A multinational consumer goods company, PZ Cussons, has taken a decisive turn in its business strategy, announcing that it will retain its Africa operations and pursue bold expansion plans, driven largely by strong performance in Nigeria.
The company had earlier, in April 2024, signalled a possible exit from parts of its African portfolio, revealing intentions to sell its 50% stake in PZ Wilmar Limited, its non-core edible oils subsidiary in Nigeria.
But following a comprehensive review, PZ Cussons says it is no longer heading in that direction.
In a statement published on its official website, the board explained that the proposals received did not match the true value of the business.
Instead, it concluded that “the greatest value for shareholders will be created by retaining the business and building a group portfolio balanced between its developed markets of UK and ANZ and its emerging markets of Indonesia and Nigeria”.
As part of the renewed strategy, PZ Cussons is moving into adjacent product categories, especially men’s grooming and beauty, strengthening its established brands such as Venus, Imperial Leather and Premier.
The company highlighted Africa’s massive long-term potential, particularly with the continent’s population expected to grow by more than 900 million in the next 25 years.
Nigeria alone is projected to add over 100 million people, supported by rising urbanisation and a fast-expanding middle class.
The company also noted that Nigeria’s business arm has more than doubled its directly served retail outlets since FY22—one of the major drivers of its recent double-digit revenue growth.
“The board is confident that PZ Cussons is well placed to succeed through leveraging local insights and its brand heritage,” the statement added.
Speaking on the decision, Chief Executive Officer, Jonathan Myers said, “After a thorough review of the remainder of the Africa business and careful evaluation of the offers received, the board believes it is in the best interest of our stakeholders to retain the business.
“Africa is a market of great opportunity. Given PZ Cussons’ deep heritage there, and given the strength of our brands and operational capabilities, we are well-placed to win over the longer term. Benefitting from a more stable economic environment in recent months and with positive fiscal reform, momentum in our Africa business is strong, with double-digit revenue growth in the first half of the financial year.
“We will now look to build on this strong performance and extend our category leadership, with nearly 80% of our revenue in Nigeria already coming from brands with #1 or #2 positions.”
