What: The CEO of Iguatemi predicts continued double-digit growth for the luxury retailer.

Why it is important: As Brazil’s most important luxury retailer, the group’s success proves that luxury can be successful in the country despite challenges.

The CEO of Iguatemi predicted that the luxury retailer will continue to see success in 2023. Despite the challenges the group faced in 2022, Iguatemi still managed to score low double digit growth.

Brazil faced a tense presidential election, declining global stock markets, and slow recovery from Covid. Additionally, the market is tricky for foreign luxury labels due to taxation and security among other concerns.

The group owns 16 prestigious malls including 2 key locations in Sao Paulo and Brasilia where major Western brands congregate. In the next decade, the group plans to focus its growth on M&A, pivoting from its previous strategy of building new malls in new cities.

Christina Betts bullish for Iguatemi, explains the Brazilian giant’s future M&A roadmap