Eyeing Luxury Market Growth
Patrick Chalhoub, co-CEO of The Chalhoub Group, talks about the region’s luxury goods market and vision for the future.
May 23, 2012 3:22 by kippreport
And again, we have huge ambition for the future, because we are seeing that the market is growing and is continuing to evolve quickly and we want to be a major player in this evolvement.
What is your growth target?
The luxury market is set to grow by approximately six percent, and definitely emerging markets are the ones who are fuelling the growth. This is why, generally, [there is]this attraction for luxury, which is coming more into the emerging markets where wealth is being created and distributed. The GCC market is growing by 8 to 10 percent a year, but we know that the Saudi Arabian market is still under developed, I am speaking about the whole country not about Jeddah and Riyadh. We also know Iran and Egypt are today not even on the map of luxury consumers, but one day they will have the economic wealth and economic freedom to invest into it. We obviously hope to grow twice as fast as the market.
– Ranvir Nayar
First published in Trends