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Manish Malhotra will be opening his store at The Dubai Mall from July to August this year. – Photos provided
The truth is, the rich worldwide are only getting richer, and this is confirmed by a report on the global luxury market, worth $262.66 billion in 2021. It is expected to grow at a CAGR of 5.63% in 2021 and according to researchandmarkets.com forecast 2023-2028. Capgemini’s World Wealth Report 2022 states that the population of high net worth individuals will grow by 7.8% in 2021 and global wealth will grow by 8%.
The beauty of the Middle East market is that its clientele is very knowledgeable, having traveled the world, understanding the concept of luxury and in some ways redefining it. According to data released by ResearchandMarkets.com, the UAE luxury goods market will reach US$3.5 billion in 2021.
The Middle East and Africa luxury market is expected to grow at a compound annual growth rate (CAGR) of 8.5% over the next five years, which is why several big brands are opening stores. In March 2022, Gucci, owned by the Kering Group, will present its ultra-luxury jewelery at the Palm Jumeirah for the first time, citing high purchasing power and continued demand.
Womenswear designer Tarun Tahiliani, who is about to open a shop in Dubai, thinks that if there was a market for a 1.3 million rupiah (Dh58,163 dirham) sneaker from Dior, and many fifth- or sixth-generation rich people from around the world right now Preferring to settle in the Middle East, it is becoming a formidable force. “Many people also come to Dubai to shop. Also, it is a popular destination for weddings. On top of that, the Arab world understands luxury like no one,” he says. For the Dubai store, Tahiliani will supply robes alongside his high-end fashion collections and ready-to-wear. “The Middle East is also growing as an interesting travel destination, and the UAE has a clever mix of cultures to make life easy for residents,” he added.
The King of Fashion was the first to anticipate this growth and launched Sabyasachi Jewelery on 3rd August 2021 in Bayt Damas. This Dubai jeweler houses his most luxurious products and as the Kolkata fashion guru, he admits that customers understand and are ready to pay for fine craftsmanship.
Manish Malhotra is also considering opening in July this year for his buyers, who frequent his grand Delhi store in Mehrauli. “My designs reflect a vision of glamor and luxury. For me, Dubai is the epitome of grandeur, which is why we are bringing the world of Manish Malhotra to this stunning city. Dubai is the epicenter of world-class luxury and it Highly regarded as a retail and luxury hub, from world-renowned fashionistas to cars or real estate. The UAE market is home to a wide range of well-informed and knowledgeable consumers who are both willing and able to enjoy luxury. Dubai enjoys the reputation of exquisite products Sophistication and quality, and understanding their value, makes it one of the most attractive markets for luxury fashion and is our next stop, and I’m really excited about it,” said Malhotra.
Real estate in the Middle East is also growing. David and Victoria Beckham own a seven-bedroom villa on Palm Jumeirah. Bollywood star Shah Rukh Khan also owns a six-bedroom mansion there, while Italian designer Giorgio Armani teamed up with Emaar Properties in 2004 and launched his hotel in Dubai. The Bachchan family Abhishek and Aishwarya Rai Bachchan own a mansion in Sanctuary Falls Jumeirah Golf Estates, and Lindsay Lohan owns a piece of land in the World Islands off the coast of Dubai.
But that’s not all. Global couturier Rahul Mishra, now a Paris Fashion Week veteran, is about to open a store in the Middle East. His product range will include women’s couture, men’s bespoke festival wear, women’s ready-to-wear (RTW), men’s RTW, bags, accessories and footwear. “The Middle East market consists of a diverse customer base. It is a melting pot of cultural and aesthetic influences from around the world. Consumers have a heightened understanding of luxury and craftsmanship and are willing to invest in personalization and independence from the mainstream trending clothing,” says Rahul, who is in charge of interior design and designing the space.
He further added that the region has the right mix of culture and technology and is a meeting point of past and future. There is a strong respect and consideration for traditional craftsmanship and values while looking forward to rapid growth and development. “It becomes the perfect playing field for modern luxury brands like ours, which are rooted in tradition yet modern – brands looking to redefine sustainable living and luxury through conscious fashion value,” Mishra added.
As exclusive brands come to understand that their customers are now global, not local, their buyers are able to live multiple lives through fashion—experiencing a variety of styles with ease. “They understand personal style and fashion trends from a unique perspective unlike any other consumer as their sensibilities are strongly influenced by their heritage and the modern world. There is a particular point in the debate. So luxury is sometimes more likely for them to be an emotional investment than an impulse purchase, which increases the value and respect of the garment,” he explains.
Quiet revolutionary Anita Dongre has a strong business acumen. This led to exponential growth of her brand. Breaking into the Middle East has always been a dream of Anita’s and she is excited to bring her label to another luxury fashion capital of the world. “The store is an extension of the brand’s identity and philosophy, with an interior design that reflects my Rajasthani roots. I wanted to pay homage to Indian craftsmanship and culture,” said Dongre.
Soaring arches and ethereal chandeliers evoke the grandeur of a royal palace, while furniture and upholstery are designed in signature homemade fabrics. “Beautiful hand-painted panels by my Pichhwai artist in Rajasthan adorn the walls of our Dubai store. And the signature fragrance, which is available in all our stores, is instantly recognizable to customers,” she adds.
The store has a curated selection of versatile modern classics exclusively for Emirati women. Style everything from beautiful coordinating suits and ready-to-wear dresses to classic evening gowns, gowns and handmade silver jewelry. “We’ve also created a dedicated line for Middle Eastern women for Ramadan. Our new range of vegan accessories will also be available in-store,” she adds.
The ready-to-wear collection is for everyone, as she sees Dubai as a melting pot of cultures. She created a special collection for Middle Eastern women, including voluminous kaftans and glamorous evening wear. “Dubai’s vibrant culture, thriving economy and steady tourist influx are important drivers of our international expansion plans in this buzzing luxury fashion market. Our focus is on taking the time to patiently listen and learn about our business in Dubai Consumers. We really see the whole of the UAE as a region where we can expand. There are a lot of similarities in culture, but there are also differences. Every market has different women to create for and that fuels my creativity. Dubai Already the next fashion capital, and the Middle East as a market is very close to us culturally,” she reiterated.
Many women from the Middle East shop at the Anita Dongre store in Mumbai, and the brand has been sold to them for several years. “But it’s going to be an exciting experience to be here. There’s a certain common sensibility between Indian and Middle Eastern women. The differences are subtle and I think that’s the magic of creation. Understanding a Middle Eastern woman and what she wants It was so important that I decided to create a dedicated line for her. I’m really looking forward to being in the store, getting to know my customers better and promoting the line further,” she explains.
Dongre was one of the first South Asian designers to set up shop in The Dubai Mall. A brand new Anita Dongre website for UAE clients is coming soon.
Indian designers are flocking to the Middle East, and Manish Malhotra, who has dressed a bevy of Bollywood beauties, is opening at The Dubai Mall in July-August this year. Global brand Gucci has 500 employees and 29 stores in the Middle East and Africa. According to a Business of Fashion report titled “Middle East Fashion – Optimism and Transformation,” “the region’s $89 billion fashion industry will experience unprecedented change in the coming years thanks to a variety of factors, ranging from consumer behavior to Shift to new government investment policy.” It further noted that the fashion market in the region is expected to grow at a CAGR of around 7 percent from this year to 2027, according to Euromonitor International.
A BoF Insights survey in the UAE and Saudi Arabia found that as many as 50 percent of high earners spend an average of more than $1,000 a month on fashion. Barclays analysts said the Middle East is expected to “become one of the fastest-growing luxury markets by 2023”. Owners of brands such as Louis Vuitton and Cartier will see good returns as “the market will account for 8% of luxury sales by 2030”. According to a Bloomberg report, expatriates, tourists and easy spending will be factors that will contribute to the hike. Dubai’s gross domestic product is growing at an annual rate of 4.6% in the first nine months of 2022, and it received 13 million tourists as of last November.
There are many other factors contributing to this – the Qatar Grand Prix, the AFC Asian Cup and the 2022 FIFA World Cup. There are 17 countries in the Middle East and Africa combined, including some of the wealthiest countries – Qatar and the United Arab Emirates. China as a luxury hub has declined due to Covid and lockdowns, boosting the Middle East’s status as the premier luxury shopping destination.
— The author is a senior lifestyle and fashion journalist based in Delhi.
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