The African luxury fashion segment is expected to reach $1 billion in 2023, according to market research company Statista. Jeremy Nel, Managing Director of South African-based luxury marketing firm, Luxury Brands, reportedly estimates that there are over 160,000 millionaires in Africa with a combined spending power of about $700 billion. These millionaires want the very best and are willing to spend top dollar when it comes to fashion.
“Louis Vuitton just got a market cap of $500 billion and Shell’s market cap is nowhere near that. Imagine a world where African luxury becomes a lot more lucrative than oil? That would completely transform the African continent and that is why I want to be a big player in this space,” says Daniel Diyepriye, founder and creative director of what he hopes to be Africa’s first luxury fashion house, Daniel Diyepriye.
