One of the world’s fastest growing luxury markets, second only to the U.S. and Japan in the past 2 years, Colombia is welcoming another three major luxury fashion houses, Prada, Hermes and Gucci. Following two years of double-digit solid growth Colombia’s largest luxury retailer Le Collezioni is now expanding its business area, becoming the developer of the first luxury shopping centre in Colombia, in the capital of Bogota.
The new luxury shopping center in Bogota will cover 8,000 sqm and will feature the mono-brand stores of the brands which Le Collezioni franchises as well as new market entrants such as Prada which will operate directly. The company also confirmed that Hermes and Gucci will open in the newly developed luxury center, however, it would not comment on whether Le Collezioni will operate the franchised mono-brand stores of Hermes and Gucci too.
Le Collezioni will tap on the potential of the luxury markets in second tier cities such as Medellin (2016) and Cali (2015), announcing two multi-brand stores with branded corners of Etro, Hackett, Harmont & Blaine, Just Cavalli, Michael Kors, Dsquared2.
With an expected full year 2014 turnover of US$ 18,5 million, LE COLLEZIONI has been operating in franchising the mono-brand stores of Ermenegildo Zegna (2), Hackett (3) and Etro (1) as well as 18 multi-brand luxury fashion & accessories stores in Bogota, Cartagena, Bogotá, Medellín and Barranquila. Le Collezioni’s multi-brand portfolio includes: Canali, Red Valetino, Love Moschino, Corneliani, Church’s, Santoni, Michael Kors, Kiton. In 2015, Le Collezioni will introduce to Colombia Stuart Weitzmann and Giuseppe Zanotti.
Other luxury mono-brand stores in Colombia: Emporio Armani, Cartier, Coach, Longchamp, Montblanc, Louis Vuitton, Loewe, Bvlgari, Hugo Boss, Dolce & Gabbbana, Burberry, Vilebrequin, Mykita, Italia Independent, Carolina Herrera, Salvatore Ferragamo, Paul & Shark.
Hospitality is Colombia’s second fastest growing luxury market. The opening of W BOGOTA this month will be followed, in 2015, by 3 new luxury hotels in Cartagena and 2 in Bogota. Sofitel and Marriott are the leading international hoteliers in Colombia’s luxury hospitality market, each with two properties currently in operation. Automotive remains the least developed luxury sector in Colombia, with modest sales due to the grey market as well as security concerns.
CPP Luxury Industry Management Consultants LLC has been actively covering Colombia since 2011.
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