Thursday, June 4, 2015

A new report suggests that Africa is the "next China" in the luxury market

According to a new report by A.T. Kearney, a global strategy and management consulting firm. It seems that “Sub-Saharan Africa will be the big story by 2040,” Thanks to "rising household incomes, fast urbanization, and a growing middle class" folks are drawing comparisons that Africa is the next China in the luxury retail market.

Mike Moriarty, a partner at A.T. Kearney’s retail practice, tells Quartz.“It’s going to be a bumpy road getting there, but in another 30 years it could be the biggest, fastest, strongest, and most attractive region for retail in the world.”

If you have stepped foot on the continent recently then you have seen the signs of luxury's arrival in Africa.

The end of July 2015 will mark two years since the Luminance store opened in Hyde Park Corner, Johannesburg. The South African luxury store carries some of the best fashion brands in the world from Armani Privé, Chloé, Hervé Léger, Manolo Blahnik, Oscar de la Renta  and local designers such as David Tlale.

In Angola’s capital city, Luanda, a soon-to-open shopping mall will feature stores by brands including Zegna, Gucci, Prada, and Armani.

But of course there are some thorny issues to address  financial inequality, political instability and economic corruption.  Read more of the article here,


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