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.
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.