Since it was founded back in the 1920s, Gucci has grown to become a luxury brand that is synonymous with the rich and famous all over the world.
It is also extremely popular in Nigeria, with celebrities including Super Eagles football star Alex Iwobi being spotted wearing goods bearing the iconic name. Now, a new deal has been announced which will see Polo Avenue become a key name related to one part of the brand’s work.
An exclusive partnership
Earlier this month, sites including This Day reported on the news that Polo Avenue has secured exclusive rights to sell Gucci’s Ready-to-Wear clothing line in both Nigeria and the wider West Africa region.
Under the terms of the deal, Polo Avenue will be the only place where people can buy Ready-to-Wear pieces and leather goods from the luxury brand. The move builds on the long relationship that Polo Avenue and Gucci have developed, as the pair first worked together on a collaboration eight years ago.
Speaking to This Day, Polo Avenue executive director Jennifer Obayuwana said the company was proud to be “the true custodians” of Gucci in Nigeria. She added that customers would be promised beauty, delight and much more with each piece in the range.
The rise of luxury goods
The news of the deal perhaps showcases how well the luxury sector has been performing in both Nigeria and Africa in recent years. This Day details how Polo Avenue also sells goods from the likes of Valentino and Dolce & Gabbana, while research has shown just how strong the interest in luxury goods is at present.
For example, a report by BHM back in 2017 featured a forecast that luxury retail sales across the continent would reach $5.2 billion by 2019. The site added that Euromonitor estimates suggested that Africa was only behind the Middle East when it came to the issue.
The same article also hinted that interest and demand for luxury goods may particularly increase in Nigeria, with research from Knight Frank suggesting that the number of ultra-high-net-worth individuals in the country is on the rise. It was anticipated that the number of people who fit into the category may reach around 400 by 2024.
While the deal between Gucci and Polo Avenue may highlight the strong appetite that exists for luxury goods in Nigeria, it perhaps indicates how powerful the idea of exclusivity can be too. The concept of offering an exclusive range of products that no one else can has always been significant, but it seems to have become even bigger in recent years.
For instance, exclusivity seems particularly massive in the world of entertainment at present. In streaming, major global platforms like Netflix and Amazon Prime Video have moved beyond purely using their services to showcase content created elsewhere and have started to produce their own shows. This of course means that their platforms become the only place where such TV and movie hits can be seen. Similar trends have emerged in music streaming as well, with Amazon Music offering so-called Amazon Originals from a range of artists.
In addition, the online casino industry has also recognized the big benefits of exclusivity. For example, Casinos.co.za’s exclusive casino bonuses page features a range of bonus codes and offers which can only be accessed through that site. These also come in many forms, from deposit-match bonuses to free spins on slot games. Finally, another notable example of exclusivity can be found in the world of video gaming, as specific titles may only be released for certain devices or consoles. One example of this would be Spider-Man Miles Morales, which has been released as a PlayStation exclusive.
The news that Polo Avenue has exclusive rights to Gucci Ready-to-Wear clothing in Nigeria will undoubtedly be hugely exciting to fans of luxury goods in the country.
However, it is interesting to note how it also reflects the strong interest in luxury which has developed in recent years, as well as the big trends seen in many sectors related to exclusivity. It will be fascinating to see if the deal furthers Gucci's presence in the country and how the relationship with Polo Avenue continues to evolve going forward.