INTERNATIONALISATION STRATEGY

NAOMI ONANUGA
BIRMINGHAM CITY UNIVERSITY

1
 4-5 E X E C U T I V E S U M M A RY

FRANÇOIS NARS
6-7
PROFILE OF THE BRAND
8-9
CELEBRITY ENDORSEMENTS
10-11
NARS SERVICES
12-13 POSITIONING MAP/ SCOPE

16-17 B O S T O N M AT R I X

18-19 F I N A N C I A L B A C KG R O U N D

20-21 BRAND SENTIMENT

NIGERIA PROFILE
22-23
C U R R E N T M AT E U P I N N I G E R I A
26-31
MAIN COMPETITOR
32-33
S W O T A N A LY S I S
34-35
R U L E S A N D R E G U L AT I O N S
36-37
N I G E R I A R E TA I L T R E N D S
38-39 CONSUMER PROFILE

40-41 REASONS FOR INTER

42-43 P O S S I B L E LO C AT I O N S E N T R Y M E T H O D

44-45 P E S T L E A N A LY S I S

N A R S M A R K E T I N G S T R AT E G Y
46-47
I N T E R M A R K E T I N G S T R AT E G Y
48-49
CELEB ENDORSEMENT
50-51
NARS WORKSHOP
52-57
FIVE FORCES
58-59
A N S O F F M AT R I X
60-61 GROWTH PLAN

62-65 C O N C LU S I O N

2
WELCOME

3
 EXECUTIVE SUMMARY
The aim of this report is to investigate and
examine the competitive advantages of Nars
Cosmetics and to seek opportunities over
seas for positive reflection on the brand.
Nars is beauty company originated in New
York by François Nars1994. The cosmetics
line began with twelve lipsticks sold at Bar-
neys New York. Nars offer a range of col-
ours, lipsticks, nail polishes, eye shadows,
and moisturisers, as well as accessories.
The retailer will enter Nigeria as this market
offers opportunities for Nars to thrive. The
business will be run by a strong manage-
ment team , there will also a PR Team
which will utilising their social media plat-
forms to create more brand awareness. The
business strategy is to firstly advertise
using billboards, featured in magazines and
newspapers they will also be using celebri-
ty endorsements and competitions to create
more brand awareness and increase sales.
4
The internationalised business will of-
fer a wide range of make up Cosmetics for
consumers aged 18-35 .The store
will be run by the owner and a strong
management team. It will be located in the Lekki
shopping mall , for a Flagship store venture.
Research shows Lekki is one of the most
expensive cities in Nigeria so this will be a
perfect location for Nars to set up business.
With strict objectives such as
providing excellent customer service, so-
lidifying customer relationships, increas-
ing complaints profitability and further gain-
ing market knowledge to improve the brand.
The outcome of this move apart from
financial profits is building global pres-
ence in Nigeria and bulding brand credibilty.
Moreover there are risks to take into con-
sideration such as the low employment rate,
economic mismanagement and corruption.
5
6
 FRANÇOIS NARS
N ARS Cosmetics is a French
cosmetics and skin care company founded by
make-up artist and
photographer François Nars in 1994. The
cosmetics line started out with twelve lipsticks
offered at Barneys New York. NARS current-
ly has created numerous multi-use beauty
merchandise and is now owned organisation
Shiseido.
Within the united kingdom, Nars cosmetics
are to be found in space.NK, John
Lewis, Harvey Nichols, and Selfridges
and are favourites of Madonna and Vic-
toria Beckham. Within the USA, NARS
cosmetics can be discovered in 42 states
and the District of Columbia. They're retailed
at Sephora and also department shops, along
with Lord & Taylor, Barneys the New York,
Saks fifth avenue, Bloomingdale’s, Neiman
Marcus, and Nordstrom.
In Canada, NARS can be found in the depart-
ment store Holt
Renfrew as well as Sephora and The
Bay. In Australia and New Zealand,
Nars products are sold exclusively at
Mecca Cosmetics and Mecca Maxima.
7
8

N ars offer a wide range of
make up products such as, lip-
sticks, nail polishes, eye shad-
ows, and moisturisers, brushes,
candies, hand wipes, perfecting
powder sheets, and eyelash
curlers, they also offer
skin care products.
NARS COSMETICS
In the United States and inter-
nationally, The company was
founded in 1994 and is based
in New York, New York. NARS
Cosmetics, Inc. operates as a
subsidiary of Shiseido Ameri-
cas Corporation.
Nars is most well known for its
universally flattering powdered
blush “Orgasm” and its sister
products; the multiple and the il-
luminator which all emerged on
the scene in this coveted tone
after the success of the original.
9
 CELEBRITY ENDORSEMENT

10
11
 NARS BOUTIQUE SERVICES

12
13
14
15
 HIGH QUALITY

LOW PRICE HIGH PRICE

LOW QUALITY

This positioning map shows where Nars competitors range from Urban
Nars sits next to its competitors and Decay to Bobbi Brown, Estee Lauder
other make up brands. and M.A.C and some high end brands
such as Dior and YSL Beauty.

16
 SCOPE OF THE MARKET
UK MARKET
Consumers in the UK are amongst the
most important spenders on beauty and
personal care in Western Europe, and the
steady 2% contemporary fee increase in
2015 confirmed that the populace en-
dured to devour cosmetics and toiletries
at a wholesome charge.
For an already highly saturated market,
the increase witnessed become because
of the emergence of more niche brands,
a robust urge for food for top class
cosmetics and a circulate to a more holis-
tic approach to fitness and well-being.
NIGERIAN MARKET
Despite of the surprisingly negative
financial situations within the united
states in 2015, beauty and private
care in Nigeria endured to register
effective increase in 2015. Increase
was pushed basically through rising
urbanisation, increase among the
younger populace and higher num-
bers of ladies within the formal work
force. There is a greater interest
among younger, urban and female
consumers for value-added prod-
ucts.
17
 B O S T O N M AT R I X

QUESTION MARKS STARS

DOGS CASH COWS

18
QUESTION MARKS S TA R S DOGS CASH COWS

The translucent pow- Their orgasm blush Nars launched their The body glow prod-
der has potential to product is the top skincare line in 2012 ucts have a high
become stars but selling product due and have failed to market share , but a
can also become a its unique name and maintain and increase low growth in sales
dog, therefore require high quality , therefore sales , its likely there ,they require very little
greatest investment requiring continued will be no future prof- further investment to
from the success in or- investment to hold or its. Simply keeping generate revenue.
der to exploit the fast enhance their position, them on the market is
market growth ahead as competitors contin- wasting resources.
of competitors. ually enter the market
and innovate.

19
 FINANCIAL BACKGROUND
After posting $6.five billion in net sales in 2014,
business enterprise owner Shiseido released
imaginative and prescient 2020, a rallying
name to rejuvenate the more than 140-year-
old beaut organisation. And after posting
nominal sales losses in 2015, the re-organiza-
tional attempt appears flawlessly timed. “Our
road map for the six years thru 2020 has two
stages,” explained Masahiko Uotani, Shisei-
20
do institution CEO. The first three-year phase
is already under way, and involves rebuilding
their business foundation so that we can grow.
All through the second three-year phase they
may leverage this foundation to generate ex-
tra growth. Their targets for 2020 are inter-
net income over ¥1 trillion, working income
over ¥100 billion, and ROE of 12% or higher.
TO P C OMPA N Y BEAUTY GLOBAL SALES

21
 BRAND SENTIMENT

Sentiment analysis allows Nars to identify

general attitudes towards the brand. This
graph highlights that Nars have a high per-
centage of positive feedback, they have 1%
of negative feedback, 22% neutral and %10
irrelevant .

22
This customer engagement graph states that
Nars are most active on Twitter , comments
and Blogs and least engagement through main-
stream news.

23
24
25
 COUNTRY PROFILE OF NIGERIA
Nigeria is a country located in West
Africa. Lagos is the largest city in
Nigeria covering an area of 385.9
square miles. It is the third-most pop-
ulous city in Africa with an estimated
population of 7,937,932. As of now,
it is the second-fastest growing city
in Africa. Lagos was once the capital
of the country, and is the economic
and financial capital of the country at
present. Abuja is now currently the
capital of Nigeria.
26
In addition Nigeria has the
second-largest economy in Africa. It
is classified as an emerging market
growing to its rich reserves of nat-
ural resources, and well-developed
financial and communications sec-
tors. The transportation sector and
stock exchange of the country add
to the finances. The Nigerian Stock
Exchange is the second-largest in
Africa. Petroleum is a major prod-
uct playing a significant role in the
economy of the country; it is the
twelfth-largest producer of petrole-
um in the world.
27
 NIGERIA

PROBLEMS IN NIGERIA

There are many issues for many people living in Nigeria, such as
the insufficient supply of safe water and the high prices of many
consumer goods. For the 70% of the Nigerian population living be-
low the poverty line, the imported food Nigeria depends on is simply
too expensive. Across the country, only about three in five house-
holds (64%) have access to clean fresh water, making life in Nigeria
a struggle at times. Even in cities, this figure only rises to four in five
(79%).
Nigeria is a country full of extremes, and, as is often the case in de-
veloping economies, the wealth of a minority comes at the expense
of the masses.

DEMOGRAPHICS

There are more than 250 ethnic groups; the following are the most pop-
ulous and politically influential: Hausa and Fulani 29%, Yoruba 21%,
Igbo (Ibo) 17%, Ijaw 10%, Kanuri 4%, Ibibio 3.5%, Tiv 2.5%

COST OF LIVING

The 2014 Mercer Cost of Living survey ranks Lagos and Abuja as the
25th and 36th most expensive cities in the world for expatriates. On
InterNations’ own Expat Insider Survey, Nigeria is rated as the most
expensive country for expats (out of 61 countries).

Given the cost of living in Nigeria, income inequality in the country is

high. As mentioned above, seven in ten Nigerians live off no more than
USD 1.25 per day. Poverty is probably the biggest challenge to face
Africa’s second-largest economy.
28
29
 Nigerian Naira (NGN) Per British Pounds (GBP)

The graph above shows historical exchange rates between the British Pound (GBP) and
the Nigerian Naira (NGN) between 5/31/2016 and 4/11/2017.

30
FINANCIAL BACKGROUND OF NIGERIA

In the year 2016 it went down as one of the toughest and

most challenging years for most Nigerians. The challenges
experienced by most citizens and business operators in
the country in 2016 may not be quickly forgotten. It may
also effects Nigeria in the long run . This is due to the
far-reaching implications of some underlying factors in the
macro environment such as the devaluation of the naira,
high inflation, amongst others.

OUTLOOK FOR 2017

The shock waves arising from the crude oil price drop and
the slide in domestic output were the major issues respon-
sible for the recession. However, the weak policy response
from the government made conditions worse for the econ-
omy. But there seems to be some silver linings. Based on
a projection by the International Monetary Fund (IMF), the
current negative trend is expected to reverse in 2017 as
Nigeria’s economy is expected to grow at 0.6% compared
to an estimated -1.7% GDP growth rate in 2016.

31
 CURRENT MAKE UP IN NIGERIA
M.A.C store
Location: The Palms Shopping
Mall in Lekki
In 2013 M.A.C opened their
first store in Lagos, they now
currently have 5 stores in
Nigeria. They offer very high
quality products, especially for
women of colour.
Beauty Kink
Location: Davida Mall, Lekki
Phase 1.
Beauty Kink is the leading
beauty retailer in Nigeria and
the premier beauty nation
for cosmetics, skin, hair care
products and beauty salon
services.
32
Nectar Beauty Hub
Locaton: Layi Yusuf Street,
Lekki Phase 1, Lagos.
Nectar Beauty Hub is of the
best beauty shops in Nigeria
with a very high organisational
standard, an effective team of
beauty professionals, matched
with world class products at
unbeatable prices.
Montaigne Place
Location: The Palms Shopping
Mall in Lekki
Is the place for luxury cosmet-
ics, fragrance and well-being.
They offer many exclusive and
leading brands to Nigeria.
Beauty Bar by Essenza
Location: The Palms Shopping
Mall in Lekki
The beauty bar which retails
a list of luxury beauty and
cosmetic brands ranging from
Clarins, Chanel, Lancome and
more.
MaybellineNewYork
Store
Location: Adeniran Ogunsan-
ya Street, Surulere, Lagos
Maybelline arrived in Nigeria
3 years ago, they offer a wide
range of make up for wom-
en of colour and high quality
beauty products.
33
34
 MAC MAIN COMPETITOR
M .A·C is the world’s leading professional MAC isn’t completely new to Africa, having over
makeup authority because of their unrivalled ex-
pertise in makeup artistry.
In 2013 M.A.C launched their first store in La-
gos, they now currently have 5 stores in Nigeria.
They offer very high quality products, especial-
ly for women of colour. MAC Cosmetics seeks
to serve and assist “All ages, all races, and all
sexes. MAC also offer makeover and lesson ser-
vices
20 stores in South Africa. The company plans to
have a resident trainer and a senior makeup art-
ist in each location.
M.A.C has been a part of the Estée Lauder Com-
panies since 1994, the company is sold today in
over 105 countries around the world. It remains
committed to developing new categories, prod-
ucts and over 50 collections each year, all of
which continue to serve the demand of custom-
ers and professional makeup artists alike.
35
 SWOT

STRENGTHS WEAKNESS OPPORTUNITIES T H R E AT S

• NARS is owned by • Under the authority • Key influences are • MAC has more social
Shiseido who has an of Shiseido engaged with the media audience and
expertise in facial and • Competitors offer brand engagement that Nars
body products, cheaper alternatives does.
• NARS is established • The emergence of
due to being a part of • Relatively week so- photo sharing sites
Shiseido & own their cial media compared and innovative tech-
own stand alone loca- to mac nology (i.e. mobile
tions outside of com- apps and share but-
panies such as Nord- • NARS skin care tons) and beneficial to
strom range is not well Nars.
• NARS creatively and known
uniquely named prod-
ucts, giving it a way to • High rate of poverty
stand out against com- in Nigeria
petitors

36
37
 R U L E S A N D R E G U L AT I O N S T O I N T E R N A L I Z E

STARTING UP

Any businesses planning to internalize their business to Ni-

geria must be incorporated under the Nigerian law before it
can do so. After incorporation, the foreign enterprise should
not commence operations until it has been registered with the
NIPC.

OPERATING LICENCE

All businesses require approval licenses to operate whether

they are either owned by Nigerians or not.

TAXATION

The company’s income tax rate is 30%. There is an additional

education tax of 2% on the income companies. 5% withholding
tax is chargeable on unearned income. For foreign investors,
the 10% withholding tax on individuals is the final tax on divi-
dends. The personal income tax rate is 5%.

REGULATION OF FOREIGN INVESTMENT

Any funds from abroad for the purpose of investing in Nigeria

are governed by the foreign Exchange (Monitoring and Mis-
cellaneous Provisions) Act of ‘1995 (“the Act”). This exchange
control system makes it an easier process to import capital and
repatriate profits.

38
39
40
 N I G E R I A R E TA I L T R E N D S
Before last year, e-payments made slow,
steady acceptance by shops in Nigeria. But
when they saw the need for a world beyond
cash where cashless transaction assisted in
growing their businesses, improving the
lives of their customers and removing risks
associated with carrying, using and handling
cash, many retail
companies ’ utilize e-payments.
Most shoppers avoided carrying cash last
year. Thanks to the Central Bank of Nigeria
(CBN) that had been doing a lot in terms of
awareness for a cashless society. The Nige-
rian retail industry last year witnessed a big
uptake of e-payment solutions to enable con-
sumers to keep within the CBN daily cash lim-
its, thereby saving money instead of spend-
ing cash uncontrollably.
41
 LAGOSTINAS

AGE- 18-35
GENERATION – Gen Z, Millennials

Lagonistas spend most of their time shopping at the mall! They enjoy
going out to bars and prestige restaurants with friends. They
have a positive, confident , and outgoing personalty. They love to
express themselves through fashion and make up. They also spend
majority of their time on social media and takes excessive amount
of selfies a day. They have a high disposable income and predominately
live in or work in Lagos.n. They have got a high disposable income and
predominately
live in or paintings in Lagos.

DOMESTIC SPENDING
Lagonistas love to travel ; the trek from Lagos to London or New
York and back has end up a pilgrimage. An article within the London
Evening in late 2012, entitled £30,000 a year addiction
to London: How Nigerians are becoming big Spenders, suggested
that Lagonistas are spending approximately £500 ($756, €577) in
every luxury store they visit.

STYLE
Lagostinas purchase their garments from home-grown designers
such as Louis Vitton, Gucci, Lanre Del Silva, Obsidian and Ituen Basi.

42
43
 R E A S O N S F O R I N T E R N AT I O N A L I Z AT I O N

The main reasons for internationalizing Nars to Nigeria is

because Nigeria is becoming a more diverse and multicultur-
al country; a country with a growing population of over 170
million citizens with little available means of sustaining the
demands of more choice when it comes to cosmetics, this is
definitely a place where Nars should set up business. More-
over, Nigeria is also the most popular African country and
the 9th in the world.
Research shows internationals are increasingly migrating to
Nigeria and new middle classes are expanding due to social
reforms and wealth created by economic progress.

Furthermore, Nigeria is one of the worlds fastest growing

economies and sales in the beauty and personal industry
sector were valued at $595.8m in 2011 up from $439.8m in
2006. As well as this it is predicted that by the end of 2017
Nigeria’s young yet increasingly sophisticated population
will drive industry sales to $620.2m.
- Cosmetics ($79.9m)
- Skin care ($88m)

44
45
 P O S S I B L E L O C AT I O N S

VICTORIA ISLAND

Is an affluent area that sits between

Lagos Island and the Lekki Peninsula
in the Lagos Lagoon. Victoria Island is
one of the most exclusive and expen-
sive areas to reside in Lagos.

LEKKI IJOKI

Lekki is a city in Lagos State; located

to the east of Lagos city. Over two mil-
lion tourists of more than 100 nationals
have visited Lekki Conservation Centre
since its establishment.

46
 ABUJA

Abuja is the capital city of Nigeria. It is

located in the centre of Nigeria.
The cost of living in Abuja is very high.
Compared to other cities in Nigeria,
Abuja is the most expensive place to
live in Nigeria. The high cost of living is
fuelled by the ever escalating prices of
commodities in the city.

WA R R I

Warri is a city in Lagos State; located to

the east of Lagos city. Majority of inter-
national oil companies operate in warri.

47
 ENTRY METHOD

FLAGSHIP STORE

Location: Lekki Shopping mall

Risk: High
Control: High
Cost: High

After researching various entry methods, the Once Nars is successful with this entry method
techniques most relevant to Nars are flagship of their first flagship store , they will then go on to
stores and concessions, a flagship store is the a more direct method of an organic growth or a
main method that will act up upon in internation- stand alone store.
alising to Nigeria , there would be highly skilled
staff hired to operate the store will full responsi- RISKS
bility of stock , and merchandising. • Less profitable than regular stores
• Damage and Theft
There would also be a PR team which will be re- • Lower consumer confidence
sponsible for all forms of media and communica- • A cyclical downturn
tions to build, maintain and manage the reputa-
tion of their customers; this method would allow PRICING STRATEGY
the power to control the brand image and attract Prices will be set slightly lower with the current
potential consumers. exchange rate

48
49
 POLITICAL
Nigeria operates a multi-party
system with more than ten po-
litical parties.
Increasing of terrorists in the
Northern part of Nigeria
Nigeria Corruption Perception
on the 2015 report stood at 26
points. This puts Nigeria at No.
136 least corrupt nation out of
175 countries.
50
ECONOMY
Nigeria has been a mono-econ-
omy with total dependence on
oil revenue.
Youth unemployment rate is
put at 21.5 %.
The foreign exchange rate is
high when measured against
major currencies.
Due to the high exchange rate,
there has been steady increase
in the prices of consumer goods
thereby causing inflation rate to
rise too.
SOCIAL
Nigeria is very diversified in
terms of ethnicity and religion.
Average Nigerians will spend
money on anything that ap-
peals to his/her interest
Record stated that Nigeria is
still one of the best-selling mar-
kets for Smart phones in the
world.
 TECHNOLOGY
Nigerians are fast becoming
computer savvy.
A large number of Nigerian
youths are computer literate.
Its estimated number of 86.22
million internet users giving a
penetration of 46.10% of the
population of Nigeria .
LEGAL
Nigeria operates progressive
tax system for Personal In-
come Tax. The more a person
earns, the more he is expect-
ed to pay as tax
ENVIRONMENT
Each State is empowered to
formulate laws or policies that
will ensure that the
environment is clean in order
to prevent the outbreak of
diseases.
51
52
 N A R S C U R R E N T M A R K E T I N G S T R AT E G Y

Nars uses many different social media They now collaborate with many you-
platforms to market thier brand such as: tubers and bloggers, this strategy in-
Twitter, Facebook, Instagram, and Snap- creases sales and creates more brand
chat. awareness.

In the past, Nars was able to close the loop

on social media when it used Pinterest as
a platform for sales. In 2013, the brand
collaborated with three influential blog-
gers to release a lip pencil line exclusive
to those who discovered the landing page
on Pinterest. The beauty bloggers were
hand-chosen for the traffic they’d already
driven to the Nars website, targeting that
“digital but sophisticated” consumer.
53
 I N T E R N AT I O N A L I Z I N G M A R K E T I N G S T R AT E G Y

Nars will be advertising coming soon

ads through billboards, newspaper ar-
ticles , social media platforms and their
online website this allows them to show
a teaser of their new store launch to
people and to start the ball rolling with
building the excitement.

Its estimated number of 86.22 million

internet users giving a penetration of
46.10% of the population of Nigeria
therefore online engagement will be
beneficial for Nars.

54
55
 CELEBRITY ENDORCEMENT

56
Tiwa Savage, is a Nigerian singer, songwriter,
performer and actress began music in the UK
touring as a background singer for artists such
as Mary J. Blige, Sting, George Michael, Kelly
Clarkson and Spice Girls. Tiwa Savage owns
her own record label, 323 Music Entertainment,
with partner TJ.
Tiwa Savage will be endorcing Nars, This al-
lows the brand to build brand equity is a valu-
able asset. Jet-Air’s brand power is acquired
through the name recognition, which allows the
company to achieve larger sales and profits. To
a consumer, brand equity creates product/brand
differentiation over the other competitors in the
market. Another benefit to celebrity endorse-
ments is that it increases consumer’s remem-
brance of the ad. Studies showed consumers
are more apt to remember an ad that is linked
with a celebrity endorsement. This can translate
into a consumer search and purchase for the
specific product, which can result in additional
sales.
There will also be a comepetiiom where people
get a chance to win a ₦20,000 gift card and ex-
citing prizes in orderto win they have to hashtag
#TiwaSavageNars on Twitter.
57
 NARS WORSHOP

58
Nars will be having a workshop at the store located in
the Lekki shopping mall, the workshop will cover:

• Differences between variety of skin tones within

Global beauty

• products suited to deeper skin tones

• Foundation selection for a deeper skin tone client or

model

• Working upon clients with pigmentation or multiple

tones

• The principle of colour absorption upon a deeper

skin tone

• The power of pigment required for a deeper skin

tone
The importance of highlight upon a deeper skin ton

59
 F I V E F O R C E S A N A LY S I S ( P O R T E R )

60
A N S O F F M AT R I X

61
 GROWTH PLAN
$ GROWTH (THOUSANDS)

2017 2018 2019

62
The growth plan will span out over 3 years start-
ing with launching a Flagship store in spring 2017
of year one and at the end of the third year. If the
business is successful, there will be an opening
of a stand alone store. Sales are expected to start
gradually increase . Nars Cosmetics through the
first year is predicted at %10 while the customer
base grows then increasing by 10% every year
furthering the brands market share.
63
 CONCLUSION
By following this plan to expand to Nigeria ,
NARS will meet its cooperate objectives.
As there is not much high end beauty brands in
Nigeria , this is great opportunity for Nars to ex-
plore the Nigerian market and bring their luxury
products in overseas. Over the years women of
colour have struggled to be able to find beauty
products which is best suitable for their skin
tone .Nars offer an incredible range of cosmet-
ics especially for deeper skin tones which will
benefit Nars in the long run as majority of the
Nigerian people have fair skin.
64
The company has an opportunity to export the
Nigerian market and enough to finance it . Com-
petitors such as MAC , Estee Lauder ,Black up
and many other beauty brands in Nigeria may
be potential threats as they offer alternatives
and more affordable products.
The target consumers will be aimed at the ages
of 18-35 both male and female living and work-
ing in Nigeria with a high disposable income.
The company predicts that the expansion will
be successful, and will open 3 stores across
Nigeria in the prestigious city’s within the next
3-5 years .
65
 APPENDICES

66
Primary research questionnaire found at
surveymonkey.com

67
68
REFERENCING

FRON T PAG E - ( I m a g e ) Bl a c k s k i n , (2 0 1 7 ), D ark ski n beauty [ON LIN E ]. Avai l abl e at: https://s-me dia-
ca ch e- ak 0. pinim g. c o m/7 3 6 x /5 c /d 8 /c f/5 c d 8 c f6 0 4d5c1d096cc09b70385ba7ff.j pg [A ccessed 26 A pri l 2 017] .

PAGE 3
(i ma ge) B ac k gr ound , (2 0 1 7 ), Bl a c k m a rb l e [ON LIN E ]. Avai l abl e at: https://s-medi a-cache-ak0.pi ni mg.
co m/2 36x / 97/ 32/ 92/ 9 7 3 2 9 2 7 8 d e 4 e d 6 5 9 e 3 9 1 6 d 1e064ac247.j pg [A ccessed 26 A pri l 2017].

PAGE 5
(i ma ge) B lac k wom e n , (2 0 1 7 ), Gi a n n i n a Ote to N ude [ON LIN E ]. Avai l abl e at: http://68.medi a.tumbl r.
co m/6 1730c b8deee c 4 5 6 e 0 d 3 7 6 2 f1 9 4 e 2 a c b /tu mbl r_nppdtzA 8B t1tj fqygo1_1280.j pg [A ccessed 26 A p r il 2017] .

PAGE 6
(i ma ge)
(w ebs it e) “ F r anç ois N a rs ”. N a rs c o s m e ti c s .c o .u k. N .p., 2017. Web. 10 May 2017. http://narscosmetics. co. uk/
en_GB / f r anc ois - nars .h tml

PAGE 8 - 9
(Image) P age- Nar s , (2 0 1 7 ), N a rs L i p Ve l v e t Penci l [ON LIN E ]. Avai l abl e at: http://w w w.modesi gnat ur e. com /
upl o ads / 3/ 2/ 2/ 0/ 322 0 1 7 0 9 /s 7 1 8 1 7 2 0 5 5 7 6 8 0 7 7361_p1679_i 30_w 640.png [A ccessed 8 May 2017].
(w ebs it e) Holly wood ma k e u p . 2 0 1 7 . n a rs C o m pany Informati on. [ON LIN E ] Avai l abl e at: http://w w w. holly -
woodnoir m ak eup. c o m/c o m p a n y -p ro fi l e -n a rs -c osmeti cs/. [A ccessed 10 May 2017].

PAGE 1 0 - 1 1
(i ma ge 1) Nar s E nd o rs e m e n t, (2 0 1 7 ), Ti l d a Sw i nton [ON LIN E ]. Avai l abl e at: http://w w w.cel ebri tyendor se -
me ntads . c om / c eleb ri ty -e n d o rs e me n ts /c e l e b ri ti es/ti l da-sw i nton/i mages/ti l da-sw i nton-nars-l g.j pg [A c cessed 8
Ma y 2 017] .
(i ma ge 2)

PAGE 1 2 - 1 3
(w ebs it e) Nar s B outi q u e S e rv i c e . 2 0 1 7 . n a rs . [ ON LIN E ] Avai l abl e at: http://narscosmeti cs.co.uk/en_ G B/ bou -
ti q ue-c ov ent - gar den .h tml . [Ac c e s s e d 1 0 Ma y 2 017]
(w ebs it e) Nar s pr og ra m m e Se rv i c e . 2 0 1 7 . n a r s. [ON LIN E ] Avai l abl e at: http://narscosmeti cs.co.uk/en_G B/
nars-p r o. ht m l

PAGE 1 4 - 1 5
(i ma ge) Nar s , ( 2017 ), N a rs R u l e s a re b o ri n g Quote [ON LIN E ]. Avai l abl e at: https://s-medi a-cache-ak0. pin -
i mg.co m / 736x / 16/ 04 /9 4 /1 6 0 4 9 4 1 4 9 9 a 7 3 1 7 e 1 e2cffab3f482970.j pg [A ccessed 17 A pri l 2017].
(i ma ge) F r ec k les , ( 2 0 1 7 ), Yo u n g L a d y w i th F re akl es [ON LIN E ]. Avai l abl e at: https://s-medi a-cache- ak0. pin -
i mg.co m / 736x / 26/ c 7 /6 2 /2 6 c 7 6 2 8 9 4 b b 6 0 b 7 9 3 5bbf1cea0d2f881.j pg [A ccessed 23 A pri l 2017].

PAGE 1 6 - 1 7
(p osi tioning m ap) C o s m e ti c s , (2 0 1 7 ), B e a u ty B rands [ON LIN E ]. Avai l abl e at: https://s-medi a-cache- ak0.
pi n i mg. c om / or iginal s /4 1 /1 3 /8 0 /4 11 3 8 0 f2 fd f8 2 e54c62e31e8c81b0753.j pg [A ccessed 23 A pri l 2017].
(i ma ge) Nar s , ( 201 7 ), L i p s ti c k [ON L IN E]. Av a i l abl e at: http://s3.r29stati c.com//bi n/entry/0f8/x,80/1 262545/
i mage. jpg [ A c c es s e d 2 6 A p ri l 2 0 1 7 ].

PAGE 1 8 - 1 9
(i ma ge 1) Nar s , ( 20 1 7 ), Tra n s l u c e n t Po w d e r [O N LIN E ]. Avai l abl e at: https://encrypted-tbn0.gstati c. com / im -
ages? q= t bn: A Nd9G c T F 6 c EO6 e C OF L w F L h 3 Ql Sy2IN LJV VuP P 81tMR nP JB C Li TcB sg7Y Iw [A ccessed 26 Apr il
2017].
(i ma ge 2) Nar s , ( 20 1 7 ), N a rs Org a s m b l u s h [O N LIN E ]. Avai l abl e at: https://l h3.googl eusercontent.c om /
l IC 2mq ly P nJ Y UI s gd y fR K f7 T 9 T j 1 d Mw z 8 b h fk 7 r0 7cdD qGi i g5FJw S 2ggxi yql 5ubxeo1Q= s85 [A ccessed 26 Apr il
2017].
(i ma ge 3) Nar s , ( 20 1 7 ), N a rs S k i n c a re l i n e [ON LIN E ]. Avai l abl e at: http://stati c.becomegorgeous.com / im g/
arts/2012/ J ul/ 31/ 84 1 0 /n a rs s k i n c a re l i n e .j p g [A ccessed 27 A pri l 2017].
(i ma ge 4) Nar s , ( 20 1 7 ), N a rs B o d y Gl o w [ON L IN E ]. Avai l abl e at: https://scontent.cdni nstagram.com/
t51.2885- 15/ s 640x 6 4 0 /s h 0 .0 8 /e 3 5 /1 2 5 0 1 6 0 8 _ 1070386806359183_759046815_n.j pg?i g_cache_key=M TI yM -
j Y0ODk 5M DA z M DI y OD Yx M w % 3 D % 3 D .2 [A c c e ssed 27 A pri l 2017].

69
 PAGE 2 0 - 2 1
(w ebs it e) S his edio/ N a rs , (2 0 1 7 ), S h i s e d i o a n nual report [ON LIN E ]. Avai l abl e at: https://w w w.shi seidogr oup.
co m/i r / libr ar y / annua l /p d f/2 0 1 5 /a n u 0 0 0 0 1 .p d f [A ccessed 27 A pri l 2017].
(i ma ge) S his edio f in a n c i a l g ra p h (2 0 1 7 ), Sh i s edi o annual report [ON LIN E ]. Avai l abl e at: https://w ww.
sh i seidogr oup. c om / i r/l i b ra ry /a n n u a l /p d f/2 0 1 5 /anu00001.pdf [A ccessed 27 A pri l 2017].

PAGE 2 2 - 3 3
(w ebs it e) Nar s , ( 20 1 7 ), Bra n d S e n ti me n t [ON L IN E ]. Avai l abl e at: https://w w w.comparaboo.i n/brand s/ nar s
[Acce s s ed 29 A pr il 2 0 1 7 ].

PAGE 2 4 - 2 5
(i ma ge) Nar s , ( 2017 ), M a k e u p [ON L IN E ]. Av a i l abl e at: http://w w w.hel l omi ssni ki .com/w p-content/up -
l o ads/2016/ 01/ nar s -s p ri n g -2 0 1 6 -c o l o r-c o l l e c ti on-nouvel l e-vogue-1.j pg [A ccessed 29 A pri l 2017].
(i ma ge2) Q uot e F r a n c i o s N a rs

PAGE 2 6 - 2 7
(website) Nigeria, (2017), Country facts [ONLINE]. Available at: http://main.vas2nets.com/nigeria/about-us/country-facts
[Accessed 29 April 2017].
(image) African union, (2017), Nigeria [ONLINE]. Available at: https://upload.wikimedia.org/wikipedia/commons/thumb/8/86/
Locator_map_of_Nigeria_in_Africa.svg/2000px-Locator_map_of_Nigeria_in_Africa.svg.png [Accessed 29 April 2017].

PAGE 28-29
(website) Nigeria, (2017), outlook 2017 [ONLINE]. Available at: https://economicconfidential.com/features/nigerias-economic-out-
look-2017/ [Accessed 29 April 2017].
(website) Nigeria, (2017), social problems in Nigeria [ONLINE]. Available at: https://ask.naij.com/culture/what-are-social-problems-
in-nigeria-10-top-i23504.html [Accessed 29 April 2017].
(image) Nigeria flag, (2017), Nigerian indépendance day [ONLINE]. Available at: http://68.media.tumblr.com/381b46c29f1ee-
301f8a3cb04b7c94724/tumblr_mtyrn7mvjl1qdqgjdo3_1280.jpg [Accessed 29 April 2017].

PAGE-31
(Image) Create on in photoshop
(website) Nigeria GDP, (2017), Data chart [ONLINE]. Available at: http://www.tradingeconomics.com/nigeria/gdp [Accessed 29 April
2017].
(website) Nigeria Exchange rate, (2017), Data chart [ONLINE]. Available at: http://www.exchange-rates.org/history/NGN/GBP/G/M
[Accessed 29 April 2017].

PAGE 32- 33
(website) Current make up Nigeria, (2017), Market [ONLINE]. Available at: http://omogemura.com/where-to-buy-makeup-in-nigeria/
[Accessed 29 April 2017].
(image) Eyeshadow, (2017), make up [ONLINE]. Available at: https://us.123rf.com/450wm/tobkatrina/tobkatrina1501/tobkatri-
na150100058/35927289-crushed-eye-shadow-sets-on-black-background.jpg?ver=6 [Accessed 29 April 2017].

PAGE 34-35
(website) M.A.C, (2017), make up [ONLINE]. Available at: http://i.maccosmetics.co.uk/media/export/cms/collections/lookina-
box2017/lookinabox2017_whats_new_640x640.jpg [Accessed 29 April 2017].
(image) M.A.C, (2017), background [ONLINE]. Available at: http://www.maccosmetics.jobs/mac/our-history.html [Accessed 29 April
2017].

PAGE 36-37
(image)Black woman, (2017), Glow skin [ONLINE]. Available at: http://s00.yaplakal.com/pics/pics_original/7/3/0/8923037.jpg [Ac-
cessed 29 April 2017].

PAGE 38
(website) Nigeria, (2017), Rules and Regulations business [ONLINE]. Available at: http://lawpadi.com/doing-business-in-nigeria-a-
brief-legal-guide/ [Accessed 3 May 2017].

PAGE 40-41
(image 1) Retail Trends, (2017), icon [ONLINE]. Available at: https://www.jupsoft.com/assets/images/E-commerce/system.png
[Accessed 3 May 2017].
(website) Retail Trends, (2017), Nigeria [ONLINE]. Available at: http://www.oxfordbusinessgroup.com/news/nigeria’s-e-com-
merce-industry-shows-growth-potential [Accessed 3 May 2017].

70
PAGE 42-43
(website) LSN, (2017), Nigeria Lagostinas [ONLINE]. Available at: https://www.lsnglobal.com/tribes/article/6625/lagonistas [Ac-
cessed 3 May 2017].
(Image1) Bag, (2017), Louis Vitton [ONLINE]. Available at: https://s-media-cache-ak0.pinimg.com/736x/5a/58/db/5a58dbad7c-
13c30261a1af481318d157.jpg [Accessed 3 May 2017].
(Image 2) tumblr, (2017), Mac book [ONLINE]. Available at: https://s-media-cache-ak0.pinimg.com/originals/b4/0f/85/b40f85adf0ff-
d62aa9301d5297b6c759.jpg [Accessed 3 May 2017].
(image 3) Nigeria, (2017), Beach [ONLINE]. Available at: https://www.tapetki-zwierzaki.info/wp-content/uploads/2016/06/trav-
el-to-Lagos-nigeria-520x245.jpg [Accessed 3 May 2017].
(image 4)Luxury lifestyle (2017), Louis Vitton [ONLINE]. Available at: https://s-media-cache-ak0.pinimg.com/736x/5a/58/db/5a58d-
bad7c13c30261a1af481318d157.jpg [Accessed 3 May 2017].
(image 5) Blogger ( 201 7 ), Ma k e u p [ON L IN E]. Avai l abl e at: http://w w w.hel l omi ssni ki .com/w p-content/up -
l o ads/2016/ 01/ nar s -s p ri n g -2 0 1 6 -c o l o r-c o l l e c ti on-nouvel l e-vogue-1.j pg [A ccessed 29 A pri l 2017(image 6)

PAGE 45
(image) Black woman laughing, (2017), make up [ONLINE]. Available at: http://68.media.tumblr.com/13687be7e99cff2bbc1c62f-
d916a6e83/tumblr_nv3d0fMZGK1qbdawso1_500.jpg [Accessed 3 May 2017].

PAGE 50-51
Doing business in Nigeria, (2017), PESTLE [ONLINE]. Available at: http://legitsmallbusiness.com/nigeria/ [Accessed 3 May 2017].

PAGE 57
(website) Tiwa Savage, (2017), Background [ONLINE]. Available at: https://www.naij.com/tag/tiwa_savage.html [Accessed 3 May
2017].

PAGE 65
(image) Nar s , ( 2017) , N a rs L i p Ve l v e t Pe n c i l [O N LIN E ]. Avai l abl e at: http://w w w.modesi gnature.com/up -
l o ads/3/ 2/ 2/ 0/ 32201 7 0 9 /s 7 1 8 1 7 2 0 5 5 7 6 8 0 7 7 3 61_p1679_i 30_w 640.png [A ccessed 8 May 2017].

71
72
73