FUNKE OSAE-BROWN
This week in China, Apple announced the partnership at the unveiling of the new Apple Watch collection as it continues to up the ante of its Apple Watch in the country, its most important luxury market.
Industry analysts say this partnership with Hermès could give the Apple Watch what it needs to take off in China and perhaps in other parts of the world.
While major luxury brands like Gucci, Louis Vuitton, Ermeneglido Zegna, and Roberto Cavalli are popular among Nigerian consumers, analysts say the partnership with Hermes may further boost Apple’s presence among Nigeria’s high net worth individuals making Nigeria a country that cannot be ignored.
According to a forecast by Wealth Insight, the number of ultra-wealthy individuals in Nigeria may double over the next 10 years. These are individuals with a net worth in excess of $30 million (N4.85bn). Currently, 200 Nigerians are approximated to be worth more than this amount. Therefore, Nigeria is a huge potential for top luxury brands like Apple and Hermes as analysts observe that the new partnership between the two is a smart move that will be a game changer in luxury markets around the world especially Nigeria were the upper middle class is increasing.
While major luxury brands like Gucci, Louis Vuitton, Ermeneglido Zegna, and Roberto Cavalli are popular among Nigerian consumers, analysts say the partnership with Hermes may further boost Apple’s presence among Nigeria’s high net worth individuals making Nigeria a country that cannot be ignored.
The new line of wearable gadget will feature bands designed by Hermès in a major move that signals the first attempt by an electronics brand to collaborate with a luxury label. The watch will be available at Apple stores and Hermès boutiques across the world from October 5, 2015.