Complex Made Simple

Middle East luxury market seen growing 15%

According to a study by global management consulting firm Bain & Co, the Middle East luxury market is set to grow by 15% in 2012, leading the strong performance of the worldwide luxury market. Global luxury goods sales will exceed $242bn this year, defying initial concerns over Eurozone turmoil and fears of a cool down in emerging markets, said Cyrille Fabre, Bain & Co partner, who leads the Retail & Consumer Products practice for the Middle East. "The region has opened exciting growth possibilities for key industry players and continues to be a major destination for a wide range of luxury brands," he said.