By Maryanne Maina
In Summary
There has been a sharp increase in the number of wealthy
Africans with massive spending power — who are now driving the market
for luxury goods and services on the continent.
These wealthy individuals have made it possible for luxury
concierge service providers like Zakary Chanou and his Paris-based
company UUU to step in.
Chanou founded UUU in 2003, and currently has a global client base, with a good number of them residing in Africa.
Earlier this year, Knight Frank published its Wealth Report 2016
on the spending trends of ultra high net-worth individuals (UHNWI)
globally and the data on Kenya was significant in driving Chanou’s
decision to paying attention to the country’s potential.
Chanou defines his profession as people who provide the desires of the wealthy in a “tasteful, discreet and elegant manner.”
According to the Knight Frank report, luxury goods are an
exception outside South Africa, but the growing numbers of wealthy
individuals means a growing presence of a few luxury businesses in
Kenya, Nigeria and Cote d'Ivoire.
The absence of widespread trade in luxury goods can be
traced to various challenges such as distribution channels,
infrastructure, human resources and transportation. Many of the wealthy
in the region desire services of various forms such as butlers,
bodyguards, sourcing of emeralds, wealth management and family offices
to art portfolio management.
UHNWIs in Africa and Latin America show a much stronger
propensity for private jet ownership than the global average. Poor
commercial travel infrastructure combined with global luxury spending
patterns and significant travel distances between business hubs on each
continent has, contributed to this high demand.
Within Africa, the number of UHNWIs with a luxury automobile
is 1.55x the global average. Although wealth in Africa is extremely
concentrated in certain countries, there is a growing potential for
luxury brands including high-end auto marques. Despite ongoing difficult
economic conditions in many emerging markets, the appetite of wealthy
collectors hasn’t diminished.
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What is a luxury concierge firm and what kind of services do you offer?
This is the art of catering to the desires of the ultra high
net-worth individuals in a very tasteful, discreet and elegant manner.
Some of our clients want to be picked up from and dropped off at
the Charles de Gaulle airport in France or at Le Bourget, the airport
that caters to private jets in France. We offer seamless luggage
handling at the airport from check-in to arrivals, manage airport taxes
and offer escort and chauffeured services to the premier and private jet
lounge.
We get front row seat tickets during the fashion week to watch
shows by Chanel, Hermes, Bottega Venetta and other exclusive brands;
arrange private fittings for couture wedding dresses and hats by top
couture brands from Ralph & Russo, Elie Saab, Zuhair Murad and
Valentino.
For lifestyle, our clients require private Michelin chefs flown
to their countries; wish to attend events with famous football teams; go
shopping in luxury stores after shopping hours; dine in private palaces
(chateaus), and get exclusive schools in Europe for their children;
want to hire butlers and buy private jets. We provide the solutions to
every request from our clients.
African clients prefer bespoke and individualised products. We advise and make contact with suppliers or stores.
What is the size of your company, UUU and its operations?
The company has more than 20,000 partners globally, working 24
hours a day, seven days a week, irrespective of the location and the
time zone.
Currently UUU has more than 8,000 private customers and 200
corporate clients from chief executive officers, entrepreneurs, private
banks, families, office management companies, financial institutions and
oil and gas companies from all over the world. People who are time poor
are a crucial part of our client portfolio.
The lack of luxury retail in most African countries, means our services are in great demand.
Do you feel there is a need for luxury concierge services in Kenya?
The 2016 report by Knight Frank portrayed the phenomenal rise of
the Kenyan market. There at least 77 ultra high net-worth individuals
(UHNWI), meaning that these individuals have at least $30 million in
investable assets excluding personal assets and property.
Abuja, in Nigeria has 14 UHNWI, while Johannesburg, South
Africa, has 320 UHNWI. Therefore, Kenya has the second highest numbers
of these extremely wealthy individuals.
East Africa is generally wealthy. Ethiopia, for example, has 11
UHNWI. The capital Addis Ababa has 700 millionaires and 40
multimillionaires. Dar es Salaam has 1,200 millionaires, 40
multimillionaires and 36 UHNWI. Therefore, it is crucial to structure
the luxury concierge services in Nairobi to cater for the country and
its immediate neighbours.
In addition, a number of foreign nationals from around the
continent bring their children to study in Kenya in schools such as St
Andrews, Turi; Brookhouse, Kenton and other international schools. Many
of these parents are from Angola, Nigeria, the UK, Tanzania and
Ethiopia. This is an important target market too.
What is your strategy for the Kenyan market?
We are looking to partner with companies that cater to wealthy
individuals and are in the luxury sector, such as private members’
clubs, premier and private banks, luxury marketing companies and other
market relevant firms.
We partner with companies that cater to the wealthy individuals to provide them with services.
Are there many Kenyans travelling to France to purchase French luxury brands?
Yes, many Kenyans come to France for business and holiday in
Paris, the south of France and the principality of Monaco. These are the
same people who purchase a lot of French luxury brands from Paris,
London, New York, Dubai, Johannesburg and other cities.
These brands include Louis Vuitton, Chanel, Cartier, Rolex,
Patek Philippe, French champagnes, Hennessey and designer cosmetics,
while others enjoy eating at Michelin star restaurants in Paris and
Europe. There are Kenyans who also fly Michelin star chefs from Paris
into the country to cater at private parties.
Are there certain preferences particular to wealthy individuals in Kenya?
Yes, the men collect timepieces, rare whiskeys and cigars. They
also like private tailoring sessions. This is part of our job. We take
personalised tailors such as Brioni and Savile Row to clients. For such
gentlemen, we also organise tours to vineyards for bespoke experience
with cognacs or champagnes.
The women like leather goods from Chanel, Louis Vuitton, Gucci
and other luxury brands. They also purchase a lot of skincare, clothes
and jewellery. We locate jewellers to source the diamond or ruby and the
designers for the client to create designs of their choice.
There are a lot of luxury preferences among wealthy individuals
and the role of the concierge is to provide these desires in a tasteful,
discreet and elegant manner.
What are other countries in Africa do you plan to expand into?
Cote d'Ivoire, Nigeria and South Africa are on our radar.
Cote d'Ivoire, Nigeria and South Africa are on our radar.
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