Bally opens in Dubai to service growing demand for luxury goods
19/11/2012
Those are among the findings of the latest Middle East Luxury Tracker, commissioned by credit card company American Express to gauge sentiment across the region.
Those living in Oman and Jordan are the least interested in luxury goods, with an average spend of $250 per month.
“Consumer attitudes towards spending have begun to improve significantly and there is a noticeable rise in spending on luxury goods and experiences across the region,” said Mazin Khoury, CEO of American Express Middle East.
Leathergoods and shoe retailer Bally is looking to cash in on the increased spending in the region by opening a store in Dubai, its third in the country.
“Although we are not seeing the same returns as the early 90s or 2000s, the luxury industry is strong versus other industries. A slowdown in the European market has been offset with fast growth in China and the Middle East,” said Bally’s sales director Mimmo Mariotinni.
The company plans to open stores in Saudi Arabia, Doha and a franchise in Jordan next year.
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