.
The report also indicated that the weakening local currency and exchange rate regime also affected businesses in Nigeria. The macroeconomic conditions in Nigeria which remain a major challenge also contributed to the negative impact on the group’s growth.
Chairman of PZ group, Caroline Silver said the group will streamline its activities and limit its exposure to volatility in Nigeria. However, it would not be exiting the Nigerian market but rather focus on the areas in which it is doing well.
PZ Cussons is a dynamic consumer products group and innovator. Nigeria is its largest and most diverse single market, where she has been operating in personal care, food and nutrition and electrical for over 100 years now.