Italian luxury house of Ferragamo opened its first mono-brand store in Cairo in 2010. Since the debut of the political turmoil, Egypt’s luxury market has been deeply affected with many of the wealthy Egyptians fleeing to Turkey or the UAE and some to Europe. According to a CPP report in 2010, up to 5% of Egypt’s 80 million population have assets of over US$ 1 million.
Salvatore Ferragamo’s opening of a second mono-brand store in Cairo is symbolic for the recovery of the Egyptian luxury market. The store which covers 200 sqm is located within the Katameya Mall and is operated in franchising by Nile Projects, local retailer which also operates the Burberry mono-brand store downtown Cairo (street location).