Nigerians can now own Gree & Lontor franchise stores

Choice International Group (CIG) has launched a retail investment opportunity that would allow Nigerians own franchise stores for Lontor and Gree products.

CIG, under the leadership of Diana Chen, an industrialist and entrepreneur, made the announcement during a press conference in Lagos on Wednesday.

While Gree operates in the home appliances space — manufacturing air conditioners –, Lontor manufactures energy-saving rechargeable home appliances and lighting products.

The company said it is offering two business models namely regional logistics centres and Gree & Lontor brand shops.

Speaking on the regional logistics centre model, Chibuzor Ogunka, lead for Gree in Nigeria, said there are only six of such opportunities which are spread across the geopolitical zones, particularly in Abuja, Lagos, Port Harcourt, Kano, Onitsha, and Jos.

He said a capital outlay of $1million is required with a return on investment (ROI) of at least 35 percent per annum.

“There are only six such opportunities across the geopolitical zones of the country. This investor will become the mega distributor partner of the Gree & Lontor brand and service a network of brand shops. The capital outlay for this model is $1 million,” he said.

Ogunka explained that the second model, Gree & Lontor brand shops, involves the creation of retail franchise stores with an investment of N20 million and ROI of 35 percent.

“This requires the investor to simply secure a store size of 120-150sqm at any location, shopping mall, plazas, high streets and even residential neighbourhoods,” he said.

“The initial capital outlay is N20 million. Gree & Lontor will provide marketing, sales and operations support through our highly experienced and innovative in house teams working closely with each investor or franchisee.”

According to Ezer Igwe, the managing partner of CIG in Africa, the investment opportunity was conceived after 18 months of study to establish trends.

He said the first phase will be the launch of 250 franchise brand shops while 600 shops will be established on a long term across Nigeria.

“The Choice International Group (CIG) has built these brands into a world-class electronic retail chain in Nigeria opening no less than 20 brand shops in Lagos and Ibadan over the last 18 months,” he said.

“With over 100 unique products on display, the Gree & Lontor retail brand shops have recorded remarkable turnover and profitability over the past year.

“It is the decision of the company to open up these opportunities to the investing public through a franchise retail partnership where investors can own any of the six regional logistics centres or the Gree & Lontor brand shops in viable locations across the states of Nigeria.”

In her remarks, Chen said the company decided not to merge its products into other stores because it seeks to uphold higher responsibility and deliver good return to its investors.