Vitae London eyes Nigeria market, may seek listing on securities market
Management Consultant, Chris Taiwo(left); Managing Director, Professional Stockbrokers, Adedapo, Adekoje; founder, Vitae London, William Adoasi; Chief Executive Officer, Goldbanc Management and Associates, Abayomi Sanya and Chief Executive Officer, Pulsar Limited, Emiko Aruofor at the Business Interactive Session of Vitae London in Lagos recently
Vitae London Investment, a global player in top-notch watch and accessories, has commenced preliminary moves to have a strong presence in Nigeria, with future plan of seeking quotations on the securities market.
With a presence in over 40 countries, Vitae London Investment is changing the narrative through its social impact intervention in the education of the less privileged in Sub-Saharan Africa.
In an interactive chat with journalists and some members of the business community in Lagos recently, the Company’s founder, Mr William Adoasi, disclosed that the watch and accessories market, estimated at over $40 billion, was of high quality but affordable.
According to him, the global brand with a huge market in the United States and the United Kingdom has been endorsed by many celebrities and thought leaders, including Richard Branson, a famous British billionaire and founder of the Virgin Group, and Adekunle Gold, a celebrated Nigerian artiste and the President of Ghana, Nana Akufo-Ado.
Adoasi said apart from Nigeria’s niche market, particularly with a high population of millennials and generation Z, Vitae London’s presence in the country would bring many values, including job opportunities and social impact.
He said: “We shall create pathways to employment, especially through marketing, logistics, sales and accounting and train young people. We shall expand to underserved communities in Nigeria, partner with a local charity to understand local needs and create a virtuous cycle of a brand selling in Nigeria, supporting Nigerians. We shall expand our focus in Nigeria through corporate partnerships, retail partnerships, e-Commerce, and celebrity capsule collection.”
The founder added that the brand has always placed a premium on social impact through intervention in the education of the less privileged in Sub-Saharan Africa. He said this is in line with United Nations Sustainable Development Goal four on the provision of inclusive and qualitative education.
Describing education as the key to overcoming poverty, he disclosed that 20 per cent of children in Sub-Saharan Africa are out of primary school education.
Adoasi, however, said things like school uniforms and electricity to study at home act as deterrents. According to him, “we distribute uniforms and solar light for the child in need, costing 5 per cent of our sales. The initiatives are done in partnership with House of Wells and Pen to Paper, Ghana.”
Speaking in a similar vein, the Managing Director and Chief Executive Officer, Professional Stockbrokers, Mr Adedapo Adekoje, noted that market research revealed Vitae London’s presence in Nigeria would enhance the company’s marketing drive as the nation remains an investors destination of choice in Africa.
Details of the company’s plan to embark on capital raise as preparatory to listing on a securities exchange in Nigeria are still under the wraps.
Adoasi expressed optimism that the capital market option was on the front burner as it would enable Nigerians to be part owners of the global brand.
The Guardian reliably gathered that the firm would be launched in Nigeria in the last quarter of this year.
