Turkey-based apparel retailer LC Waikiki has inaugurated its third store in Kenya. The latest store of the brand, which forayed into the Kenyan market in February 2017, is housed in City Mall in Nyali, an upmarket residential area at the port city of Mombasa.
Favourable response from Kenyan customers inspired the international fashion chain to consider its third store in the country. The company has made an investment of around US $ 1 million (Sh 100 million) in each of its stores in Kenya.
The other two stores of the brand are located in Two Rivers Mall and Hub Mall in Karen. The brand, touted to be one of the fastest-growing fashion retailers in Europe, is considering to increase its retail footprint by adding three more stores in the country soon.
A total of 150 people have been offered job at three stores of the brand. The under consideration stores will create more job opportunities for the people of the country.
Stable economy, low market saturation, a fast-growing retail-oriented middle-class and rapid urbanisation are propelling LC Waikiki to expand into the Kenyan market, reportedly said Area Manager of the brand, Kremena Pencheva.
Furthermore, the apparel brand is now planning to move into South African and Ghana markets as well, added Pencheva. It is targeting 1,500 stores in Africa by the end of 2023.
Markedly, LC Waikiki follows the philosophy of “Everyone deserves to dress well”and is known for offering products at a reasonable price.
The brand, which currently operates 859 stores in 38 countries globally, is eyeing to be in the top three successful retailers in Europe by 2023. LC Waikiki’s current turnover stands at US $ 3 billion in Europe.
