African Luxury Brands To Become Next Generation of Global Household Names

Luxury labels from the African continent are expanding rapidly and some hope they will become the next generation of global household names.

The global luxury goods industry is worth more than $1.5bn (£1bn), according to research by global business consulting firm, Bain & Company. This market is expected to grow by up to 5% annually over the next three years. 

The new wave of brands targeted at big spenders could mean brands from Africa might start competing with some of the best known labels in the world.

That said, a look at the top luxury goods companies shows European countries and the United States still dominate the industry. The question is, how soon until we start seeing African brands take a place alongside the leading luxury powerhouses?