German luxury fashion house Hugo Boss has invested Sh180 million to open its first store in Kenya in a move to cash in on the fast rising super rich.
Kenya will be the gateway to the East Africa market for the 94 year old fashion house which has 31 stores in 26 countries across Africa. This even as Kenya moved up 19 places to position 62 in the ease of doing business ranking by the World Bank that measures investor attractiveness globally.
According to Hugo Boss Africa region team leader Andreas Pfeiffer, a growing population of young people now opt to shop for branded goods in sleek modern retail chains.
Clothing retailer Little Red Group director Karim Fazal said the international stores can be used by local designers to showcase their work.
“There is huge appetite being driven by the digital media for top products and designers in Kenya,” Fazal said.
The Luxury Boutique director Aziz Fazal said luxury brands are out-competing with each other to set up in Kenya to serve their customers easier.
According to Ministry of Trade, Industry and cooperatives, there are currently over 25 global brands with their Africa anchor stores or regional headquarters in Kenya.
2018 data from World Utra-Wealth Report shows that Kenya now stands among the world’s top 10 countries that increased the ranks of the super-rich at the fastest pace.
The report shows that the number of Kenya’s ultra-rich defined as people worth Sh3 billion or more grew by 11.7 per cent last year.