July 24, 2015 • Blog, The Power 50, Uncategorized
At no time in our history have so many luxury brands been interested in opening freestanding Canadian locations. Nor have so many of the luxury brandsalready doing business in Canada looked to expand their existing operations.
For the most part, luxury brands tend to locate in two Canadian cities: Toronto and Vancouver. In the past two years, names such as Jimmy Choo, Moncler, Versace, Bulgari, De Beers, Mulberry, Longchamp, David Yurman and others have opened operations in these cities. And if the number of brands projected to be arriving on Canadian soil in 2015 is any indication of such, the luxury industry in Canada is just getting started.
Premium companies that are set to open their first Canadian outposts include watch brand Jaeger-LeCoultre and French fashion house Christian Dior, in both Toronto and Vancouver, as well as Italian cashmere brand, Brunello Cucinelli, and Chinese jeweler, Lao Feng Xiang, in Vancouver. But according to industry insiders, this is just the tip of the iceberg. Many other luxury brands are on the search for Canadian retail space, including names such as Saint Laurent Paris, Tom Ford, Tod’s and Valentino.
Let’s not forget, as well,the current stock of those that already exist within the Canadian market. They, too, are looking to open new locations to gain a stronger foothold in key markets. Prada will open its second freestanding Canadian location in Vancouver later this year, as will French-Italian brand Moncler. Bulgari and David Yurman are said to be looking for more Toronto and Vancouver real estate, and De Beers is set to open a Toronto store in 2016. Outside of those two cities, Tiffany & Co. will open an Ottawa location, along with Swiss menswear brand Strellson, both at the Rideau Centre. Calgary will see a Max Mara store at Chinook Centre next year, and West Edmonton Mall is currently in talks with several top premium brands for a rumoured expansion that will include a wing dedicated to luxury shopping.
But what does this all mean? There is an old adage that says, “When it rains, it pours,” and that could not be truer with the sudden interest in the Canadian market from these top-tier companies. As the number of top earners continues to grow and families see increases in wealth from investments and rising home values, the luxury market will only grow stronger.Tourism is also on the rise, from China in particular, where it’s forecasted that the number of tourists will triple over the next five years. As long as spending continues, luxury brands will continue to seek out a foothold in the lucrative Canadian market, or expand existing operations.
Canada's Luxury MarketThe Power 50
Related Posts
« 34. Toronto’s Real Estate Boom 36. Frank & Oak »
