Could fashion showcase attract investment in Brazil?
Date added: 10th June, 2010 at 10:42
(view all articles from June, 2010)
Categories: Economy
Investment in Brazil may increase, it has been claimed, as it tracks rises in consumerism in the country - a trend that was exhibited at Sao Paulo's Fashion Week, which kicked off yesterday (June 9th).
Director for Latin America at Moody's Economy.com Alfredo Coutino told the Wall Street Journal that increased buying power gained through higher employment levels and rising salaries could fuel speculation in the country.
The nation's fascination with brand names and designer style has resulted in a $50 billion (34.27 billion) fashion market, which is becoming one of the highest-profiting in the world, according to AFP.
This obsession underlines the ranges paraded on Sao Paulo's catwalks, making the event a showcase for Brazil's economic health, the news provider said.
Ahead of Fashion Week, organiser Paulo Borges told reporters: "We're a young country, a young culture, with an enormous potential for growth, for development."
Luxury items are extremely popular with Brazilians, with MCF Consultoria revealing that the market expanded by 11.5 per cent in 2009 and could swell another 17 per cent this year, the information source stated.
Brazil is already the tenth largest economy in the world and is currently growing by nine per cent annually, AFP reported.
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