Dior to launch its business in Egypt sometime in 4Q 2024
According to Daily News, Minister of Trade and Industry Ahmed Samir held a meeting with Jérôme Baudy — President of Christian Dior Couture Europe and the Middle East to discuss Dior’s plan to break into the Egyptian market sometime in the fourth quarter (4Q) of 2024.
According to the minister, Dior, which specialises in fashion products such as clothing and perfumes, plans to enter the Egyptian market by establishing a number of retail outlets for the company’s products.
Samir also highlighted the ministry’s keenness to provide aspects of support to the company and remove any obstacles it may face to invest in the Egyptian market.
Furthermore, he stated that all economies around the world are suffering from the economic consequences of the coronavirus pandemic and the Russian-Ukrainian War. Despite the global crises, Egypt has managed to achieve a tangible improvement in economic conditions, as evidenced by international bodies’ predictions that Egypt will achieve a 5.8% growth rate in 2022.
Samir also called on the company to invest in Egypt by manufacturing some of its products in Egypt’s market to create added value, transfer experience and knowledge, and take advantage of the comparative advantages offered by investment in the Egyptian market now. This includes skilled labour, availability of energy sources, and low prices compared to many countries — whether in Europe or Asia — which has prompted many European companies to transfer their production lines to alternative markets, including the Egyptian market.
Baudy, for his part, confirmed that the company has a long history of producing fashionable ready-made clothes and perfumes, as the company’s products rely heavily on design and creativity.
Baudy added that the company is following up on Egypt’s efforts to achieve economic stability, stressing the importance of facilitating the import process and speeding up the completion and clearance of procedures at ports and customs.