Luxuryretailmiddleeast
News Release: Luxury Retail Market Overview - Middle East
Chalhoub Group in partnership with Fondazione Altagamma Milan, 16th May 2011
Overview
The Gulf Area was the discussion topic in the conference organized in May 2011 by Fondazione
Altagamma and Chalhoub Group. C-level management from various organizations debated the nature and stage of luxury retail in the Middle East region. Key speakers and panelists included:
• Gabriella Scarpa - Chairman, Acqua di Parma
• Patrick Chalhoub - CO-CEO, Chalhoub Group
• Laudomia Pucci - Image Director, Emilio Pucci
• Santo Versace - Chairman, Fondazione Altagamma
• Armando Branchini - Executive Director, Fondazione Altagamma
• Paolo Anselmi - Deputy Chairman, GFK-Eurisko
• Vittorio Missoni - Chairman, Missoni
• Stefano Sincini - CEO, Tod’s
• Massimo Piombini - Commercial Director WW, Valentino
According to Altagamma Consensus 2011 the luxury retail market in the Middle East* has total value of
€ 4.1 billion (approx. 2% of the total global luxury market) and is expected to further grow 10% - 12% by the year 2013. Due to peculiarity and continually evolving nature of the market key topics of panel discussion involved profiling the regional luxury retail consumers and characterising the upper class of the Arab world; debating relevant strategies and brand building operations luxury brands should adopt in order to succeed in the region.
The evolution of customs and lifestyles in the Middle East
In general, the richest countries in the Arab market were not as severely affected by the recent economic crisis than the West. According to Chalhoub Group the most promising cities for luxury consumption in the Gulf are Abu Dhabi (UAE), Riyadh (KSA) and Doha (Qatar). In the long term, despite of the recent political instabilities potential of Egypt, Kingdom of Saudi Arabia, and Iran should not be underestimated either. All three countries have rapid population growth with a large proportion of young people.
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Chalhoub Group in partnership with Fondazione Altagamma Milan, 16th May 2011
Overview
The Gulf Area was the discussion topic in the conference organized in May 2011 by Fondazione
Altagamma and Chalhoub Group. C-level management from various organizations debated the nature and stage of luxury retail in the Middle East region. Key speakers and panelists included:
• Gabriella Scarpa - Chairman, Acqua di Parma
• Patrick Chalhoub - CO-CEO, Chalhoub Group
• Laudomia Pucci - Image Director, Emilio Pucci
• Santo Versace - Chairman, Fondazione Altagamma
• Armando Branchini - Executive Director, Fondazione Altagamma
• Paolo Anselmi - Deputy Chairman, GFK-Eurisko
• Vittorio Missoni - Chairman, Missoni
• Stefano Sincini - CEO, Tod’s
• Massimo Piombini - Commercial Director WW, Valentino
According to Altagamma Consensus 2011 the luxury retail market in the Middle East* has total value of
€ 4.1 billion (approx. 2% of the total global luxury market) and is expected to further grow 10% - 12% by the year 2013. Due to peculiarity and continually evolving nature of the market key topics of panel discussion involved profiling the regional luxury retail consumers and characterising the upper class of the Arab world; debating relevant strategies and brand building operations luxury brands should adopt in order to succeed in the region.
The evolution of customs and lifestyles in the Middle East
In general, the richest countries in the Arab market were not as severely affected by the recent economic crisis than the West. According to Chalhoub Group the most promising cities for luxury consumption in the Gulf are Abu Dhabi (UAE), Riyadh (KSA) and Doha (Qatar). In the long term, despite of the recent political instabilities potential of Egypt, Kingdom of Saudi Arabia, and Iran should not be underestimated either. All three countries have rapid population growth with a large proportion of young people.
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