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Meet Kenyan Billionaire Behind Nice And Lovely Company, He Started By Hawking Perfumes In Kariobangi

His name is Paul Kinuthia. He is a Kenyan billionaire who is the founder and the brains behind the success of Nice and Lovely company that manufactures lotions and cosmetics. He started in 1995 with only Ksh3,000 capital by manufacturing his own shampoo and selling it to assorted salons and also hawking perfumes on the streets of Nairobi. Kinuthia then relocated the company from Kirinyaga Road to Kariobangi and then Gikomba before his big breakthrough in 2001 when he hired professionals to help market the then newly incorporated Interconsumer Products.

The company gradually made its name on the national scale and after the first decade, it expanded to control 30 per cent of the market share. As of 2012, the company was commanding an annual revenue of Ksh1.7 billion with profits of Ksh200 million. He rose to a billionaire in 2011 when L'Oréal, a cosmetics company from Paris, began acquisition talks with a section of the then successful Interconsumer products.

The negotiations lasted for two years and in 2013 L'Oréal which is the world's largest cosmetics company, penned the deal and agreed to acquire a section of the company beating out other competitors such as South Africa’s Tiger brands. Congratulations to him.

Source: https://biznakenya.com/billionaire-paul-kinuthia/

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Kariobangi Kinuthia L'Oréal Paris Paul Kinuthia

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