Is Zim fit to enter Africa’s race for luxury fashion?

Chipo Mapondera

Part 1
In recent years the luxury fashion industry has seemingly been unaffected by recessionary pressures, with companies like Cartier reporting increased earnings. Expansion into China’s brand-hungry market ensured that the luxury industry kept its head high above water, however, with the latest release of third quarter earnings, the boat is a little rocky, and wide reports of tepid sales in Asia mean the luxury industry is looking for new territories to ensure continued expansion.

Increased interest in Africa as “the new Mecca for luxury brands” is a reflection of the global fashion brands that are dipping their toes into our growing and potentially lucrative new market. Economists from the African Development Bank estimate that African economies will grow by 4,8 percent by the end of this year, as the continent’s citizens get richer. Currently, one can count over 41 400 US dollar millionaires residing in the continent’s most dynamic cities of Johannesburg, Cape Town, Lagos and Nairobi, with increasing numbers in other territories.

Furthermore, young consumers are entering the job market every year, by the millions, with high aspirations for what is on offer for their hard-earned cash.

International luxury brands are taking note and have already started marking their footprints on our shores. Burberry, Louis Vuitton, Gucci, and numerous boutiques offer exclusive luxury commodities in Johannesburg; menswear giant Ermenegildo Zegna launched its African flagship in Lagos in April, and Cartier is ahead of the game with boutiques or stockists in 18 African countries, including Angola, Ghana and Tunisia. Online luxury retailer Net-A-Porter provides free shipping to a number of African countries, although Zimbabwe has still not made the list.

The company recently launched Net-A-Porter Live, a feature on the website that allows visitors to see what pieces are being purchased, in real-time, and what cities the buyers are in.

When I monitored the live feed, hoping to pick up some purchases happening in Africa, I discovered that a healthy number of Angolan and Nigerian shoppers would soon be receiving some deluxe parcels straight to their doorsteps.

With such great potential for Africa to enter the lap of luxury, it bares questioning where Zimbabwe is positioned in this race.

Although very small, there is a growing population of upwardly mobile corporate employees, and aspiring executives with disposable income, and those already within the luxury consumer bracket are enjoying living the high life, if the regularity of luxury vehicles and high-maintenance mansions are anything to go by.