22 January 2016
Davos: In the past few months, Middle East based retail major has been on an aggressive investment and expansion phase announcing large investments in Egypt, Bahrain, Saudi, India, Indonesia and Malaysia to the tune of almost US$ 1.7 billion.

Talking on the announced investment plan, Yusuff Ali MA, Chairman of Lulu Group said on the sidelines of World Economic Forum which is being held in Davos, Switzerland, " next two years are very crucial for us as we embark on new markets of Egypt, Malaysia, Indonesia while strengthening  our presence in the GCC and India. Lulu which currently has 121 stores has been strengthening its sourcing operation around the globe by setting up its own sourcing offices in UK, Brazil and soon in the United States.

Commenting on its global operations, Yusuff Ali said,  "To maintain highest quality level, uninterrupted supply and to be competitive in the market, we have been setting up our own sourcing offices around the globe including Far East, China, Africa, Europe and now Americas. This will give competitive advantage in our current as well future business.  Dismissing all negative sentiments in the markets with reference economic slowdown, he added, " these are just temporary phenomena  and I am quite confident that economy will rebound on the back of long term visions of Arab Governments and strong fundamentals of its diversified income sources.

BIJU KOTTARATHIL
Secretary to the Managing Director
P. O. Box 4048,
Abu Dhabi,UAE
t: + 971 2 4140870
f: + 971 2 6421716
e: bijuk@ae.lulumea.com
www.lulugroupinternational.com

© Press Release 2016