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Max to invest $80m in 75 stores in Mena, India
- United Arab Emirates: Thursday, January 31 - 2013 at 01:45
UAE-based clothing retailer Max is set to invest $80m in opening 75 stores across the Middle East and North Africa (Mena) and India to capitalise on high-growth markets and large populations, Gulf News has reported. This year, Max is set to open stores in existing markets like Saudi Arabia, Egypt and Nigeria as well as new markets in Africa including Tanzania and Kenya, said Max's chief executive, Ramanathan Hariharan. Max, which currently has 225 stores in 15 countries, is on track to hit a revenue target of $1.25bn in the financial year ending June 2013. The company achieved 23% growth last year and plans to sustain this rate in 2013 while working towards becoming a $2bn brand in the next two to three years, he said.
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