Following recent opening in Nigeria, Zegna to expand in Angola and Mozambique
Following the recent opening of its mono-brand store in Nigeria’s capital Lagos in Victoria Island (adjacent to the Porsche and Bentley showrooms), Italian luxury menswear house Ermenegildo Zegna confirms further expansion in Africa, with upcoming store openings in Angola and Mozambique, both in 2014, followed by South Africa in 2015. Like the store in Lagos, Zegna’s future stores in Africa will be operated in franchising.
Speaking about the expansion of luxury in Africa, Gildo Zegna said ‘For us, today, Africa is more important than the U.S.. In 5 to 10 years, Africa can become the new frontier for luxury’. Ermenegildo Zegna has been one of the pioneers in other emerging markets such as China and Russia, with a very sound and coherent retail expansion strategy and a very careful choice of local partners.
Zegna sales for 2012 rose 12.2 percent to 1.2bn euros, compared to the previous year and its net profit increase by 13 percent to 130 million euros. At the end of 2012, Zegna had 303 directly operated mono-brand stores worldwide.