Dubai-based Majid Al Futtaim Fashion has announced a joint venture with Monsoon Accessorize in the UAE, Bahrain, Qatar, Oman and Kuwait, and an additional franchise partnership with Sacoor Brothers in Saudi Arabia.
“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,” says Majid Al Futtaim Fashion CEO Rajiv Suri.
“Our proven history, the group’s financial capability, network to secure valuable real estate and expertise in matching effective brand positioning with retail execution result 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,” he adds.
Monsoon Accessorize, renowned for unique fashion and on-trend accessories, has formed a joint venture company with Majid Al Futtaim Fashion, which is taking over from the previous franchise partner to exclusively retail the brand 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.
“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,” states Paul Allen, chief executive of Monsoon Accessorize. “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 also pleased to align with Majid Al Futtaim Fashion as its first franchise partner in the KSA. 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.
“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 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,” shares Malik Sacoor, chairman and CEO at Sacoor Brothers.
Majid Al Futtaim Fashion currently boasts more than 135 stores throughout the MENA region, with 14 brands in seven markets.