Prague is the heart of CEE luxury
21.07.2015Company: Amcham
13 new luxury brands have come to Prague in the last 5 years, including Brioni, Tombolini and Bulgari.
- Many luxury brands consider expanding to the East directly through the Czech market.
- Prague has become a gateway for another 15 high end brands.
- COS and Stuart Weitzman plan to open their stores by the end of this year.
- Even Czechs favour luxury, with Czech clientele making up roughly half of the customer base.
Prague 21 July 2015 – According to the latest information from CBRE, the world leader in commercial reality services, 13 luxury brands have appeared on the Czech market since 2010, with additional 15 high end brands. The majority of luxury brands come from Europe and are focused on fashion and fashion accessories, such as Fendi and Jimmy Choo. American brands such as Tiffany & Co. and Dolce Gabbana have also penetrated the market. COS and Stuart Weitzman plan to open their stores by the end of this year.
Prague is the strategic choice for the majority of high end and luxury brands that want to expand to the Central and Eastern European region. “It’s a given that the attractive location in the heart of Europe as well as its popularity among international visitors have until recently raised demand for luxury goods,” said Tomáš Beránek, Head of Retail at CBRE. The historical monuments in the Prague city centre are connected to the main shopping streets and ensure a natural flow of potential customers.
In the past, demand was raised by tourists to a large extent, especially those from Russia, with a subsequent gradual growth in clientele from Asia. Nevertheless, this trend is reversing as Czechs have acquired taste for luxury items, now accounting for nearly half of the demand.
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Luxury brands from 2010 in the Czech Republic
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Boucheron
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Agent Provocateur
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Fendi
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Bulgari
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Dolce Gabbana
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Carollinum (Rolex)
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Tiffany & Co.
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Jimmy Choo
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Tod’s
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Zenith
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Tombolini
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Moncler
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Brioni
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Source: CBRE
