The report said that SA remains a leader in the luxury market for Africa, boasting the highest number of luxury stores on the continent.
With the largest number of high-net-worth individuals, those who have at least $1 million in liquid assets, in Africa and a strengthening market sentiment, Luxity co-founder Michael Zahariev anticipates the luxury market in SA to continue outperforming global growth. Luxury e-commerce platforms like Farfetch and Yoox Net-a-Porter have also struggled, with YNAP pulling out of China and Farfetch narrowly avoiding bankruptcy through a deal with Coupang.
The current landscape is impacted by factors like geopolitical tensions, inflation, and economic uncertainties that have influence consumer confidence, especially in Europe and the United States.According to the report, in analysing the resale values of luxury brands, a clear distinction has emerged between fashion ateliers and watch/jewellery companies.
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