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Sizzling real estate market helps drive trend
ULAN BATOR, Mongolia – In the 13th century, Mongol emperor
Kublai Khan and his harem sported silk gowns, fur cloaks and
jewel-encrusted head ornaments at their home – the legendary
pleasure palace in Xanadu.
Today, latter-day khans are again stepping out in some of the
world finest luxury fashions as Mongolia minerals -fuelled
economy boosts disposable income for the country nouveaux
riches.
Louis Vuitton, Emporio Armani, Burberry and Hugo
Boss have led the charge of high-end shops opening in Mongolia
sprawling capital Ulan Bator, the flashy stores jarring with the
city apartment blocks and shantytowns.
“The domestic fashion industry is growing with the Mongolian
economy and people have more money to spend, “Hugo Boss shop
manager Siizhuugiin Nasantulga said.
” They would rather spend it here than go on overseas shopping
trips. “Landlocked Mongolia, one of Asia poorest countries, has
seen its per capita GDP rise to $ 3,300 as foreign mining giants
have come calling to tap into its vast deposits of everything from
gold to coal.
The economy is expected to grow at a healthy 8 percent this year
and the country currency advanced 10 percent against the dollar
in 2010, making imports cheaper. “Mongolians have great fashion
sense and they are always looking for the highest quality < br /> products, “said Nasantulga.
” People love to show off their cars and they take pride in
dressing as well as they possibly can. “
Most of the luxury shops in Ulan Bator are located in the
Central Tower, a new office building adjacent to Sukhbaatar Square,
where the modern Mongolianbarneys discount state was established in 1921.
The average salary of an office worker in the capital is around
$ 250 a month and the minimum wage just $ 115 per month.
Foot traffic in luxury shops is therefore understandably low –
but ready to spend.
“We have relatively few customers but those that shop buy a
lot, “said Armani manager Batbekhiin Badownload moviestkhuu. The city priciest
digs are downtown in the sail-shaped Blue Sky building, where
penthouses are advertised at $ 8,875 per square meter.
“As soon as people start getting money, they want to display
their wealth,” De Gruben said. “You can see ostentatious displays
of wealth anywhere in the world, but in a plachristian louboutin shoe salece like Mongolia it
more apparent because it still surrounded by high levels of
poverty. “
Some Mongolian-made luxury goods are even making their way
overseas. The best- known is Gobi cashmere, which sells sweaters,
hats and coats made from the soft fur of Mongolia 20 million
goats.
from: http://www.daylife.com / topic / Louis_Vuitton