Kayode Kasunmu, founder & owner of luxury beauty retail brand Essenza, has reportedly acquired The Palms Shopping Mall in Oniru, Lagos, in a deal said to be worth about ₦75 billion.
The prominent shopping destination was owned by Persianas Properties Limited, a subsidiary of Persianas Group, founded & promoted by Nigerian property entrepreneur Tayo Amusan.
Interestingly, the reported acquisition brings Kasunmu’s business journey full circle.
Essenza, founded in 2003, opened its 1st flagship store at The Palms Shopping Mall, Oniru, making the property part of the brand’s early growth story. 23 years later, Kasunmu is reportedly taking ownership of the very mall where the Essenza story began.
Essenza has grown into one of Nigeria’s leading luxury fragrance, cosmetics & skincare retailers, serving as a major gateway for international beauty brands into the West African market. Its portfolio includes more than 60 global brands, among them Chanel, Dior, M·A·C & Fenty Beauty, with operations extending into Ghana.
If confirmed, the reported ₦75 billion acquisition would mark a significant expansion of Kasunmu’s interests from luxury retail into prime commercial real estate.
Many of the shopowners already says the mall’s management has since changed hands.
