M a r k e t N e w s

Heritage Circle taps affluent Africansí growing demand for prestige brands

Posted on : Monday, 29th August 2016

 Online retailer and members’ community Heritage Circle is celebrating the sophistication and achievement of high-net-worth African men by positioning its retail experience as inspirational over transactional.

Described as a modern lifestyle destination for African Gentlemen, Heritage Circle sells a number of curated luxury brands including Kilian fragrances, leather goods by Ghurka, fitness equipment from Hock, Luca Rubinacci, a Neapolitan tailor, and recently added Ozwald Boateng, the youngest and first black tailor on London's coveted Savile Row. In a physical retail environment that is still in its infancy within African nations, Heritage Circle’s goal is to digitally connect affluent African men to brands that reflect their status, sentiment and preference for quality goods.
“The men who are drawn to Heritage Circle are drawn to our vision for African men. They are worldly, sophisticated and highly educated with remarkable accomplishments in their chosen fields and substantial contributions to their communities,” said Ismoila Alli-Balogun, CEO of Heritage Circle, New York.
“More than 90 percent boast senior management and C-level experiences in diverse disciplines, such as technology and media, banking, oil and gas, metals and mining, entertainment and entrepreneurship. The majority are big earners and a few are very well-known people,” he said. “More than 50 percent of them have yearly salaries of $250,000. Of these, 20 percent earn more than $1 million a year, while 5 percent are worth hundreds of millions of dollars.
“We wanted the Heritage Circle shopping experience to mimic their lifestyle and go past simply purchasing. We had to imagine a neighborly, luxury boutique experience that would appeal to successful African men who shop based on quality and prestige alone.
“The site itself is designed to be the coolest, most exciting lifestyle destination for them. When you develop something unique for these men, the experiences they enjoy tend to automatically attract similarly-minded men. We want to serve the creme de la creme of African men.”
In this Q&A, Mr. Alli-Balogun discusses his brand's global yet community-based approach, the untapped potential for luxury in Africa, the affinities of the African Gentlemen and how brands, both well-vested and up-and-coming, can work with Heritage Circle to establish a presence in a diverse and maturing market.

Source : www.luxurydaily.com
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