article_snippet.sent: (CNN)Wealthy Nigerians used to travel abroad to get CNN)Wealthy Nigerians fix of luxury goods.
article_snippet.sent: However these days, CNN)Wealthy Nigerians can take a stroll around Victoria Island, an exclusive neighborhood in Lagos where brands like Porsche, Hugo Boss and Ermenegildo Zegna line the streets.
article_snippet.sent: This emerging class of Africa's new millionaires has been pushing the demand for luxury products across the continent, with sales of high-end products growing by a third between 2008 and 2013.
article_snippet.sent: However, This emerging class of Africa's new millionaires are no longer concentrated in southern Africa, traditionally the wealthiest part of the continent.
article_snippet.sent: Luxury brands tend to enter country markets through distributors, benefiting from local knowledge of Luxury brands partners but still retaining a significant amount of control over how Luxury brands name is marketed in Nigeria.
article_snippet.sent: Roberts warns that in spite of potential, the future of luxury in Africa is dependent on reforms taking place: "It will rely on infrastructure and the operating environment such as security and how trading is done," Roberts says.
article_snippet.sent: When it comes to what they choose to splash they cash on, Africa's rich like to stick to well-known global labels that carry an automatic badge of status.
article_snippet.sent: Roberts adds that this could be down to the fact that typical a luxury consumer in Africa is much younger than those in mature markets such as Western Europe, who tend to be in their 50s and 60s.
article_snippet.sent: Africa has all the foundations that are needed to create a real vibrant luxury industry," says Swaady Martin Leke, Ivorian entrepreneur and founder of the Johannesburg-based luxury tea brand Yswara.
article_snippet.sent: So here is this continent where you have all the raw material and the know-how, but what is missing is the link to luxury.