The store has just opened its doors in the Southern African nation’s capital of Lusaka, according to a report in the Lusaka Times, which cites information from a press release.
“M.A.C remains committed to developing new categories, products and over 50 collections each year in order to serve the demand of customers,” the press release stated.
Store opening attracts attention
The opening of the store took place on February 18th, and in a country with a small but growing GDP, the event was significant enough to attract government officials.
The opening was attended by The Commerce, Trade and Industry Minister Margaret Mwankatwe, at the store’s location in the Manda Hill area of the capital.
MAC Cosmetics is currently officially available in 42 countries worldwide. In the Middle East and Africa, the company’s website lists Israel, Nigeria, South Africa and the Middle East as its primary markets.
Zambian economy continues to grow
According to 2015 consensus figures, Zambia has a population of 16.2 million people, while in 2014 the GDP was estimated at $26.6 billion, which is $4.1 billion per capita.
Although specific data on the country’s beauty market is lacking, the economy has continued to grow at above 6% in the course of the past five years, but in 2016 the country is facing some economic winds on account of falling copper prices, which is one of the country’s primary industries.
However, despite this, the World Bank predicts that the economy will continue to grow at almost 4% in 2016, while attracting investment and still seeing some growth in the consumer segment.
Euromonitor International recently revealed that in 2016 it expects South Africa will register double digits gains in the beauty market, which would make it one of the fastest growing in the world.
Elsewhere in Africa, Nigeria is another significant beauty market. It has performed well in the course of the last five years, but increasingly political instability is expected to hamper growth in the consumer industry during 2016.