Despite high inequality, South Africa has long been considered a bastion of wealth in Africa. Luxury brands see it as an established market for high-end goods. As wealth outside of South Africa grows, fashion houses and other luxury producers are looking to reach this largely untapped market.
Sourced through Scoop.it from: globserver.cn
“There are roughly 160,000 millionaires living across Africa, with combined wealth just short of $700bn, and they are extremely keen to spend it,” said Jeremy Nel, managing director of South African-based luxury marketing firm Luxury Brands. These high net worth individuals generally travel extensively and visit luxury shopping hotspots in London and New York, he adds.