MILAN — Gucci is directly entering into the South African market. The Italian luxury group has signed a joint venture with a local partner, GMT Investcorp Ltd., and is opening a new store in Johannesburg. The joint venture is an evolution of a multi-year franchise relationship between Gucci and GMT.
The new Johannesburg banner is located at Nelson Mandela Square in the Sandton district and, covering more than 6,480 square feet, doubles the size of a former unit in the city. The new boutique is the second in the region as Gucci also counts a venue in Cape Town, at Waterfront’s Victoria Wharf Shopping Centre. Both stores offer the full range of Gucci men’s and women’s collections.
Gucci characterized South Africa as “a dynamic market with a promising retail trend,” citing “remarkable growth and social progress made by the country in recent years,” which has benefitted the luxury industry. “South Africa remains, in fact, the most advanced economy of the continent, with a unique position in terms of wealthy consumers, and can be reasonably considered to be the likely fashion hub for Sub-Saharan Africa in the medium to long term.”