Global fashion retailer LC Waikiki plans to open two more stores in Nairobi this year before shifting to other cities across the country.
The retailer, which on Tuesday opened its first Sub-Saharan Africa store at the Two Rivers Mall, yesterday said the other branches will be located at the Hub mall, in Karen, and in Nairobi’s central business district.
“The entry into the Kenyan market is a step towards increasing our footprint in Africa with the store in Nairobi being our main launch pad,” said Kremena Pencheva, LC Waikiki’s Country Manager.
The clothing line which has 750 stores spread across 35 countries has to date invested Sh154.5 million ($1.5 million) on the 2,000 square metre store in Two Rivers.
Ms Pencheva said the firm settled on Kenya due to its stable economy, low market saturation, a fast-growing retail oriented middle class and rapid urbanisation.
“We are targeting up to 140 million consumers across the East African region alone,” she said, noting that LC Waikiki has targeted to open 1,500 stores all over the world by the end of 2023.
The retail chain was established in France in 1985 before becoming a Turkish brand in 1997. On average, LC Waikiki has managed to open 150 stores each year.
It opened its first international store in 2009 in Romania and has since expanded rapidly across the globe. Besides the Kenyan launch, the firm plans to open additional stores in Indonesia and Malaysia.
“We are targeting to reach 1,500 stores by the end of 2023. LC Waikiki aims to be one of the top three fashion retail brands in Europe by 2023,” said Ms Pencheva.
The Foschini Group (TFG) of South Africa, UK’s F&F and jewellery firms including Austria-based Swarovski and India’s Anmol are set to open new stores in the country this year.
TFG, which has 22 different retail brands under its label, is planning to open three stores at the Village Market and an additional 10 in various locations as the year unfolds.
The new stores at the newly constructed extension of the Village Market will see the group introduce Foschini women’s wear shop, Markham brand targeting men and a second Sterns Jewellery store.