Listen to This Article Enhance your reading experience by listening to this article.

Competition in the local beauty and cosmetics industry has intensified with the entry of L’Oréal Paris only one week after the launch of another global brand Fenty Beauty in Kenya.

The move comes as the industry continues to attract big firms open for new lines of business and multi-million-shilling acquisition deals. L’Oréal East Africa Managing Director Serge Sacre says rising customers’ demand for luxurious but affordable beauty and personal care products are behind the firm’s entry into Kenya.

“L’Oréal Paris brings to the market quality, effectiveness and innovation in a country with a growing consumer base but still a huge number of potential consumers that largely remain untapped,” said L’Oréal East Africa Managing Director Serge Sacre.

Global expansion

The expansion into the Kenyan Market now means L’Oréal has a presence in 140 countries and over 85,400 employees.

The French firm is eyeing the growing Kenyan middle class that craves new consumer and luxury goods.

According to Sacre, the market has the potential to move from its current 30 per cent penetration to a billion-dollar industry in five years, from its current estimated value of Sh20 billion.

The global anti-ageing products market size valued at Sh4.05 trillion in 2020 is projected to expand at a compound annual growth rate (CAGR) of 5.4 per cent from 2021 to Sh 6.01 trillion by 2028, according to a report by research firm, Grandview.