The potential of Iran’s luxury market
With an estimated market size of 80 million consumers, Iran is gradually emerging as a market of interest for the expansion of international luxury brands. Two months ago saw the opening of a Roberto Cavalli mono-brand store in Tehran on North Alef Street at Zafaraniyeh. Versace is expected to open its first store within a few months in the same area.
The Tiraje 2 Mall has attracted the mono-brand store of Camicissima. Mango already operates 7 stores in Iran with the largest store, covering 1000 sqm, due to open at the Palladium Mall, which is also home to Nike, Geox, Swatch and Calvin Klein. Stefanel has announced it will enter Iran in 2017.
Sam Center Tehran is considered the luxury mall of Tehran, home to mono-brand stores of Piquadro, Stefano Ricci, Desigual, Chopard and Montblanc.
Kering Group, LVMH, Prada and Dolce&Gabbana are reported to be closely watching the market, however, they are taking a cautionary approach.
Among the new projects, Iran Mall by Tat Group in Tehran is expected to be the largest in Iran. The complex will cover 1,7 million sqm of which 255,000 GLA, including shopping, entertainment, fashion avenue, fashion court, Persian Garden and Persian Bazaar.