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Deep Pockets in Africa Attracts Attention of Luxury Industry

Posted: Oct. 14th, 2013  |  By DailyLuxe News

Sub Saharan Africa is experiencing the second fastest economic growth, as five of the 10 fastest growing economies are located there. Only the Asian-Pacific region is experiencing faster growth, according to Business Day Live.

Luxury brands such as Louis Vuitton, Burberry, Fendi, Gucci, Montblanc, andErmenegildo Zegna are just a few of the industry’s stalwart brands that have established a presence in the burgeoning area. Porsche and Hugo Boss also have a presence in Sub Saharan Africa.

…. The region, long considered unstable due to political tensions, has seen its fortunes improve due to the spate of oil and gas discoveries, which are fuelling economic growth and giving rise to a set of super-wealthy individuals with expensive tastes in countries such as Nigeria, Angola, Ghana, Mozambique and Kenya.

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