By Elizabeth Broomhall
Dubai-based firm plans three UAE stores after 12 percent growth in Q1 revenues
Liali Jewellery, the Dubai-based jewellery retailer, will open three stores in the UAE this year after recording a 12 percent rise in revenues in the first half.
The expansion plan will include a seventeenth outlet in Dubai, and Liali’s first stores in Abu Dhabi and Ras Al Khaimah, a spokesperson said.
The local company, which operates 18 stores in the Gulf and two in Spain, said jewellery sales are rebounding after the global financial crash took a toll on the luxury retail market.
“Business is stabilising and looking positive,” a spokesperson told Arabian Business. “There are three new stores opening immediately. One in Meena Bazaar, Bur Dubai; one in Al Wahda Mall, Abu Dhabi; and another in the Hilton Beach Resort, Ras Al Khaimah.”
The planned outlet in Meena Bazaar will allow the firm to tap into the Souq market and increase the number of Asian customers, many of whom prefer to shop in Bur Dubai, the company said.
Liali plans to target Indian customers through its brands Nakshatra, Gili and Asmi, which will be sold at price points to match those in India.
Jewellery sales in the UAE registered a slight decline during the global recession, though gold retail sales remained high.
A report from the World Gold Council (WGC) last year said demand for gold jewellery rose 29 percent in the UAE and 25 percent in Saudi Arabia in the first quarter of 2010.
In the first quarter of this year, Dubai Duty Free saw profits from gold sales rise 11 percent to reach $69m.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.