Cape Town based Silvertree Capital that focuses on building businesses across Africa has announced that it has invested in two of Nigeria’s largest e-commerce sites namely Sunglasses.com.ng and Glamour.com.ng.
While Sunglasses.com.ng offers customers genuine, high-fashion eyewear and contact lenses, Glamour.com.ng secures one of the top positions in online retail for cosmetics and fragrances.
According to Silvertree, both companies offer “a broad range of top consumer brands to the burgeoning online shopping market.” In addition each site offers free delivery on purchases throughout Nigeria.
Manuel Koser, founding Partner at Silvertree Capital who resigned as co-founder and MD of online shopping destination Zando.co.za in March 2013 said, “œWe are very enthusiastic about the online market in Nigeria, which is beginning to show tremendous growth as more consumers start using the internet to shop.“
With a population of over 160 million, in 2012 the Nigerian retail market had a volume of approximately €30 billion with a 15% yearly growth rate.
