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World-class retail partner cements its GCC fashion credentials with two new brand signings
Dubai, UAE, April 12, 2016
Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa, announces a joint venture with Monsoon Accessorize in the UAE, Bahrain, Qatar, Oman, and Kuwait, and an additional franchise partnership with Sacoor Brothers in the Kingdom of Saudi Arabia. Known for leading fashion brands throughout the GCC & Levant region, Majid Al Futtaim Fashion is the international retail partner of choice for some of the world's most desirable fashion brands, and currently boasts more than 135 stores throughout the MENA region, with 14 brands in seven markets.
Rajiv Suri, CEO of Majid Al Futtaim - Fashion, the fashion retailing arm of Majid Al Futtaim, said: "As an increasingly relevant player in the fashion industry, we are pleased to be able to form unique partnerships with international retailers such as Monsoon Accessorize and Sacoor Brothers. Our proven history, the group's financial capability, network to secure valuable real estate, and expertise in matching effective brand positioning with retail execution results in our exceptional performance. Forming franchise partnerships underlines our commitment to seeking out new opportunities, and establishing joint ventures with significant investment proves our dedication to the long-term success of brands. The recent Mall of the Emirates extension is a great reflection and indicator of our reputation in the market, where we were the first ever international partners for Abercrombie & Fitch, AllSaints and lululemon athletica."
Monsoon Accessorize, renowned for unique fashion and on-trend accessories, has formed a joint venture company with Majid Al Futtaim Fashion, who is taking over from the previous franchise partner to exclusively retail the brands throughout most of the Gulf. Majid Al Futtaim Fashion will spearhead a new era of growth, brand enhancement and repositioning through refurbishments, marked by the roll-out of a fresh new look and store concept at flagship locations. Majid Al Futtaim Fashion plans to add ten stores to the existing portfolio of 65 by the end of 2016.
Paul Allen, Chief Executive of Monsoon Accessorize, added: "We are extremely pleased to announce our new relationship with such a strong and successful group as Majid Al Futtaim. I am confident they will take the Monsoon and Accessorize retail concepts to new heights in the region and ensure that more shoppers have access to our unique fashions. "At the same time I would also like to thank the Jawad Business Group, our previous franchise partner in the region, for all their support over the course of the past 15 years."
Sacoor Brothers is pleased to align with Majid Al Futtaim Fashion as its first franchise partner in the Kingdom of Saudi Arabia. The international lifestyle brand, founded in Lisbon in 1989, offers apparel, quality footwear and accessories for men, women and children. The company has its sights set on expansion, with plans for new 25 stores over the next five years, with Granada Mall, Hayat Mall, and Panorama Mall in Riyadh, and Rashid Mall Al Khobar scheduled for Q3 2016.
Malik Sacoor, Chairman and CEO at Sacoor Brothers commented "We are extremely pleased to announce our new relationship with such a strong and successful group as Majid Al Futtaim. They are the key to success in our regional expansion, supporting us with opening stores, and making introductions in a new country; the Kingdom of Saudi Arabia. The brand has established a significant presence in the region, and we are tremendously excited about the roll-out of a further 25 new stores in Saudi Arabia, where brand awareness is already high."
As one of the younger parts of the business, Majid Al Futtaim Fashion was given a mandate to grow the fashion arm of the business, and with the ability of the overall group, the prime real estate, and capital investment, it is well placed to attract existing brands in the region and international fashion labels.
-Ends-
Disclaimer: All facts and figures in this release are accurate at the time of issuance..
Majid Al Futtaim Fashion PR Contact:
TOH PR:
Laura Westmacott I Bianca Riley
+971 4382 9800
firstname@tohpr.com
About Majid Al Futtaim Fashion:
Majid Al Futtaim Fashion is the fashion retailing arm of Majid Al Futtaim. Majid Al Futtaim
Fashion currently operates over 135 stores in 7 markets across the MENA region, working with a number of leading fashion brands including Abercrombie & Fitch Co., Hollister, AllSaints, lululemon athletica, Juicy Couture, HOSS Intropia, Halston Heritage, Jane Norman, and Peacocks. Expansion plans currently underway will see Majid Al Futtaim Fashion doubling its portfolio within the next 5 years through strategic partnerships with high-profile brands.
About Monsoon Accessorize
Monsoon & Accessorize are two global fashion retail brands, with more than 1000 stores in 70 countries around the world. Monsoon was founded by Peter Simon from a single store in London's Knightsbridge in 1973, whilst Accessorize was founded in London's Covent Garden in 1984. The Monsoon Children brand launched in 1995. The Group's unique fashion signatures have attracted a strong following around the world and generate sales of more than £500 million ($750 million) each year.
Monsoon Accessorize prides itself on its historical and present day commitment to strong ethical trading values. The Group is a founding member of the Ethical Trading Initiative (ETI) and works with its suppliers to support workers and artisans in developing countries. The Group also has its own charity, the Monsoon Accessorize Trust, which was founded in 1994. The charity supports over 10,000 disadvantaged women and children in Asia each year, through a range of education, healthcare and income-generation projects.
Building on its craft heritage, Monsoon Accessorize has also created an Artisan collection of community sourced and hand-crafted pieces. The Artisan collections showcase work by skilled craftspeople across Asia and help to sustain age-old hand-craft techniques and traditions. Often requiring up to 20 or more hours of hand-work on a single piece, the ranges deliver Monsoon Accessorize's commitment to sustaining traditional craft techniques as well as creating livelihoods.
About Sacoor Brothers
Sacoor Brothers is an international lifestyle brand that offers a variety of styles to transition seamlessly from work week to weekend. It offers collections for the sophisticated man, elegant woman and fashionable child that comprise apparel, quality footwear and accessories.
With over 20 years of experience in the fashion industry, Sacoor Brothers has reached an important role in the fashion business in setting trends, fashion-forward products and services. It is through their continuous improvement that they achieved strong recognition in the markets and segments where it is positioned.
About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (MENA).
A remarkable business success story, Majid Al Futtaim started from one man's vision to transform the face of shopping, entertainment and leisure to 'create great moments for everyone, every day'. It has since grown into one of the United Arab Emirates' most respected and successful businesses spanning 14 international markets, employing more than 30,000 people, and achieving the highest credit rating (BBB) among privately-held corporates in the Middle East.
Majid Al Futtaim owns and operates 19 shopping malls, 12 hotels and three mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, City Centre malls, and also four community malls which are in joint venture with the Government of Sharjah. The Company holds exclusive rights to the Carrefour franchise in 38 markets across Middle East, Africa and Central Asia, and with the Hyperstar brand in Pakistan, operates a portfolio of more than 150 outlets in 14 countries.
Majid Al Futtaim operates 182 VOX Cinema screens and 22 Magic Planet family entertainment centres across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai and iFly Dubai, among others. The Company launched the first LEGO-certified store in the Middle East and is parent to the consumer finance company issuing 'Najm' and "Voyager" credit cards, a fashion retail business representing international brands such as Abercrombie & Fitch, AllSaints and lululemon athletica, and a healthcare business that operates a network of City Centre Clinics. In addition, Majid Al Futtaim operates Enova, a facility management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management. The Company also operates in the food and beverage industry through a partnership with Gourmet Gulf.
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© Press Release 2016
