Global fashion retailer, LC Waikiki, is set to open its fourth store in Kenya at Thika Road Mall (TRM) as it seeks to tap into the areas growing middle class consumers.
The retailer will take up space previously occupied by Deacons East Africa’s, 4U2, which closed shop as part of a restructuring drive.
The firm is on a rapid expansion spree and plans to set up three stores before the year ends, signalling more jobs for locals which the Turkish firm says currently stands at 150 Kenyans on its payroll.
LC Waikiki set up its first store in Kenya at Two Rivers Mall last year in February followed by a second one at Karen’s The Hub.
It then opened a third store at Mombasa’s City Mall in the affluent Nyali suburb in June this year.
“Soon we are venturing into South Africa...Kenya was our entrance to the sub- Saharan market. I can say that one year later, we are not regretting since this is the best business decision,” said country manager Kremena Pencheva in June during the launch of the Mombasa branch.
LC Waikiki is one of the fastest-growing fashion retailers in Europe with a turnover of $3 billion (about Sh303 billion).
The fashion brand settled on Kenya as its entry point to the region due to its stable economy, low market saturation and a fast-growing retail-oriented middle class.