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Spanning 152 square meters, the store is located on Level L2 of the mall in Abu Dhabi
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The boutique will apparently feature a full selection of Italian fashion houses Versace’s fashion and accessories
Versace has opened a boutique at the Galleria Al Maryah Island in Abu Dhabi, it said in a statement on Sunday, July 18.
Spanning 152 square meters, the store is located on Level L2 of the mall, it said, adding that it will showcase the fashion brand’s latest Pre-Fall 2021 collection.
The boutique will apparently feature a full selection of Italian fashion houses Versace’s ready-to-wear fashion and accessories for men and women.
Market research firm Mordor Intelligence valued the UAE’s luxury goods market at $2.98 billion in 2020, and expected it to expand at a compounded annual growth rate of 7.17% till 2026.
With the country emerging from the restrictions brought on by the Covid-19 pandemic, demand for luxury goods — among other things — is expected to pick up once again.
Another reason the sector can look forward to a revival is the easing of travel norms, which may bring more tourists into the country.
Mordor’s report explained: “The sustained growth of the Emirati luxury goods market can be attributed to the continuing rise in the tourism industry.”
It added: “The travelers visiting the country are from upper-class families and often buy luxury goods from the outlets of various multinational brands.”
It also said: “…As the tourism industry continues to grow, the luxury goods market in the country is likely to grow at a healthy rate, posing significant opportunities for the players to introduce their products in the local market.”