The Kenyan government and a consortium of companies have signed a $1 billion deal with Black owned hair and scalp care company Kenya Moores hair care group to bring its products to Kenya and the United States, where the market is saturated with the products, The New York Times reported.
Kenya Moors CEO, Michael Loy, said the deal with the Moores will help the company achieve its vision of helping Kenyan people through innovation and diversification.
“We believe that in our country we can create the best products to help people to stay healthy, to live a healthy life and achieve their dreams.
We are confident that this new partnership will accelerate our efforts to help African countries achieve their vision,” Loy said.
The Moores products are available through an online marketplace and at retail outlets such as Macy’s, Nordstrom, Target and Walgreens.
KenyaMoores CEO Michael Loyle said the agreement is an example of the Moors success in reaching out to consumers.
“I think this is the first time in our history that we are able to reach out to a community that has the passion for our products and wants to use them,” Loyle told CNBC.
“People have been very supportive of the company and have been excited to try these products.
It is just great to see people excited about these products.”
Kenya Moours products are now available in the United Kingdom and France.
“Today is the beginning of a very exciting time for our team,” Moores CEO, Kenan Fathi, said in a statement.
“Kenyan people have had enough of the problems of the past decade and the challenges we face as a country.”
Moores sales rose 17% in 2016 and its market share in Kenya increased from 8% to 12%.
Kenya Moains revenue grew from $1.9 billion to $1,839 million.