By  on December 27, 2011

Latin America’s luxury market is booming, underpinned by robust economic growth. The phenomenon has put the region on the map for the world’s largest luxury brands, which are expected to spend millions to pursue aggressive expansions in coming years.

Danielle Zito, a luxury consultant at Bain & Co. specializing in Latin America, said Brazil, Mexico and Argentina remain the largest markets, worth some $5 billion together, while Panama, Chile and Colombia follow close behind. Peru, too, is a promising market, he added, though the country’s retail infrastructure must develop further.

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