PZ Cussons shifts strategy toward Africa growth after dropping oils business
PZ Cussons has unveiled a renewed long-term strategy for its African operations, outlining an expansive growth plan following the disposal of its 50% stake in PZ Wilmar, the edible oils joint venture it previously co-owned in Nigeria. The stake was sold for $70 million, completing the company’s exit from a segment it now considers non-essential to its future direction.
The sale concludes a strategic assessment launched in April 2024, during which the Group evaluated several approaches to restructuring its Africa business—including fielding multiple acquisition interests from outside investors. Ultimately, the board opted to retain and reinforce its presence on the continent, stating that Africa remains essential to its goal of balancing operations across Developed Markets (the UK and Australia/New Zealand) and Emerging Markets (Indonesia and Nigeria).
With the review now finalized, PZ Cussons says it is shifting fully into execution mode, accelerating the growth momentum recorded over the past few years.
Three-Pillar Strategy for Africa
The company’s forward plan is anchored on three core priorities designed to deepen market penetration and expand category influence:
- Strengthening Core Markets
PZ Cussons intends to intensify growth efforts in Nigeria, Kenya, and Ghana through:
- Enhanced brand-building investments
- Broader distribution reach
- Revenue Growth Management initiatives
- Stronger in-store visibility
- Increased deployment of digital tools
In Nigeria, the company has more than doubled the number of retail outlets it serves directly since FY22, significantly boosting its double-digit growth trajectory.
- Entering Adjacent Categories
The Group plans to diversify into new segments with high potential, including Men’s Grooming and Beauty. Its expansion strategy will leverage already successful brands such as Venus, Imperial Leather, and Premier.
- Pan-African Expansion
Beyond its established markets, PZ Cussons aims to scale its footprint into additional African countries. The company plans to use Nigeria and Kenya as manufacturing and distribution hubs to drive the next phase of continental expansion.
Africa as a Long-Term Growth Frontier
PZ Cussons describes Africa as a “major long-term opportunity” that will shape its portfolio over the coming decades. Demographic projections show Africa’s population expanding by more than 900 million people within the next 25 years, with Nigeria alone expected to add over 100 million new residents. Rising urbanisation and a growing middle class are expected to fuel consumer demand.
Recent improvements in economic and currency conditions have also supported the company’s performance, contributing to strong double-digit revenue growth in the first half of FY25.
The firm notes that nearly 80% of its Nigeria revenue comes from brands that hold the number one or two market positions in their categories—an indication of solid brand equity despite the exit of several multinational competitors from the region.
“Our heritage, deep understanding of the African consumer, and robust route-to-market structure give us a unique competitive edge on the continent,” the board said.
A Leaner Africa Portfolio
With its exit from the edible oils joint venture, PZ Cussons’ Africa business now covers:
- Family Care and Electrical Appliances in Nigeria
- Family Care lines in Ghana and Kenya
- A 3% equity holding in PZ Cussons Nigeria Plc
In FY25, the Africa division delivered £141 million in revenue and £16 million in adjusted operating profit—accounting for approximately 27% and 30% of Group totals respectively.
A Renewed Chapter for a 141-Year-Old Company
Established in 1884, PZ Cussons continues to build its global reputation with well-known hygiene, beauty, and baby-care brands such as Cussons Baby, Carex, Morning Fresh, Imperial Leather, and St. Tropez. Its corporate purpose, “For everyone, for life, for good,” reflects an emphasis on sustainability and positive community impact.
With the strategic review settled and its non-core oils business divested, the company says it is firmly focused on unlocking the vast potential of Africa’s youthful and expanding consumer population. PZ Cussons is positioning its locally resonant brands at the heart of this next phase—one it believes will define its future growth.
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