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Africa is attracting the world’s biggest luxury brands. Is the market too good to miss?

Africa witnessed a sharp increase in the number of ‘high net worth individuals’ (HNIs) from 2009 to 2010; commonly referred to as ‘Black Diamonds’. These HNIs are key to attracting the interest of global luxury brands.

The emergence of such HNIs and a bulging middle-class have made Africa a hotspot for luxury goods. It is projected that the African economies would show double-digit compound annual growth (CAGR) by 2020. The main emerging markets are South Africa and Nigeria, as factors like youthful demographics, maturing political infrastructures and abundant natural resources are fuelling the luxury goods demand.

Will Africa become the next frontier for luxury goods, or is the opportunity more hype than substance?

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