ERBIL, Iraq’s fastest growing luxury market
Erbil, Northern Kurdish region’s capital has been the fastest growing emerging cities in Iraq, with luxury being among the steady developing sector. Apart from the two international five star hotels, Erbil’s Family Mall is a magnet for the rich, with an increasing number of international luxury brands being available, for now, mostly in multi-brand stores. Rolex, Breitling, Tag Heuer, Longines are among the most popular luxury watches brands, while Dolce Gabbana, Emporio Armani, Gianfranco Ferre, Versace are among the most popular luxury apparel and accessories brands. Although price levels are 20 to 25% higher than in Europe, sales have seen a constant growth in the past three years. The lack of experience local retailers and the red tape of customs are the main reasons why many international luxury brands are not yet, considering an entry with stand alone franchise operations.