August 2012 management briefing: Luxury apparel in Latin America
It's no secret that China continues to steal the bulk of the world's luxury apparel and goods sales, accounting for some 50% of the total. But with China's growth rate forecast to slow in 2016, luxury houses are looking to expand in other markets - and Latin America tops that list. This month's management briefing looks at the challenges and opportunities the region presents.
It's no secret that China continues to steal the bulk of the world's luxury apparel and goods sales, accounting for some 50% of the total. But with China's growth rate forecast to slow in 2016, luxury houses could be forced to expand in other markets - with Latin America topping that list.
Louis Vuitton, Gucci and Salvatore Ferragamo are Latin America's leading luxury brands, according to industry observers who add the region's elite follow global trends when it comes to choosing their favourite labels.
Latin America's luxury apparel market is poised for strong growth - yet high import tariffs in some countries, most notably Brazil, and a large counterfeit trade in Mexico could keep some brands at bay, industry observers say.
After more than doubling its growth rates between 2008 and 2012, Brazil is the darling of Latin America's luxury apparel and goods market. Last year, the market for designer clothing and footwear grew 7.3% to $2.6bn, while sales of luxury accessories increased 4.5% to 1.2bn.
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