Virgin Megastore Middle East renews exclusive licensing agreement with Virgin Stores France
Dubai, 28th May 2008: At a press conference held at Virgin Megastore's Mall of the Emirates store, the entertainment retailer revealed its future plans for the region, as it renewed its right to operate the Virgin Megastores in the region for another thirteen years with Virgin Stores France. The agreement was signed by the CEO of Virgin Stores France and the President of Virgin Megastores Middle East.
"We are pleased to continue what we started with Virgin Stores France seven years ago.The unprecedented growth in the region over the years has fueled our expansion and allowed us to become the number one entertainment outlet in the region. Lifestyle changes have also put demands on a new future for entertainment retailing that goes beyond the product, to deliver an experience within our stores and to expand product offerings beyond music and movies." said Nisreen Shocair, President of Virgin Megastore Middle East. "The new agreement will see us opening more stores and expanding into new countries. We look forward to further enhancing the entertainment excitement for customers throughout the Middle East."
Azadea Group, the holding company for Virgin Megastore in the Middle East, first licensed the brand from Virgin Stores France in 2001 for a seven year period. Since then, it has opened up 11 stores across the region, with another three slated to open in 2008. It has also expanded its product offerings beyond entertainment to include consumer electronics and gift merchandise.
Jean Noel Reinhardt, CEO Virgin Stores France, said: "The entertainment business in the Middle East is gaining traction with incredible speed. Regional talent in music and film is creating a demanding and sophisticated consumer market that requires constant innovation and so there is a huge opportunity to build and invest in Virgin Megastores here. The diversity and creativity of the Azadea Group gives it the right mix of leadership, talent and industry knowledge to take the business to the next level. Not only that, but developing the right mix of entertainment content at retail for today, five years from now, and ten years from now."
Following this agreement, Virgin Megastore Middle East will soon announce plans to open up more stores in the region and offer a line-up of new entertainment services.
Recently, Virgin Megastore adopted new approaches towards building the complete entertainment concept, such as the Quiz Night events, which invite customers to compete in teams in a movies and music quiz inside the store. It is also the venue of choice for visiting artists to hold their press conferences and public appearances including celebrities such as Ragheb Alama, Tiesto, Scorpions, Karl Wolf and Sean Paul,
-Ends-
About Virgin Megastore:
Virgin Megastore is a global leader in retail entertainment with stores in 50 countries throughout the globe, including the Middle East. A one-stop shop for all your entertainment needs, Virgin Megastore offers a wide range of products, including CDs, books, games, movies and the latest in technology. Virgin Megastore offers an innovative entertainment destination for the young and young at heart with its unique shopping experience. Catering to local cultures through events, activities and support of local artists in each market it enters, Virgin Megastore is truly a global brand with local flavor.
About Azadea:
Azadea Group is one of the world's fastest growing retail groups. It carries a strong franchise portfolio of over 45 diverse brands that features some of the industry's most identifiable names, including Zara, Mango, Virgin Megastore and Sunglass Hut.
Azadea Group headquarters are located in Beirut, Lebanon. A comprehensive network of local offices supports the operations in the Middle East and Europe. Currently, it operates over 250 strategically located stores across the Middle East and plans over 500 additional shops opening through the 3 coming years.
Press Release 2008
