Luxury brands flock into Africa, BUSINESS REPORT (Cape Times)
Luxury brands flock into Africa, BUSINESS REPORT (Cape Times)
“AFRICA rising” has never been better articulated than by the growth of the luxury goods market, which is increasingly attracting big brand companies hoping to capture the imagination and purse strings of the continent's growing middle class. The latest hopeful is luxury bathroom accessories seller Hansgrohe Africa, which plans to “aggressively” expand to the rest of Africa to tap into the fastgrowing consumer market. Hansgrohe Africa managing director Anthony Mederer said that while there were large income disparities on the continent and within countries, there was a growing appetite for luxury goods in Africa. “If you find the right people in the country, it's not that scary,” said Mederer, emphasising the need to find local partners that knew the market. Mederer said South Africa's market had become extremely competitive and companies were moving into other parts of Africa where the markets were less saturated.
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