| 22 Sep 2008 |
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DIFC Lifestyle Group Acquires Majority Stake in Kuwait's Villa Moda Lifestyle
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Dubai: 22 September, 2008 - DIFC Lifestyle Group today announced it has acquired a majority stake in Villa Moda Lifestyle KSCCVilla Moda Lifestyle KSCC
. DIFC Lifestyle Group is the newly formed entity of DIFC InvestmentsDIFC Investments that offers high-end fashion, fine dining and sophisticated modern art and culture.DIFC Investments LLCDIFC Investments LLC is the investments arm of the Dubai International Financial Centre (DIFC). Its portfolio includes amongst others holdings in institutions of financial services, financial technologies, exchanges, aerospace, media, lifestyle and fashion.
Villa Moda LifestyleVilla Moda Lifestyle Company is a Kuwaiti Company listed on the Kuwaiti Stock Exchange. The company and its subsidiaries are engaged in the business of luxury ready-made garments, fashion designs, and accessories, as well as in the concept development of fashion and lifestyle projects and real estate activities.
Abdulla Bin Hamad Bin Sugat, CEO, DIFC Lifestyle Group, said: "We are privileged to partner with Villa Moda Lifestyle GroupVilla Moda Lifestyle Group. Such a well esteemed and established business will complement the vision of DIFC Lifestyle to offer the best in the world of art and luxury.
"DIFC Lifestyle Group will continue to seek potential regional and global partners as we move forward with our plans for lateral expansion and organic growth. Our objective is to establish new milestones in luxury retail concepts, and we believe the majority stake in Villa Moda will help us achieve this strategy."
Villa Moda LifestyleVilla Moda Lifestyle's subsidiaries include Villa Moda International Co. W.L.L., Villa Moda General Trading and Contracting Company W.L.L.; V.M. Qatar W.L.L; V.M. Emirates L.L.C, UAE, and Villa Moda Fashion Co. W.L.L., Bahrain. The company also has jointly-controlled entities and associates in Qatar, Bahrain and Singapore.
His Highness Sheikh Majed Al-Sabah, Founder of Villa Moda, will remain Chairman of the Villa Moda Group. The company will appoint a high profile CEO to help take the diversified Villa Moda from the regional to an international stage. The company will also have two active headquarters in Kuwait and Dubai.
His Highness Sheikh Majed said: "Our decision to partner with DIFC Lifestyle was based on the potential returns the Dubai entity's components can bring, especially the retail aspect, as the DIFC Gate precinct has become one of the most unique luxury destinations. This development allows us to take the Villa Moda brand to a new level, not only in developing the concept but also in moving from a regional to a global focus.
"The alliance will generate exceptional synergy for the overall benefit of the region. We are delighted to join hands in setting new benchmarks for retail concepts in ultra-high end fashion."
DIFC Lifestyle Group and Villa Moda Lifestyle KSCCVilla Moda Lifestyle KSCC will work closely on diversifying the Villa Moda brand into new categories and business avenues, making it a global player in areas including art, hospitality, real estate development, well-being and food. The first such diversification will be witnessed with the opening of Al-Sabah Art and Design gallery in early 2009. All of Villa Moda's stores and development projects will continue as planned.
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About DIFC Lifestyle Group:
DIFC Lifestyle Group, the newly formed arm of DIFC InvestmentsDIFC Investments and the latest addition to Dubai International Financial Centre, has been developed to shape the financial district as a people-friendly destination, not just for the professionals working there. Located at 'The Gate District' beyond the signature DIFC archway, it epitomises a unique integration of iconic buildings and contemporary living.
With over 175 nationalities working in a variety of sectors within the DIFC community, its diversity is reflected in the repertoire of activities offered by DIFC Lifestyle. Simultaneously, the exclusive and self-contained environment is fast emerging as a popular retail and cultural epicentre for the city of Dubai, drawing increasing footfall from outside the DIFC grounds.
Promising 360? living, DIFC Lifestyle offers avant-garde experiences to Dubai's residents and visitors alike. It captures a myriad of moods for high-end fashion, fine dining and rich culture through an eclectic mix of luxury boutiques, selective restaurants, museums, art gallery and a performing arts centre, which further add to the DIFC appeal as a resort destination. Temperature controlled walkways, set amidst meticulously manicured landscapes, create a sophisticated ambience for people that cherish a value-added life.
About Villa Moda:
Villa Moda was launched in 1992 in Kuwait as an alternative luxury fashion retailer, taking the best elements of luxury retail in the West and adding a distinct, cosmopolitan 'Gulf' twist for its wealthy, well-travelled and fashion-savvy clientele. Offering some of the world's most desirable brands - including Gucci, Prada, Marni, YSL, Dolce & Gabbana, and Fendi - in an exquisitely designed space, Villa Moda rapidly re-wrote the rules on world-class luxury retail.
It wasn't long before Time Magazine dubbed its founder, Sheikh Majed Al-Sabah, 'The Sheikh of Chic', and his identity morphed from royalty (he is a nephew of the Emir of Kuwait) to fashion royalty as he became a regular front-row fixture at the shows in Paris and Milan. In 2002 - 3 he pulled off the un-heard of coup of persuading the likes of Miuccia Prada, Roberto Cavalli, Fendi, Missoni and Marni to create limited edition series of kaftans exclusively for Villa Moda customers. A success from day one, Villa Moda rapidly built up a loyal following both regionally and internationally, and re-wrote the rules of world-class luxury retail.
Since 2002 Villa Moda has opened new stores in Qatar, Dubai, Damascus, and Kuwait (2). Villa Moda was the first luxury retailer to venture into the Syrian, and has since expanded it's operations to 4 stores and is diversifying into developing unique luxury real estate projects. In the coming months, Villa Moda will further flex its retail prowess with over 30 flagship boutiques and multi-brand stores set to open in 'DIFC Gate Village" in Dubai, Qatar, and Bahrain. In line with his vision to ensure Villa Moda offers a theatrical retail experience he has commissioned the likes of Jaime Hayon and Marcel Wanders to design his latest stores.
Sheikh Majed Al Sabah's latest initiatives have seen him becoming more involved in the world of contemporary art, design and lifestyle with in the DIFC's Gate Village development. Besides two Villa Moda multi-brand stores and ten luxury flagship boutiques due to open later this year, Villa Moda Lifestyle KSCCVilla Moda Lifestyle KSCC is set to open a contemporary art & design gallery and the first branch of the luxury French patisserie and tea-room, Ladurée, to open in the Middle East. With planned openings in Moda Mall (Bahrain World Trade Center) and locations in Qatar and Kuwait, the tradition of Laudurée will soon be available to all who crave it's delectable macaroons.
Villa Moda Lifetyle KSCC has most recently teamed up with Barwa in Qatar to conceptualize a 1.5 billion dollar real estate project in Qatar's Education City. The project which has been designed by world-renowned French designer Philip Starck will be an architechtural work of art with functionality that flows into being a creative educational centre, never before seen living areas, interesting retail localities and imaginative office spaces. Commercial, residential and retail paradise set in an iconic structure.
For Further Information:
DIFC Lifestyle - Agency:
Dina Samhout
Associate Account Manager
Jiwin Public Relations
A member of the Media Services Group
Phone: +971-4-3755247
Email: Dina.Samhout@jiwin.ae
Tarek Sakik
Associate Account Director
Jiwin Public Relations
A member of the Media Services Group
Phone: +971-4-3613593
Email: Tarek.Sakik@Jiwin.ae
Villa Moda:
Ayman Fakoussa
Marketing & PR Manager
Villa Moda International
Mobile: +971-50-708 0063
Email: afakoussa@villa-moda.com
© Press Release 2008
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