Africa's growing middle class has expensive tastes and
research by Bain & Company suggests that luxury goods sales will increase
by 11% this year - demonstrating the continent's potential for upmarket goods.
Moreover, recent mineral discoveries have swayed the
continent's fortunes and given rise to a band of super-wealthy individuals in
Nigeria‚ Angola‚ Ghana‚ Mozambique and Kenya with expensive tastes.
Total luxury goods revenue in Africa is expected to reach
€2bn this year from €1.5bn in 2011‚ according to Paris-based Bain's worldwide
market study.Other luxury goods groups such as Cartier‚ Louis Vuitton‚
Burberry‚ Gucci‚ Fendi and Salvatore Ferragamo all have a presence on the
continent. Read more.
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