Minister of Trade and Industry Ahmed Samir held a meeting with Jérôme Baudy — President of Christian Dior Couture Europe and the Middle East on Wednesday to discuss Dior’s plan to break into the Egyptian market sometime in the fourth quarter (4Q) of 2024.
The minister said that Dior, which specialises in fashion products such as clothing and perfumes, seeks to launch its business in the Egyptian market by establishing a number of retail outlets for the company’s products.
Samir also highlighted the ministry’s keenness to provide aspects of support to the company and remove any obstacles it may face to invest in the Egyptian market.
Additionally, he explained that all the economies of the world are suffering from economic consequences of the successive global crises related to the coronavirus pandemic and the Russian-Ukrainian War. However, Egypt has succeeded, despite the global crises, to achieve a tangible improvement in economic conditions, which is confirmed by the expectations issued by international bodies that Egypt will achieve a growth rate of 5.8% in 2022.
Samir also called on the company to invest in Egypt by manufacturing some of its products in Egypt’s market to create added value, transfer experience and knowledge, and take advantage of the comparative advantages offered by investment in the Egyptian market now. This includes skilled labour, availability of energy sources, and low prices compared to many countries — whether in Europe or Asia — which has prompted many European companies to transfer their production lines to alternative markets, including the Egyptian market.
For his part, Baudy confirmed that the company has a long history in the manufacturing of fashionable ready-made clothes and perfumes, as the company’s products depend primarily on designs and creativity.
Baudy added that the company is following up on Egypt’s efforts to achieve economic stability, stressing the importance of facilitating the import process and speeding up the completion and clearance of procedures at ports and customs.