Fendi On sale At African Malls Where Bling Still Mulberry Bags Outlet King Retail
Posted by Dallas Dallas on Friday, June 22, 2012
Under: mulberry bags
After decades of using African ostrich leather, diamonds, gold and platinum to
craft handbags, watches and the like, luxury manufacturers want to send some of
those goods back -- and the locals are eager to buy. With oil exports from
Angola and Nigeria minting new millionaires, and the middle class growing in
South Africa and Morocco, Luxury Mulberry Alexa
Bags Group Plc (BRBY), Prada Spa (1913), and other
luxury companies are opening stores in African cities to cater to demand for
displaying newfound wealth. “The mix of customers is changing, ” Michele Norsa,
chief executive officer of Italian shoemaker Salvatore Ferragamo Spa (SFER),
said in a Bloomberg Television interview. “You see nationalities of people you
had never figured buying -- from Angola, Nigeria or Latin American countries. ”
Burberry opened its first boutique in Johannesburg at the end of last year,
adding to the store it has had in Cape Town since 2008 .Mulberry Bags.
Louis Vuitton (MC), Fendi, Gucci, Prada, Miu Miu and others have outlets in
Casablanca’s first luxury mall, which opened in December. Swiss watchmaker
Breitling distributes its timepieces via wholesalers in Ghana, Algeria and 10
other African countries. “There is a new focus on Africa, ” Italian suitmaker
Ermenegildo Zegna Group said in April, announcing plans to open its first stores
in Morocco and Nigeria. Even as brands rush in, most wealthy Africans still buy
their $750 Ferragamo suede sandals or $4, 100 patent-leather Vuitton handbags on
jaunts to Europe or the middle East. The shops remain important in building
brand awareness even if they don’t rack up much in sales. Accrued Esteem The
esteem gained from buying an expensive watch in Paris or Dubai “doesn’t accrue
to you unless there’s a knowledge in the local environment of what that brand
means, ” said Jolyon Ford, a senior analyst at consultant Oxford Analytica.
Sixty percent of Africa’s U .Mulberry Bags
Outlet. S. dollar millionaires, or 71, 000 people, are in South
Africa, the region’s largest economy, according to consultant Bain & Co.
That’s more millionaires than in Saudi Arabia or the United Arab Emirates, the
consultant estimates. Sales of luxury goods in Africa, the middle East and
Australia may rise as much as 8 percent a year between 2011 and 2014, according
to Bain, faster than any other region other than Asia. Yet even purveyors of
diamond-encrusted fountain pens and $3, 500 leather jackets realize they need to
attract a customer base that goes beyond the super-rich if they are to succeed
in the region. New Middle Class “The real opportunity is more the emergence of
the new middle class, ” said Claudia D’Arpizio, a partner at Bain who leads the
consultant’s luxury-goods practice. By 2020, 420, 000 South African households
will have disposable income that tops $100, 000, Bain estimates. The retail
value of luxury goods sold in the country, where the World Bank says almost a
quarter of people live below the poverty line, is set to swell by 20 percent to
$816 million annually by 2015, Euromonitor International estimates. For at least
five years, companies are likely to limit expansion to a few stores to test the
market and gauge local tastes, D’Arpizio said. As the African market evolves,
Burberry “absolutely” will look to expand in the region, CEO Angela Ahrendts
said in May. “The teams are constantly reviewing as markets are up and coming
and as partners become available. ” King Bling In Morocco, “it’s very much a
case of showing that label, whereas in developed markets, it’s, if anything, the
opposite, ” said Fflur Roberts, global head of luxury-goods research at
Euromonitor. In much of Africa, “bling is still king. ” Consumer spending is set
to surge more than 54 percent between 2011 and 2020 in the country, according to
Euromonitor. Infrastructure remains the biggest obstacle for the industry,
according to Oxford Analytica’s Ford .Mulberry Sale.
Nigeria is set to post the second-strongest gain in total champagne volume,
trailing France, between 2011 and 2016, Euromonitor estimates. Yet with four
times as many people as Johannesburg, Lagos has just a handful of shopping malls
while the South African city has scores. Companies will also have to weigh the
risk to their reputations of expanding in some parts of the continent. Fueled by
oil exports to China, Angola is “the crucible” of conspicuous consumption in
Africa, according to Ford. Yet, the wealth is in the hands of a few, and a
quarter of the country’s gross revenue is unaccounted for, Ford estimates.
Angola, he said, “is like a laboratory” for acute income disparity. “So far, it
hasn’t led to any social unrest or certainly any targeting of stores but it’s
definitely” a possibility .Mulberry Handbags.
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