How Much Is The Makeup Industry Worth 2018
Temitope Mayegun is the CEO of Avila Natural products, the largest natural peel and pilus care brand in Africa that produces products using organic and natural ingredients. Mayegun holds an accounting certificate from the University of Lagos. In this interview with BUNMI BAILEY, she discusses her beauty business, the rebranding of her products and the natural beauty industry as a whole.
Tell the states your entrepreneurship story: how yous started and the journey so far?
Well, my entrepreneurship journey began in 2015, getting certified in natural skincare in the Usa of America, earlier nosotros set up the manufacturing company, to securing certifications from regulatory bodies earlier offset of performance, to putting together an efficient team to work with in the various departments, to selling our first batch of products and expanding at present to over 200 products currently under our brand. In summary it has been a blend of sweet, delightful, challenging, yet rewarding journey.
What really inspired you to set up this skincare business?
I decided to venture into this business organisation when I discovered the alarming rate at which chemic and synthetic products were flooding the market place. And in that location was the propelling force for me to provide an alternative natural peel and hair care products for consumers without them breaking the bank.
How much did you start with and how big accept you grown since starting?
Apart from the administration and factory spaces as well as the National Agency for Food and Drug Administration and Control (NAFDAC) certification fees, we actually started with N30, 000 worth of coconuts; and we have grown to a multi-1000000 naira business since and so.
The natural skincare beauty manufacture is fast gaining traction. How lucrative is the business?
I agree with you lot on how large the manufacture has grown and it is a welcome development. Contest is a good ground for business organisation to thrive, being the largest natural peel and hair care brand in Africa; it would be fallacy to say that we are not enjoying the profit dividends, and so allow me say that it is indeed lucrative.
The industry seems to be getting saturated, attributable to the number of people shifting towards it. What futurity do yous see for this space in the side by side ten years?
I believe that with proper standardisation and effective control from regulatory bodies, government and commercial institutions, in that location will be great room for improvement giving Nigeria at least xxx percentage market share of the world beauty and cosmetics manufacturers annual earnings.
What challenges exercise you face?
Nosotros face challenges like inaccessibility to adequate funding for more sophisticated up-to-date machineries, efficient and trustworthy manpower, raw materials sourcing from farms locally and internationally, etc.For every business the list can be endless but you must find ways to rise to a higher place all.
What keeps you passionate about helping people await beautiful?
Over the years, having seen the aftermath of damaged skin and pilus from diverse furnishings, such equally over-the-counter-chemical products, surgery scars, acne, stretch marks, hair loss, just to mention a few cases our products accost, there'due south no greater joy than to restore smile to these people. Above all is the divine inspiration to go on to innovatively create new products that continue to address human general beauty problems.
What areas of concern do you lot see in this industry?
Well, in that location are a lot of damaging fake peel care products and a lot of makers hiding nether the umbrella of organic and natural skincare to produce harmful products. This is hugely saddening, I must say.
Where do you see your company in 5 years?
Nosotros run into a more than accepted brand globally expanding across our four-continent electric current reach. Nosotros see a brand that would bring in foreign investors and researchers alike, recognisable by international bodies and placing Nigeria on the world tiptop beauty brands lists.
What is your greatest strength? How does information technology assistance you as a Pare Care Specialist?
My greatest forcefulness lies in divine help, positive feedback and acceptance from hundreds of thousands of buyers and the fiscal advantage is an addition.
How much practice you call up the industry is worth?
According to reports, the global cosmetic products market was around $ 532 billion in 2017 and is expected to reach approximately $863 billion in 2024 with an inclusion of the Nigerian dazzler market in 2018 estimated at N500 Billion annually.
You are currently rebranding one of your products, can you tell us why and how?
This is borne out of the desire to serve the buyers amend, not forgetting that we are penetrating various countries worldwide and it is therefore essential that nosotros meet the global standard of packaging. It is besides a general standard that international beauty brands over the years continue to comprehend, and then nosotros are not far from domicile by rebranding the general "Avila Natural Outlook".
How Much Is The Makeup Industry Worth 2018,
Source: https://businessday.ng/enterpreneur/article/the-nigerian-beauty-industry-is-worth-n500bn/
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