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New World Wealth Report 2014 statistics reports that the market generated Sh17.2 billion in 2013 derived from the sale of high end clothing, accessories, cars as well as hotels/FILE

Enterprise

Kenya’s luxury market an untapped resource

Kenyan brands are yet to hit the luxury international market, with the country only known for the Maasai brand that is used by over 80 international companies.

The wazawazi bag brand, founded in 2012, is also set to hit the International market. The bags are made from leather and sometimes native African fabrics, like Kitenge.

The country’s breath taking sceneries, a magnificent range of captivating wild animals, an array of culture, has seen Luxury hotels keen in the Kenyan market with a number of hotels in the last five years that include Villa Rosa Kempinski, Mahali Mazuri Luxury camp, Hemingways, Olare Mara among others.

The country’s real estate is also keen on the luxury market, with developments like Mandharini development located in the coast, Thika Green Golf Course Estate, and Tatu City among others.

Brand stores like Armani, Burberry, Gucci, Zegna and Hugo Boss are yet to set up shop in the country.

The New World Wealth Report 2014 shows that the wealth per person in Kenya increased by 89 percent since the turn of the millennium.

Kenya is also reported to have had 8,300 millionaires in 2013 against 6,700 in 2007, a growth rate of 24 percent, ranking the fourth in Africa in creating dollar millionaires faster.

The report defines millionaires as those with net assets worth $1 million (Sh87 million) or more, excluding the value of their primary residences.

The survey includes only those countries that had over 800 millionaires in 2013.

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