Africa will be second-fastest growing region for luxury goods through 2019

The private jet route from Lagos to London was the eighth-fastest growing in 2013, according to NetJets. Photographer: Paul Taggart/Bloomberg

Rising 5.6% a year, Africa’s luxury retail sales may reach $5.2 billion by 2019.

This is the second-fastest growth rate globally, Euromonitor estimates, trailing only the Middle East.

About 40% of Bloomberg Intelligence luxury peers have directly-operated stores in Africa. These may swell amid solid GDP growth and greater infrastructure investments.

As African wealth rises, luxury goods makers may target openings beyond Morocco and South Africa, which account for 86% of Africa’s directly-operated luxury stores.

Building brand awareness through a well-known local partner in emerging markets is a key to a profitable investment says Alessandro Patti, Cartier’s director for Central Africa.

Read more: Untapped Africa Growth Potential Attracts Luxury Goods | Bloomberg Intelligence | Bloomberg Professional