PZ Cussons May Leave Africa After Sales Plunge in Nigeria
- PZ Cussons to sell fake tan brand St. Tropez to pay down debt
- Company hit by naira devaluation, which hurt Nigeria sales
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PZ Cussons Plc put its Africa business under review, potentially pivoting away from the region in which it was founded to invest in its remaining business and pay down debt.
The British soap maker was set up in Sierra Leone 140 years ago and now gets almost 30% of its sales from Africa, even after a 48% decline over the past year. With annual sales of around £500 million ($622 million), it’s spread across many geographies and product lines. It also operates in Europe, the Americas and the Asia-Pacific region.