Saudi's Alhokair signs JV deal with British label Burberry

Saudi retail conglomerate inks deal to sell Burberry's luxury goods in the kingdom, holds 40% of JV
Saudi's Alhokair signs JV deal with British label Burberry
Alhokair has established a joint venture with luxury British fashion label Burberry to sell its branded products in Saudi Arabia
By Jo Anne Bladd
Sun 27 Mar 2011 11:36 AM

Fawaz Abdulaziz Alhokair & Co, the Saudi retail conglomerate, has established a joint venture with luxury British fashion label Burberry to sell its branded products in the kingdom.

Alhokair will hold a 40 percent stake in the company, the retail firm said in a statement to the Saudi bourse Saturday.

The value of the deal was not disclosed.

Alhokair last year sold the Middle East franchise rights to the Fitness First chain of health clubs to UAE-based Landmark Group for an undisclosed sum.

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