Hugo Boss News

Nairobi is the most attractive city in Africa for foreign investment, says PwC.

Africa's big cities are investment bright spots, says private equity firms Abraaj and Actis

Like most emerging and frontier markets around the world, Africa’s largest economies have been affected by the drop in commodity prices over the past 18 months.

The top 10 cities for Africa's millionaires

The top 10 cities for Africa's millionaires (Photos, Videos, & Infographic)

Wealthy Nigerians used to travel abroad to get their fix of luxury goods. However these days, they can take a stroll around Victoria Island, an exclusive neighborhood in Lagos where brands like Porsche, Hugo Boss, and Ermenegildo Zegna line the streets.

The Mercedes Maybach is one of the auto brands popular amongst Nigeria's top one percent

In Lagos, Nigeria, the 1% takes stock

Guests sashayed through the tent doors into a scene of surreal opulence. At the far end of the tent, engulfed by servants, courtiers, national politicians and guards with wires in their ears, the celebrant perched beside his wife on a throne covered with white faux fur, his every move broadcast on flat-screens arrayed around the tent walls.

Porsche Panamera

Nigeria: The next big frontier for luxury

The ‘Africa Rising’ narrative, driven primarily by the region’s high growth rates, has captured a great deal of attention from global businesses. High growth rates in Africa’s largest economy, Nigeria, have been fueling growth in the country’s luxury market.

Twins Kessie and Eku Edewor

The Nigerians have arrived ... and London is paying attention

Richard Vedelago is 29 years old and worth more millions than he’s prepared to tell. ‘Money talks, but wealth whispers,’ he says with a smile, sitting back in the bar at Claridge’s – his idea – and lazily sipping an elderflower juice.

Ceddi Plaza, Abuja, Nigeria

New generation of Nigerian consumers is drawing retailers from all over the world

At the turn of the century well-off Nigerians struggled to shop in style. Most had to jostle in local markets to buy food or travel to the UK, US or Middle East to replenish their wardrobes.

Palms Shopping Center, Lekki, Lagos, Nigeria

Global brands and mall developers eye Nigeria's fast-growing market

The appetite of Nigerians for modern retail is growing faster than developers can build space, with international brands clamouring for places they can open stores.

Hugo Boss Store

Chain reactions: savvy supply is key to success in the African luxury market

Luxury retailers are eyeing the African continent as one of the next frontier markets. “Luxury in Africa is a hot topic,” says Oliver Merkel, a partner at Bain & Company, a management consultancy.

William Lauder, CEO, Estee Lauder Companies

Luxury heavyweights eye Africa's newly affluent

Sub-Saharan Africa was dismissed for decades by the luxury industry, and has attracted the attention of international heavyweights only in the past two years.

Porsche Panamera

Africa's elite develops a taste for the finer things in life

The luxury sector has been adjusting to what some analysts call the “new normal”. After growing at 10-13 per cent a year in 2010, 2011 and 2012, rates were already slowing last year, and are forecast to settle at between 4 and 6 per cent.