Qatar regarded as world’s fastest growing luxury market: Report – The Peninsula

Qatar regarded as world’s fastest growing luxury market: Report – The Peninsula

Qatar’s luxury goods market, which has been valued at $1.84bn and expected to grow at a healthy CAGR of 2.55 percent in the forecast period 2019-2024, is regarded as the world’s fastest growing luxury market, according to a report by Mordor Intelligence.

Qataris are also considered as the biggest buyers of goods in the Middle East, said the report, which reiterated Qatar’s majority stake in the Italian fashion brand Valentino as well as the landmark department stores Harrods and Printemps in London and Paris, in addition to developing its own luxury label Qela.

With a number of shopping malls being improved and launched in the run-up to the FIFA World Cup 2022, such as the opening of the Palace Vendome recently, the country’s luxury industry poses a huge potential to further grow.

Aside from investments made by the Qatari sovereign wealth fund Qatar Investment Authority (QIA) in global luxury brands, individual Qataris and other Qatar-based entrepreneurs are also investing in luxury markets both locally and internationally.

In an interview with The Peninsula, Board Member at the Qatari Businesswomen Association (QBWA) Mishael Al Ansari noted that several members of the group were highly involved in the luxury goods sector.

“Today we have a lot of members