Balanced growth will be our focus in 2024: Fahed Ghanim, CEO, Majid Al Futtaim Lifestyle

In an exclusive conversation with Anurima Das, Executive Editor, IMAGES RetailME, Majid Al Futtaim Lifestyle Chief Executive Officer, Fahed Ghanim said that in 2024 the company will continue to focus on strategic and balanced growth.

For perspective, Majid Al Futtaim Lifestyle’s network includes more than 65 stores and 18 digital platforms across the GCC region. It holds exclusive licensing rights across the region for lululemon, LEGO, Abercrombie & Fitch, Hollister, AllSaints, Eleventy, Psycho Bunny, Crate and Barrel, CB2, Alessi, Poltrona Frau, Ceccotti, Shiseido and THAT, a Majid Al Futtaim Lifestyle multi-brand concept store and app.

Transforming with power

2023 was a transformative year for Majid Al Futtaim Lifestyle with consecutive years of double-digit growth culminating in their most successful year to date. They charted new horizons with the successful debut of Poltrona Frau, Ceccotti and Shiseido, marking their entry into luxury home and beauty segments. The company expanded its brand portfolio, welcoming Psycho Bunny, Alessi and Eleventy, each contributing to the rich tapestry of their offerings.

“Our commitment to growth and expansion was evident in the opening of 20 stores, including 10 in the UAE and 10 across the GCC. In Saudi Arabia, we maintained our strategic focus, through the opening of six stores, the launch of two digital platforms and an overall expanded team of almost 400 new Lifestyle MAFers. Our daily sales records were smashed for LEGO, lululemon, All Saints, A&F, Crate and Barrel and CB2 achieving unprecedented yearly sales milestones for both LEGO and lululemon. Additionally, we celebrated the opening of our 20^th store for lululemon in the region in City Walk Dubai featuring a first-of-its-kind studio, which exemplifies our commitment to innovation and customer centricity,” Ghanim elaborated.

Building a niche

Asked about a brand collaboration that’s close to his heart, here’s what Ghanim said, “Choosing a single collaboration to highlight in a year as remarkable as 2023 is like picking a favourite child – it simply cannot be done. However, amid numerous impactful partnerships, I take immense pride in our ventures into two new categories, luxury home and beauty.”

Highlighting the pivotal role of talent and teamwork in achieving success, Ghanim added, “As for my role in spearheading these initiatives, none of it would be possible without the extraordinary talents of my dedicated team – the driving force behind our transformative journey. This success stands as a testament to the empowered team we have become, delivering across categories and countries and a collective commitment to fostering a healthy and supportive work culture, embodying the core values of Majid Al Futtaim Lifestyle: being bold, passionate and together every day.”

Focused on tomorrow

Looking ahead, Majid Al Futtaim Lifestyle has an ambitious development pipeline focused on strategic growth and enhancing its existing pillars across Fashion, Home, Beauty, Specialty Retail and their Multi-brand concept.

“As we enter 2024, the demand for tailored experiences, personalised products and a sense of exclusivity is projected to drive the success of luxury brands that invest in advanced customer data analytics, artificial intelligence and bespoke offerings. At Majid Al Futtaim Lifestyle, we are attuned to these evolving trends, positioning ourselves to navigate and excel in the dynamic world of luxury retail in the upcoming year,” he summarised while pointing out trends to keep an eye on.