Luxury brands seen eyeing expansion in emerging cities
Besides the usual suspects, Wealthinsight includes Mexico City, Istanbul, Tel Aviv and Lagos in its list of 10
Singapore
MOVE over, Singapore. Sales may be cooling down in our glass-plated designer mega-stores, but luxury marques can make up for the decline by muscling into new emerging cities, many of which are in neighbouring South-east Asian countries.
According to a new report by research group Wealthinsight, Bangkok, Jakarta, Kuala Lumpur and Ho Chi Minh City are among 10 emerging cities targeted for luxury brand expansion. And apart from Shanghai and Mumbai, the remaining destinations fall outside the predictable BRIC grouping of emerging countries. Instead, Mexico City, Istanbul, Tel Aviv and Lagos were also marked as the next big hotspots for high net worth spenders.
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