The African Business Review July-August 2014 | Page 82

country, I always encourage them to consider launching the brand in the U.S. Any brand that becomes successful in the U.S. will be more likely to be respected at home. After a product reaches a certain level of quality, other factors increasingly determine whether or not it is regarded as “luxury.” In many developing nations, a product is more likely to be The face of luxury in the U.S. is changing most rapidly. As it changes in the U.S., it will gradually change around the world. regarded as “luxury” if it is sold by, say, a French company (if it is in beauty and fashion) or a German or Italian company (if it is an automobile). In the U.S., by contrast, there is a growing trend to include social and environmental considerations into purchasing decisions even at the high-end of the consumer products market. Those college students from Harvard and Stanford in the 1990s are now the investment bankers and tech entrepreneurs making millions today - but many of them continue to maintain a commitment to ethical purchasing. As a consequence, the face of luxury in the U.S. is changing most rapidly. As it changes in the U.S., it will gradually change around the world. of the art of scents in Grasse, the traditional perfume regions of France, and worked with him to create customized fragrances that worked well with Senegalese ingredients. I also identified the most professional packaging experts in the beauty industry to work with me to develop a packaging concept that communicates a “contemporary Africa” image for my products. The result is Tiossan, a luxury brand based on indigenous recipes from Senegal, created by a Senegalese entrepreneur. But what makes the brand more compelling for the U.S. luxury market is the fact that the brand is committed to social and environmental practices, and that it contributes to a social cause. Our products use all natural ingredients, each of which has been vetted to ensure that it is both good for your skin as well as good for the environment. Our factories in Senegal, when ready, will feature healthy working environments and healthy housing. Most importantly, Tiossan is financing 21st century schools designed to develop creativity, innovation, and entrepreneurship among the next generation of Senegalese young people. Tiossan has already been featured by the New York Times and by New York’s Fashion Week, one of the most important events in the world in the fashion and beauty industry. A U.S. fashion blogger’s review of a Tiossan product shows exactly how the high-end U.S. market integrates a passion for product quality with a concern for “meaning” (see previous page). The blogger knows that the women who read her blog are eager to know both that a product is good for the skin AND that the company producing the product is doing good things in the world. I am often asked when Tiossan products will be available in Africa. I would love for Tiossan to be supported by African investors and consumers. But I know that it is more likely to become a successful luxury brand in Africa after it has become more widely known in the U.S. because the U.S. has the largest “cultural creative” demographic in the world. I serve as a mentor to dozens of developing world entrepreneurs who aspire to develop consumer brands. While sometimes it is appropriate to launch a brand in their home 82 | The African Business Review About the Author: Magatte Wade is the founder and CEO of Tiossan, a highend natural skin care company base