African luxury brands redefined

Africa's luxury market is a sector worth over six billion dollars and is on the rise, defying economic slowdowns and showcasing its resilience. Despite this, African designers only capture less than ten percent of the market share, while luxury houses from France, Germany, or the UK dominate the space. The challenge lies in redefining luxury in the African context and harnessing the continent's unique strengths to compete globally. In a recent interview on CNBC Africa, Lyndon Barends, Managing Director of Arena Holdings, and Shirley van Wyk, Managing Director of Terre Paisible Medical Rejuvenation & Spa, shared insights on the luxury market in Africa. Lyndon highlighted the importance of self-appreciation and redefining the narrative around luxury, emphasizing the need for Africans to embrace their heritage and strengths to propel the market forward. Shirley shed light on the potential for world-class luxury brands in Africa and the critical role of investments and exposure in fostering their growth. The conversation underscored the need for a mindset shift, increased support for local brands, and strategic partnerships to unlock Africa's luxury potential and position it on the global stage. The journey towards redefining luxury in Africa is ongoing, with opportunities for collaboration, innovation, and investment paving the way for a flourishing luxury market.