Alsulaiman Group and Livspace announce a JV

To expand Livspace services in interior design and home renovation into GCC

  

 Jeddah : Alsulaiman Group “ASG”, announced today that it has completed a joint venture deal with Livspace to launch its innovative interior design and home renovation services into GCC markets starting in Saudi Arabia during the first half of next year 2022.

Livspace, India and South East Asia’s largest omni-channel home interior and renovation platform with industry-first technology, that brings homeowners, design professionals, vendors and brands together on a single platform. The new company will offer interior design solutions delivered by a highly trained team in accordance with the highest international standards.

The strong local experience of Alsulaiman Group combined with Livspace's global experience will aid the brand in delivering world-class home interior and renovation solutions across the Middle East. ASG is expanding its range of products and services through investing and partnering in innovative companies and startups that bring unique concepts to the region. Over the past four decades, ASG has been active in managing businesses that include KEA Saudi Arabia and Bahrain, Flow Progressive Logistics, Ehteraf real estate development, in addition to a major investment in Salasa ecommerce fulfillment company.

Saudi Arabia’s Vision 2030 initiatives are sparking growth in home ownership and a wider array of residential formats - villas to high-rise apartment living in addition to the speed up the digital transformation – which underlines the need for quality home interior design and execution. Both ASG and Livspace have invested about $50 million to fuel regional growth and become market leaders. The JV further plans on strengthening the team by investing in top talent across levels while also aiming to reach 500 design partners in the region by 2022.

While the JV will provide innovative and affordable services to its customers to renovate their homes, the JV will be an opportunity for tens of thousands of contractors, designers and home improvement professionals to develop their businesses and reach their target customers through the platform.

Saud Alsulaiman, CEO, Alsulaiman Group, said: “This partnership with Livspace will allow us to expand the customer journey from the start of designing your home till the execution of a final home, in an innovative and unique experience to turn the dreams of homeowners into reality. The companies of Alsulaiman Group "IKEA, Flow, Ehteraf, Salasa and other emerging investments" will continue to grow as an integrated ecosystem to enhance customers' lives through better experiences whether they access to our products and solutions online or through stores.”

In addition to providing high-quality interior design solutions, Livespace also focuses on mobile applications, artificial intelligence, machine learning technology in retail, and virtual reality solutions in home development. This will enable Alsulaiman Group customers in the region to have access to home design ideas in dedicated studios as well as an online technology platform, along with the implementation compatible with the e-commerce concept.

Anuj Srivastava, CEO & Co-Founder, Livspace said: “We are thrilled to expand our operations in the Middle East with a strategic partnership of the caliber of Alsulaiman Group. As consumers move towards organized and trusted digital brands - sellers, suppliers, vendors and brands adopt digital platforms. Livspace will rapidly continue to scale its business model across multiple regions and new markets across the globe starting with the APAC geography. Given our technology prowess, deep understanding of the supply fundamentals and the ready launch and scale template, we today dominate the market in the high growth India and Singapore markets. Our platform enables us to explore JV models to quickly expand our services in both new and existing markets. We are excited about our partnership with a trusted partner like ASG to provide customers with an enhanced yet standardized experience through our proprietary technology platform which brings together trusted design partners and home improvement professionals, streamlining the home renovation process.”

Since its establishment in 2014, Livspace name is synonymous with quality and reliability, and the company has established itself as one of the most sought-after residential interiors companies in India and South East Asia. It offers superior solutions in interior design and fit-out services to clients – recently expanding to 60 new market entries across India and 20 Asia Pacific cities. Its skilled craftsmen use cutting edge interior installation techniques to create spaces that deliver unrivalled levels of quality and workmanship.

-Ends-

For more information, please visit :
www.alsulaimangroup.com
www.livspace.com 

About Alsulaiman Group:

Alsulaiman Group is owned by the Alsulaiman family and was established by H.E. Dr. Ghassan Ahmed Alsulaiman in 1983 in Jeddah, Saudi Arabia. Alsulaiman Group is an active retailer and retail-related services group that is represented by 6 companies serving Saudi Arabia and GCC countries. With an average of 4000 employees in the year of FY21. Its business activities cover three segments Omni-channel Retail, Services, and Retail Real-estate. The Omni-channel Retail segment has two business models “Brand Concepts” and “Platforms & Market Places”. The services segment is driven by the continued growth in e-commerce making “Ecommerce Fulfilment”, “Last-Mile Delivery” and “Home Services” enormously important. The retail Real-estate segment is focused to support the development and expansion of the retail segment.

For more information, please visit : www.alsulaimangroup.com 

 About Livspace

Livspace is India and Southeast Asia’s largest and fastest-growing omni-channel home interiors and renovation platform. Livspace uses its proprietary technology to provide a one-stop renovation solution for homeowners—from design to managed last mile fulfillment for all rooms in a home. The platform has organized a fragmented industry, bringing together designers, brands, manufacturers and contractors to enable an eCommerce-like trusted and predictable experience. Livspace currently serves Singapore as well as thirteen metro and non-metro areas in India (Bengaluru, Delhi, Noida, Gurgaon, Mumbai, Thane, Pune, Hyderabad, Ahmedabad, Calcutta, Kochi, Jaipur and Chennai). Livspace has showcased phenomenal growth since its launch, having delivered over 100,000 rooms and selling over 7.5 million SKUs through its platform. The company has raised over USD 200 Mn in capital from some of the top global investors including Ingka Ventures (IKEA), TPG Growth, Goldman Sachs, Kharis Capital, Venturi Partners, FFP (Peugeot Group’s Holding Company), EDBI, Bessemer Venture Partners, Jungle Ventures, Helion Ventures and UC-RNT. 

For more information, please visit: www.livspace.com  

Media Contacts :
For Alsulaiman Group : Murtadha Alalawi | m.alalawi@alsulaimangroup.com 
For Livspace : Nafeesa Tasneem | nafeesa.tasneem@livspace.com 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.


More From Press Releases