Operating in Africa brings incomparable challenges for luxury retailers| glObserver Global Economics

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.

See on Scoop.itglobserver africa


Author: globserver

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