Last week Valentino opened its first flagship store in South America, inaugurating a shop in Sao Paulo.
The new 190 square-meter (2,045 square-foot) store is located within the Citade Jardim luxury mall in Sao Paulo and features both women’s and men’s apparel and accessories, including bags and shoes.
The space follows the new store concept designed by David Chipperfield and inaguarated in Milan’s flagship store on Via Montenapoleone early this year.
The new opening is part of the Italian-based brand’s new expansion strategy as chief executive Stefano Sassi explained to Reuters a few weeks ago, “There will be new boutiques, new flagships, everywhere.”
Valentino was acquired in July by Mayhool, a Qatari firm representing the country’s royal family, for an estimated $858 million.
As Brazil’s economy continues to grow and its currency gains in value, the country has become Latin America’s newest major luxury goods consumer.
According to just-style, last year the market for designer clothing and footwear in the country grew by 7.3 percent, while sales of luxury accessories increased by 4.5 percent.
Last month, French luxury jeweler and watchmaker Cartier inaugurated its new flagship store in Sao Paulo in the same mall, the Citade Jardim. The 280 square-meter (3,013 square-foot) store is the largest in Latin America, including Mexico.
© 2012 AFP