- June 21, 2021
- Posted by: Stratford Team
- Category: Business
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Wealthy Brazilians who once made a habit of travelling to New York, Miami and Paris to shop for high-end fashion have been obliged to make do with what’s at hand in São Paulo over the past 18 months during the global pandemic.
This has led to such a spectacular wave of shopping that international luxury brands have had to step up orders to maintain in-store inventory levels. This also makes Balenciaga’s opening in April of a 200-square-metre store in the luxury JK Iguatemi mall in São Paulo — its first store in South America — particularly well timed.
“Whereas Europe had no tourism and sales fell, in Brazil it was the opposite. People bought locally,” says Carlos Jereissati, chief executive officer of Iguatemi malls. “The cool thing now for Brazilians is to say they shopped at home, not in Miami — to show that they have access to brands in Brazil.”
The weakness of the Brazilian…
