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Intel Industry Country Pursuits Trends TRENDS INTEL INDUSTRY COUNTRY PURSUITS SPORTS MARKETING BRANDED HOTELS BEAUTY KENYA TRAVEL GEMS NOT FOR SALE NOT Corporate Magazine | January - March, 2019 The rise of branded hotels in Kenya When a haircut is not enough The hair and beauty industry in Kenya is big Lessons business, employing hundreds of people and from a contributing billions to the economy. Those hair loss doctor in the industry say the future is bright Regulated2 by| the Central Bank of Kenya 32 When a haircut is not enough There is a new breed of men. They are not content with a regular haircut and are willing to pay a premium to be pampered 6 Global hotel chains make a beeline for Kenya Increase in the development of hotels and the refurbishment of existing ones is an indication of confidence that investors have in Kenya 40 Beauty on-demand With more people willing to pay to look good, most make-up artists are willing to come right to your doorstep 22 34 Booming cosmetics industry a goldmine for start-ups The making of a strong Kenyan brand Savvy entrepreneurs are riding For the last 24 years, Terry Mungai, proprietor of the wave and making a killing Ashleys Kenya, has nurtured her company and in the KShs.6.6 billion industry helped rewrite the grooming rule book Hidden travel destinations This year, aim to explore some of the lesser known tourist destinations for a unique travel experience. These spots might take you off the beaten road, but you’re sure to 50 find something unique and unforgettable. | 3 WORDFROM THEEDITOR Behold the beauty t has been said that beauty is in the eyes of the beholder. And so it is with this issue; we have taken a deep dive into the beauty industry, and the facts are staggering. I For a bank, we’ve made According to Euromonitor, beauty in a bold, and brave move Kenya is a KShs.58 billion industry, that provides a livelihood to delve into the beauty for hundreds of thousands of people, from beauticians to industry through manufacturers of the myriad of beauty products. The hair our KCB 2jiajiri industry is worth over KShs.12 billion! programme. Under It is therefore clear that the beauty industry has remained the KShs.50 billion highly underrated over the years. KCB Group Head of Corporate and youth empowerment Regulatory Affairs To understand the industry better, we spoke to several hair programme, we are Judith Sidi Odhiambo care manufacturers, from Haco Tiger Brands who control 37 per training the youth cent of the Kenyan hair care market to Indian multinational Director Marketing and Communications across different Angela Mwirigi Godrej Consumer Products Limited, which owns Darling Kenya sectors including hair and who have great insights into the hair care industry trends. and beauty. Brand Manager Marketing and With increasing demand for Afrocentric hair and Communications skin care products by African women, Kenya Charity Wanjau manufacturers like Alkhemy Brands Limited, KCB Group Corporate and Regulatory makers of the Mikalla range of hair products, Affairs, Kencom House, Nairobi are creating products for customers who Tel:0711087000 or 0732187000 / 0711012199 prefer to wear their natural hair. www.kcbgroup.com The Kenyan beauty and cosmetics market Facebook: KCB Group has been fired up by the growing middle Twitter: @KCBGroup Instagram: @KCBGroup class and the increasing influence of social media. This platform has enabled start- Give us your feedback at: ups to grow into a multi-million shilling [email protected] companies. KCB Venture is published for KCB In this issue, we speak to Suzie Wokabi, Group by Oxygène MCL who launched the first cosmetics company in [email protected] Kenya SuzieBeauty in 2012. Her dream of one www.oxygene.co.ke day starting her own cosmetics line changed the Editor and KCB Bank Corporate cosmetics retail market in Kenya. Communications Manager From lipsticks to beard oils, and hair loss treatments, Peter Mwaura we have seen an industry emerge. An interesting thing Project Editor that has emerged is male grooming, which is no Anne Mathenge longer seen as an underground practice, with the sub-sector now valued at KShs.4.7 billion. Production Editors: Mugumo Munene, Esther Karuru, Mutave Mutemi, John For a bank, we have made a bold, and brave move Ngirachu to delve into the beauty industry through our KCB 2jiajiri programme. Under the KShs.50 billion youth Contributing writers: Josephine Mosongo, Donald Kogai, Felix Brian empowerment programme, we are training the youth Onyango across different sectors including hair and beauty. In the last two years, 203 students have been accorded Art Director: Dennis Makori full scholarships to train at Ashley’s Hair and Beauty KCB Venture is available at all corporate Academy. Each of these graduates will work at the Ashleys branches and at select hotels and Mashinani franchise outlets. businesses in Nairobi. In this issue, we have also looked at how international ©2018 No part of the contents may be hotels are making a beeline for Kenya and also taken a look reproduced without prior permission at the business of sports marketing among other interesting from the publishers. All advertisements features. Enjoy the read. and non-commissioned texts are taken in good faith. While every care is taken to ensure accuracy in preparing the magazine, the publisher and KCB Editor-in-Chief Venture assume no responsibility for effects arising therefrom. 4 | OPINION Political stability key to Kenya’s economic growth prospects in 2019 Peter Kathanga 5.5% in 2019 and 5.4% in 2020 due to prudent monetary policy. fter a tumultuous year Among downside risks projected by that began on the wrong the World Bank are possible difficulties end of our national fabric in making fiscal consolidation friendly due to animosity over If the political to growth and in sourcing for affordable A the hotly contested environment finance for the budget deficit caused and controversial 2017 remains stable, by tightening global markets. Boosting presidential polls, 2019 could bring with it Kenya’s economy domestic resource mobilization and better economic growth prospects. Among will for the first enhancing government spending efficiency the key issues that could shape economic time in a decade are critical to restrain public borrowing. conversations this year is whether a law hit a six per cent Kenya continues to face the challenges on interest rate caps will be repealed, the growth rate in of inadequate infrastructure, income national census, a new currency, and the 2019. inequality, and increased joblessness. political climate. In this issue, we have The need to raise additional tax put the spotlight on beauty, with in depth revenues to finance economic development articles on the billion-shilling industry. motivated the government to tax mobile According to the African Development transactions in 2013. Poorly designed tax Bank, Kenya’s real GDP is projected policies, when applied to retail electronic to grow by 6% in 2019 and 6.1% in 5.5% transactions as well as bank transactions, 2020. Domestically, improved business Projected rate of can potentially reverse economic gains confidence, rising household income from inflation in 2019 from mobile banking, especially for low- agriculture and lower food prices and income earners who rely heavily on these continued macroeconomic stability will services. contribute to growth. The interest rate cap Kenya’s Big Four economic plan, will likely curb the availability of credit. introduced in 2017, focuses on Externally, tourism and the strengthening manufacturing, affordable housing, global economy will contribute. universal health coverage, and food The stable political climate is likely security. It envisages enhancing structural to see increased investments in various transformation, addressing deep-rooted sectors of the economy. social and economic challenges, and The government plans to continue fiscal accelerating economic growth to at least consolidation to restrain the rising deficit 7% a year. By implementing the Big Four and stabilize public debt by enhancing strategy, Kenya hopes to reduce poverty, revenue, rationalizing expenditures create jobs and grow the economy. If the through zero base political environment remains stable, budgeting, and Kenya’s economy will for the first reducing the cost of time in a decade hit a six debt by diversifying per cent growth rate in funding sources. 2019. Inflation is projected to be The writer is the Director, Corporate Banking at KCB Bank Kenya According to Africa Development Bank, real GDP is projected to grow 6% by 6% in 2019 and 6.1% in 2020 | 5 TRENDS&INTEL INVESTMENTS Global hotel chains make a beeline for Kenya enya is witnessing an The Hotels Africa 2018 report shows other countries in the top 10 list. unprecedented boom Kenya has 68 global hotel brands, with According to the report, Nairobi, Dar in hotel construction South Africa leading with 430 hotels, es Salaam, Zanzibar and Seychelles are K which is guaranteed followed by Egypt (300), Morocco (153) leading in global hotel developments in to change the face and Tunisia (103). Mauritius, Nigeria, Eastern Africa. of the hospitality Tanzania, Zimbabwe and Algeria are the The increase in the development industry in the country. of new hotels and the refurbishment An increase in the number of of existing ones is an indication of business and leisure visitors, as well 68 the confidence that investors have in as the entry of global hotel chains into Number of global hotel Kenya’s economic growth. the country reinforces the hotel sector’s brands in Kenya Other big drivers of hotel untapped potential for business growth. development is Nairobi’s position 6 | TRENDS&INTEL Best Western brands of hotels. A 2018-2022 outlook report by PricewaterhouseCoopers (PwC) projects that hotel room revenues will increase at a 9.6% compounded annual rate.
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