MSc in Luxury Management & Marketing Programme Director and luxury expert Michel Phan was recently interviewed in an article entitled "Emerging markets open to luxury" published in the Warsaw Business Journal.
The article talks about how emerging economies such as Poland have a purchasing power that is increasing significantly, allowing consumers with a higher disposable income to buy more luxury consumer goods.
The fact that economies such as Poland are starting to flourish also attracts many foreign luxury brands. "The Luxury industry today is dominated by European and American brands [in Poland]. So, naturally, as the luxury market is developing in Poland, those same brands are frontrunners" states Michel Phan. "Brands from the major groups such as LVMH, Richemont, Kering, Hermes, L'Oréal, Estee Lauder, Ralph Lauren, Tiffany&Co are definitely the major players" continues the luxury expert. In terms of market strategy, Michel Phan explains that in Poland there are many "luxury streets" within cities such as the ul.Chmielna in Warsaw. These streets are good locations to open luxury stores. Furthermore, Michel Phan states that "if there are no luxury streets in a city, brands will likely look for high-end /luxury shopping malls."