Gucci, Vuitton, Prada reported to be actively seeking entry in Peru
Acording to local business publication El Comercio, major international luxury brands such as Prada, Louis Vuitton and Gucci are actively seeking entry into the Peruvian market, joining already operating luxury brands with mono-brand stores in Peru, in the capital city of Lima: Salvatore Ferragamo, Ermenegildo Zegna, Hugo Boss and Tag Heuer – all operating in franchising. Gucci would seek an entry with a franchise partner, while Prada and Louis Vuitton will operate directly.
Other brands reportedly interested in opening mono-brand stores in Peru include Dolce&Gabbana, Burberry and Omega – all in franchised operations.
The major challenge hindering faster development in Peru’s luxury market is the lack of infrastructure – there are neither specialized luxury shopping centres, nor streets to concentrate premium retail real estate.