MORROCO’s luxury market expands despite crisis
Most of the luxury industry of Morocco is concentrated in Casablanca, the business capital of the country. The fashion and accessories sector has been the most dynamic in the past years, with several key monobrand stores operating in Casablanca: Dior, Canali, Roberto Cavalli, Lancel. The largest international luxury fashion and accessories brand operating in Casablanca is Fendi with 300 sqm boutique downtown Casablanca, which opened October 2009. The Fendi boutique is a franchise owned and operated by Morocco’s leading fashion retail group AKSAL, whose also franchises the brands of INDITEX Group for Morocco. The Aksal Group also owns and operates the first GUCCI boutique in Morocco which was opened late 2009 within La Mamounia luxury hotel in Marrakech.
Yves Saint Laurent is the latest major addition, having opened a monobrand franchised store last week. The YSL monobrand boutique covers 90 sqm and is situated in the downtown area, in the vicinity of Piaget, Chaumet and Cartier monobrand boutiques. The YSL store is operated as a franchise by local retailer which also distributes exclusively key brands such as Ermenegildo Zegna.
The most developed luxury sector of the Moroccan market is hospitality, most of the deluxe hotels being situated in the resort town of Marrakech. The most recent luxury opening has been by French Group Barrierre while the Mandarin Oriental and Four Seasons are set to open each, a top luxury resort SPA hotel by the end of this year.
CPP has been actively covering the luxury market of Morocco since 2008, having issued already two annual luxury market reports, with an in depth analysis of each luxury industry sector and of the luxury consumer, highlighting trends, opportunities and challenges.