Retailer set to open new stores in Qatar, Kuwait, Saudi Arabia; also plans major UAE investment
Dubai jewellery retailer Pure Gold has announced that itrecorded double digit growth in 2013 buoyed by lower gold prices and better than expected sales performance during Dubai Shopping Festival, Eid and Diwali.
The company also said in a statement that it plans to expand its brand across the Gulf region with new shops planned in 2014.
Firoz Merchant, chairman of Pure Gold Jewellers, said: "Growing consumer confidence and tumbling gold prices resulted in higher sales for us in 2013.
"Low prices also gave us more room to offer better bargains to customers. This year we also entered Saudi Arabia and Sri Lanka and we have experienced significant growth in those markets."
He added: "In 2014, we look forward to expanding our presence in GCC. We plan to open 15 new stores primarily in Qatar, Kuwait and Saudi Arabia; and two new stores for our newly launched 'Arianna Fine Jewellery' in the UAE."
The company said it plans to double the number of stores and revenues by 2018. It currently operates 125 retail outlets.
Merchant said that on the back of Dubai winning the Expo 2020 hosting rights, the company also plans to invest heavily in the UAE, spending almost AED500m.
It will invest AED425m in the jewellery business and AED75m in La Moda Exclusives sunglasses retail chain.