×
2 115
Fashion Jobs
SHISEIDO
Bareminerals Account Manager - Boots, Edinburgh Gyle (30 Hours)
Permanent · Edinburgh
SHISEIDO
Laura Mercier Account Manager - Harvey Nichols Manchester (37.5 Hours)
Permanent · Stretford
SHISEIDO
Bareminerals - Account Manager (30 Hours)
Permanent · Edinburgh
V. F. CORPORATION
Manager, Strategic Accounts - Dickies Emea
Permanent · LONDON
VANS
Credit Controller - Spanish Speaking - Vans
Permanent · CALVERTON
VF INTERNATIONAL
Multilingual Credit Controller - Key Accounts (English Plus Any European Language)
Permanent · CALVERTON
ESTÉE LAUDER
Clinique - Consultant - John Lewis, Location - 15Hours / 3 Days - Part-Time, Permanent
Permanent · Exeter
ESTÉE LAUDER
Clinique - Consultant - Sutton Coldfield, Beatties - 15 Hours - Part-Time, Permanent
Permanent · The Royal Town of Sutton Coldfield
ESTÉE LAUDER
Clinique - Consultant - Leicester, Boots - Fosse Park - 15 Hours - Part-Time, Permanent
Permanent · Leicester
YVES SAINT LAURENT UK LIMITED
Saint Laurent HR Manager UK, Ireland & Netherlands
Permanent · LONDON
SHISEIDO
Bareminerals Account Manager - Hof Bluewater (35 Hours)
Permanent · Dartford
SHISEIDO
Laura Mercier Account Manager - Harvey Nichols, Edinburgh
Permanent · Edinburgh
ESTÉE LAUDER
Origins - Online Trading Manager - Brand Site
Permanent · London
ESTÉE LAUDER
Multi Brand - Multi Brand Business Manager - House of Fraser, Rushden Lakes - 37.5 Hours - Full-Time - Permanent
Permanent · Rushden
ESTÉE LAUDER
Clinique - Consultant - Fenwick, Newcastle - 36 Hours - Full Time - Permanent
Permanent · Newcastle upon Tyne
ESTÉE LAUDER
Clinique - Consultant - Leeds, Trinity - Boots - 26 Hours - Part-Time, Permanent
Permanent · Leeds
ESTÉE LAUDER
Clinique - Consultant - Halifax, Harveys - 15 Hours - Part-Time, Permanent
Permanent · Halifax
ESTÉE LAUDER
Aveda - Account Manager - House of Fraser-White City, London - 30 Hours - Full Time, Permanent
Permanent · London
FOREO
E-Key Account Manager
Permanent · London
FOREO
Marketing Manager
Permanent · London
VF INTERNATIONAL
Warehouse Trainer And Instructor
Permanent · COALVILLE
OUTSIDE THE BOX RECRUITMENT
Account Manager Kidswear
Permanent · LONDON
Advertisements
By
Reuters
Translated by
Nicola Mira
Published
Mar 7, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Luxury market recovering in Gulf states

By
Reuters
Translated by
Nicola Mira
Published
Mar 7, 2017

The luxury goods market in Persian Gulf countries is showing signs of recovery after slumping for two years, thanks to rising oil prices and the increased impact of Indian and African consumers.


The new Ghawali fragrances - Ghawali


Sales of luxury handbags, fragrances and watches in Dubai (the UAEs), Saudi Arabia, Qatar and Kuwait account for approximately 3% to 4% of the sector's worldwide revenue, which consultancy firm Bain estimates being worth €250 billion.

"Throughout 2016, the situation worsened due to wages falling in Saudi Arabia and the lifting of subsidies on oil prices," said on Friday Patrick Chalhoub, co-CEO of the eponymous group, talking to the media. The Chalhoub group is a partner and distributor of several luxury goods labels in the Middle East, such as Louis Vuitton, Céline, Dior and Louboutin. He added that estimates for 2016 point to a market shortfall between 2% and 3% over the previous year, following a 1% decrease in 2015.

The region was also affected by the dollar's strength - local currencies being linked to the US currency - which made Gulf states less competitive.

However, the rise in crude oil price, now at over $50 per barrel, and the growth in women's employment in Saudi Arabia are expected to bolster the local economy, which relies for up to 60% on domestic purchases.

"There are signs of a recovery, and I am more optimistic than in 2015," said Patrick Chalhoub.

Besides, market demand may be bolstered by Indian and African customers, now the region's most important foreign consumers. There is notably "a very high level of demand" coming from Nigeria and Kenya.

As elsewhere in the world, the Chalhoub group needs to adjust to the luxury clientèle's new requirements: it is uber-connected, very knowledgeable and its consumption patterns, shaped by social media, are different.

"We are witnessing an evolution from 'stiletto-heel' to 'sneaker' fashion," said Patrick Chalhoub, according to whom the younger generations, less loyal to brands, want more accessible prices, a positive shopping experience and differentiation. Proof of this evolution is the fact that the group is now developing partnerships with  emerging local brands.

Chalhoub did not disclose the group's revenue, but said comparable sales fell by 4% in 2016 and group profits by 33%, as investment continued unabated.

The group opened two stores in Abu Dhabi and Dubai, and another five dedicated to the Ghawali fragrances, newly developed by Chalhoub and featuring Oriental scents.

© Thomson Reuters 2021 All rights reserved.