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Daily Nation : February 21st 2014
4 | National News DAILY NATION KENYA’S RICHEST BIG BUSINESS | Top international shops will soon be targeting the well-heeled Luxury brand stores expected to come knocking for a share Demand for expensive toys set to grow in the next five years as more join club of the wealthy BY MWANIKI WAHOME @mwanikiwahome email@example.com the growing number of super-rich Kenyans. According to a report released S by Research and Market, a London-based firm, Kenya’s super rich list is expected to grow to over 10,000 in the next five years, triggering more consumption of luxury items. The 2014 Kenya Wealth report shows that the luxury market has grown by 60 per cent since 2007, generating Sh17 billion in 2013. It mentions that the three collectables by the super-rich — classic cars, art, fine wine market — are undeveloped but expected to grow in the next three to five years. Luxury car dealership firm Porsche is expected to set up shop in Kenya before 2015, underscoring a fast growing segment of the economy. The luxury sector recorded 60 per cent growth last year to register $2oo million, according to a New World Wealth report released on Wednesday. Overall, the report says the luxury sector remains underdeveloped compared to other countries like South Africa and everal luxury brands stores are expected to set up shop locally to take advantage of Nigeria, with many of the facilities that cater for high net worth individuals lacking, but adds that this is bound to change in coming years. Kenya is set to see more of the facilities targeting the superrich being set up, with those in countries like South Africa and Nigeria opening branches here. Sh17bn The amount of money generated by the luxury market in 2013 in Kenya The luxury sector includes ve- hicles, food stores, hotels, lodges, clothing and accessories and according to the report, most of these are lacking in Kenya. For example there is no luxury car dealership in the country while the luxury food stores are under developed. South African group, Wool- worths, that deals in luxury food and general clothing, has seven stores in Kenya, but none offers food. According to the report several car brands operating in South Africa are unlikely to enter the Kenya market until For example, in Nairobi, Mr Pat- tni is embroiled in a legal battle with the family of freedom war hero Fred Kubai over transfer of property on a prime plot they own. Mr Pattni allegedly transferred FILE | NATION The Woolworths Sarit Centre branch in Nairobi. The South African group that deals in luxury food and general clothing, has seven stores in Kenya, but none offers food. after 2020 and include Ferrari, Maserati, Rolls Royce, Bentley, Aston Martin, McLaren and Lamborghini. There are no luxury brands stores in Kenya but according to the report many, mostly in South Africa, could set up in Kenya in the next 10 years. Most of them deal in luxury men’s clothing labels such as Aigner, Alfred Dunhill, Canali, Hugo Boss, Paul&Shark and Paul Smith. the International Casino complex on Nairobi’s Museum Hill in a deal worth Sh1.2 billion. A letter from the office of the Director of Public Prosecutions Keriako Tobiko dated April 2, 2013, shows that the transaction is under investigation over use of forged documents. It further says the complainant, Mr Andrew Kubai, a grandson of the late freedom fighter, and his mother Florence Mumbi Kubai have recorded statements with the police over the matter. Friday February 21, 2014 Pattni put his cash into real estate BY NATION REPORTER Although the Wealth in Kenya 2014 report rates Mr Kamlesh Pattni as one of the leading landowners in Kenya, the controversial businessman and chief architect in the multi-billion-dollar Goldenberg scandal is not known to have invested heavily in land. However, Mr Pattni (below) is known to have invested significantly in real estate and the tourism sector, where most of his establishments are located on prime land at the Coast, Nairobi and even in the Maasai Mara National Park.
February 20th 2014
February 22nd 2014