Fashion designer says it is too soon to consider initial public offering
Prominent Lebanese designer Elie Saab said he is not considering an Initial Public Offering (IPO) for his multi-million dollar fashion house. However, Saab said he would consider equity injection in order to fuel the group's ongoing expansion plans.
Speaking to Arabian Business, the designer said he has “a lot” of plans for his luxury brand including expansion plans in US cities such as Los Angeles and Miami.
While the Middle East remains one of the brand’s main markets, it is Europe and the US where its sales are strongest, according to the designer.
The designer opened his first US flagship store in New York in February this year.
According to Saab, his long term vision for the brand is to build it on a strong foundation that will allow it to remain strong for future generations.
Other expansion plans include a three-storey shop in Geneva set to open this year, as well as a seasonal store in winter ski resort Courchevel.
Fifty-three-year-old Saab has been making and selling dresses since he was 11 years old, having had a large client following in Lebanon. He quickly shot to fame in Hollywood in 2002 when he dressed award-winning actress Halle Barry for the 74th Academy Awards.
Since then, his dresses have been frequently worn on red carpets by some of the world’s most famous celebrities and royals including Meryl Street, Angelina Jolie and Queen Rania of Jordan.For all the latest fashion trends 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.