Designer labels are slowly establishing themselves in emerging economies in Asia and now South America, particularly Brazil, is already on their radar.
Last month, Coach opened its first flagship in Sao Paolo and will be opening ten more stores in other key cities . Another luxury brand, Tiffany, who already has three stores in Sao Paolo is also planning to launch more stores in key urban areas of Brazil.
A Marc Jacobs Store in Sao Paolo.
Other designer labels like Tory Burch and Liz Claiborne and jeweler Cartier have already set up shop years ago, hoping to get a piece of Brazil’s $2.9 billion annual profit from the luxury market. New opportunities such as new oil exploration in South America, the upcoming World Cup and 2016 Summer Olympics will also boost sales of luxury good items.