Majid Al Futtaim Fashion signs joint venture with Abercrombie and Fitch for Hollister brand in UAE
- United Arab Emirates: Wednesday, February 27 - 2013 at 12:44
- PRESS RELEASE
Majid Al Futtaim Fashion, the retail arm of Majid Al Futtaim Ventures, has announced a Joint Ventures agreement with the leading American retailer and casual wear clothing brand, Abercrombie & Fitch Co., with respect to A&F's HOLLISTER brand. The agreement is to develop Hollister's presence within the UAE, further supporting the brand's international growth.
"We are very excited about the Hollister joint venture and the growth potential for both the Abercrombie & Fitch and Hollister brands in the region," said Ahmed Galal Ismail, CEO Majid Al Futtaim Ventures. "We believe that the Hollister joint venture, and the Abercrombie & Fitch joint venture that should soon follow, cement Majid Al Futtaim Fashion's longstanding reputation as a strategic partner for the some of the world's best brands."
"Majid Al Futtaim Fashion is delighted to be the UAE partner for Hollister and look forward to being the partner for Abercrombie & Fitch, a highly anticipated and iconic American brand. Both the HOLLISTER and ABERCROMBIE & FITCH brands will be strong strategic fits underpinned by the region's large demographic of young, brand conscious consumers," said Asil Attar, CEO of Majid Al Futtaim Fashion. "For Hollister and hopefully soon for Abercrombie & Fitch, Majid Al Futtaim Fashion will oversee the targeted rollout of the brands' lifestyle concepts within the UAE, bringing the company's brands to the Middle East for the first time. We are committed to ensuring that the brands remain true to form."
As A&F's first physical foray into the Middle East, the landmark joint venture partnership with Majid Al Futtaim Fashion should significantly broaden A&F's regional potential across the GCC further adding to the region's offering of exceptional market leading International brands.
Majid Al Futtaim Fashion has demonstrated a detailed understanding and working knowledge of the region's ever changing retail landscape and shopping habits of the Middle East's young, modern consumer and tourism potential. Majid Al Futtaim Fashion will leverage these insights to identify key areas of opportunity for A&F's brand's highly successful growth and International development strategy.
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