By Staff writer
Fashion unit of Dubai firm announces deal with Monsoon Accessorize; plans to open 10 new stores this year
Majid Al Futtaim, the Dubai-based retail giant, has announced a joint venture with Monsoon Accessorize in the UAE, Bahrain, Qatar, Oman, and Kuwait, and an additional franchise partnership with Sacoor Brothers in Saudi Arabia.
It is the latest deal for Majid Al Futtaim Fashion which currently boasts more than 135 stores throughout the MENA region, with 14 brands in seven markets.
Monsoon and Accessorize are two global fashion retail brands, with more than 1,000 stores in 70 countries around the world. Monsoon was founded by Peter Simon from a single store in London's Knightsbridge in 1973, while Accessorize was founded in London's Covent Garden in 1984.
Majid Al Futtaim Fashion will spearhead a new era of growth, brand enhancement and repositioning through refurbishments and adding 10 new stores to the existing portfolio of 65 by the end of 2016.
Rajiv Suri, CEO of Majid Al Futtaim - Fashion, the fashion retailing arm of Majid Al Futtaim, said: "As an increasingly relevant player in the fashion industry, we are pleased to be able to form unique partnerships with international retailers such as Monsoon Accessorize and Sacoor Brothers.
"Forming franchise partnerships underlines our commitment to seeking out new opportunities, and establishing joint ventures with significant investment proves our dedication to the long-term success of brands."
Paul Allen, chief executive of Monsoon Accessorize, said: "We are extremely pleased to announce our new relationship with such a strong and successful group as Majid Al Futtaim. I am confident they will take the Monsoon and Accessorize retail concepts to new heights in the region."
Sacoor Brothers said it has its sights set on expansion, with plans for new 25 stores over the next five years, with Granada Mall, Hayat Mall, and Panorama Mall in Riyadh, and Rashid Mall Al Khobar scheduled for Q3.
Malik Sacoor, chairman and CEO at Sacoor Brothers said: "The brand has established a significant presence in the region, and we are tremendously excited about the roll-out of a further 25 new stores in Saudi Arabia, where brand awareness is already high."For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.