By Claire Ferris-Lay
Dubai-based conglomerate to roll out the British chain across GCC stores
Landmark Group, the retailer behind fashion chains New Look
and Reiss, has signed a deal to bring the British fashion chain Lipsy to the
Middle East, the firm said Thursday.
The Dubai-based company said it would launch the first Lipsy
store in 2012 and would expand the brand across the UAE, Qatar, Kuwait, Bahrain
and Lebanon over the next five years.
“We have ambitious growth plans to develop Lipsy within the
region,” Renuka Jagtiani, vice chairperson of Landmark Group, said in an
Landmark, one of the largest retail conglomerates in the
region, is ramping up its expansion through buying franchise rights of
international firms and developing its own brands.
The firm on Nov 1 said it expects to see an annual turnover
of $5bn by 2015. The operator of more than 1,000 outlets across the Middle East
and India said it had seen a 28 percent increase in revenues in 2010-2011.
“We aim to grow our retail footprint, expand our reach to
five new countries, and introduce new brands and achieve revenue of over $5bn
by 2015,” said Vipen Sethi, CEO of Landmark Group, said.
“From annual revenue of $1.1bn in 2006, we have garnered a
consistent annual growth of 25 percent every year, in the last five years.”
Sethi in September said the group planned to open another
200 stores in the Middle East over the next twelve months and increase its
retail space by approximately 15-20 percent.
“Expansion for all the brands is pretty much on the cards,”
he said. “We are opening new stores all the time.
“We have 1,000 stores today - that includes all the retail
brands. This is likely to grow by about 20 percent. So [we will open] about 200