Luxury brands look to Australia: 50 different retailers are considering expanding Down Under
International luxury and premium brands are eyeing off Australia as a prosperous market, with experts believing the local luxury goods market could become more similar to Europe?s in the coming years.
Real estate firm CBRE said in a recent trip to Asia the company spoke to 50 different ?luxury and premium international brands? that were all looking to expand into the Australian market.
?Australia?s attractive macroeconomic conditions have cemented it as a compelling destination for international retailers, from both a new entry and existing expansion perspective,? CRBE?s senior research manager Danny Lee said in a statement.
?Australia also has a relatively low international brand penetration rate ? 30% in comparison to the 45% plus in Singapore, Hong Kong and the UK.? One of the brands set to open up a store in Sydney?s CBD is Swedish fashion and accessories retailer ACNE, but CBRE was tight lipped on the 49 other potential entrants.
Australia has seen a number of international retailers grace its shores in the past year, including big international players such as JD Sports and smaller fashion retailers like Rag and Bone, which opened a store in Melbourne?s CBD last month.
However, luxury brands have overall been slow to approach the Australian market, which retail expert and academic at Queensland University of Technology?s Business School Gary Mortimer believes is due to the country being ?geographically displaced? from the rest of the world.
?This means it has take...
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