London-based fashion retailer LK Bennett will open 12-15 stores in the Middle East over the next three to five years as it looks to expand outside of its home market, its CEO said.
The upmarket shoe and bag brand, made famous in recent months for being a wardrobe staple of the Duchess of Cambridge Kate Middleton, hopes to capitalise on its increasing brand popularity among Gulf nationals, said Robert Bensoussan.
“In this region we could have something like, if you take in total from Lebanon to Kuwait, I would say 12-15 stores over three to five years,” he said. “We are in talks with partners.”
“We have three clusters of foreign clients in London, which we are very important; one is European clients, another is a big cluster of American clients, and we have a huge Middle Eastern clientele in our stores buying mostly shoes and bags. So it felt like a natural step to expand in the Middle East.”
Bensoussan’s private equity firm Sirius Equity acquired a majority share in the footwear and women’s wear retailer in 2008 in a deal said to be worth £80m ($124.6m). Sirius Equity has since revamped it, adding in new collections, as it looks to grow into international markets.
LK Bennett currently has 150 stores but expects to grow “very fast”, said Bensoussan. The firm opened its first UAE stores at Dubai’s Mirdif City Centre with franchise partner Jashanmal Group this week and plans to open at least four more outlets with Jashanmal.
“With Jashanmal we have the idea of opening two or three more stores in Dubai, we have a plan for Abu Dhabi and we are also looking at Kuwait,” he said. “With another partner we are looking at Qatar, maybe Egypt and we are discussing with a bunch of potential partners for Saudi Arabia and Lebanon,’ he said.
Dubai, which has spent billions of dollars establishing itself as a prime shopping destination, is home to some of the world’s largest and most iconic shopping malls.
Boosted by a high disposable income among locals and a strong tourism industry, the emirate’s retail sector has continued to grow.
According to a study by accountancy firm Deloitte, retail sales in 2010 jumped 13.2 percent in the MENA region, making it the only area in the world to post double-digit growth.
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