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

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

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.

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 final look from Nadir Tati’s “40 years Of Independence” collection (Photo Credits: Rui Vasco)

At Portugal's Fashion Week ModaLisboa, It Was Angola That Reigned

It is one of Europe’s longest standing fashion weeks, initiated in 1991, and concluded its 44th edition over the past weekend. ModaLisboa is the bi-annual event in which Portugal’s fashion capital Lisbon gets to show what its local fashion industry is all about.

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.

Johannesburg skyline | Source: Shutterstock

In South Africa, more evolution than revolution

When Khanyi Dhlomo opened a plush designer boutique here late last year, it revealed as much about the national psyche as it did about the local fashion industry.

Mercedes-Benz Fashion Week Africa

Africa Fashion Week Showcases the Continent’s Best Talent (Video)

The growing trend of Fashion Weeks across the African continent challenges the notion that global fashion starts in the northern hemisphere.

Nadir Tati

Nadir Tati: The Angolan Designer That Sells $10,000 Dresses

It’s the African cash cow that produces oil, diamonds and more recently, fashion.

Mark Mobius, Executive Chairman, Templeton Emerging Markets Group

Africa is finally on the path to becoming a consumer society: Mark Mobius, Executive Chairman, Templeton Emerging Markets Group

For readers of a certain age, the name of Africa will never sit comfortably alongside the word luxury.

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.