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Sylvia She Glows to open Dubai store
Dubai Investment Properties (DIP) has said that European brand, Sylvia She Glows, is set to open its first Middle East boutique at Sunset Mall in Jumeirah, Dubai. The new boutique will feature exclusive designs for lingerie and night wear featuring with Swarovski crystals, silk scarves, lace gloves, one-piece jewellery, and silk slippers, as well as matching toiletry bags.
French luxury sector eyes greater Gulf presence
French luxury firms are seeking to increase their presence in the Gulf to help offset the impact of the global financial crisis on the sector, a group representing 70 top-end labels said. Elisabeth Ponsolle des Portes, CEO of the Comite Colbert, a think-tank representing 70 luxury firms has said that Gulf countries represented between 5% and 7% of the French luxury sector's global turnover but that the growth potential was between 10% and 30%, reported AFP.
UAE toy sales up 17%
NPD group, a US-based toys and games research firm, has said that toy sales in the UAE had increased 17% last year, growing to $379m from $323.8m, The National has said. 'It happened in the second part of the year. When the financial crisis hit, people tend not to go out, but instead what they do is spend more quality time with the family,' said Philippe Guinaudeau, the director of the NPD Group. People in the UAE also spent $30 more per child than last year, the report showed.
Retailers 'confused' by Jordan PC sales tax
Jordan's Income and Sales Tax Department has stressed that there are no plans to remove the sales tax on computers, spurring PC shop owners to call for a 'clear, firm and final decision' on the tax, the Jordan Times has reported. Last April, the Ministry of Information and Communications Technology had said that the cabinet was looking into the issue of cancelling the 16% sales tax on computers in 2009. One trader told the newspaper that traders do not know if they should import or wait to benefit from a sales tax removal if it happens, and called for a final decision to be made on the issue
BinHendi closes at Deira City Centre
BinHendi Enterprises has announced the group was closing down its branded BinHendi Avenue out of Deira City Centre, owing its closure to affluent consumers moving to shop in more upmarket malls, The National has reported. The group launched the retail space in 2005 with 26 stores in the retail space, including Hugo Boss, Second Cup and Graff Jewellers. The owner, Mohi Din BinHendi has said it would return the space to Majid Al Futtaim, and would not open any stores in its place.
Damas inks India JV
Dubai's Damas LLC has received the approval from India's Foreign Investment Promotion Board for setting up a joint venture with India's diamond and jewellery maker Gitanjali Gems Ltd for retail trading of jewelleries and related accessories in India, Reuters has reported. Gitanjali Gems sells jewellery under the Gili, Nakshatra, Asmi and D'Damas brands in India.
Saudi Othaim to expand in Egypt
Yousef Algafari, executive president of Saudi retail chain Abdullah Al-Othaim Markets Co, is eyeing expansion abroad, with Egypt its first target, and will increase the number of its shops in Saudi Arabia to 103 from 83 by the end of 2010, Reuters reported. 'We are in a very advanced stage of developing something ... You will hear something in the next three months,' he added.
Montblanc to open four boutiques in Saudi
Joe Nahhas, regional director of Germany's Montblanc, has told Reuters that the company would open four boutiques in Saudi Arabia this year to target more of the watch and jewellery market in the region. 'There's definitely strong appetite for luxury in this region, driven by local and certain parts of the expatriate community, and tourists,' he said.
Rivoli eyes expansion in India, Saudi
Ramesh Prabhakar, managing partner of Dubai's Rivoli Group, has said the company is looking to enter India and Saudi Arabia this year to help mitigate a drop in luxury sales, but will maintain a 'prudent' expansion plan amid the financial crisis, reported Reuters. He said that the group will most likely enter India first where it is easier to set up retail operations than in Saudi Arabia.
Dubai luxury good sales drop 45%
Tony Jashanmal, director of the Jashanmal Group of Companies, said sales of luxury goods in Dubai have dropped about 45% due since the onset of the global economic crisis. However, he said 'we've reached the bottom, adding that he expected the market to pick up much faster among local consumers than among tourists, especially from Russia.
Dunkin's Donuts opens 53rd outlet in UAE
David Rodgers, general manager of Dunkin' Donuts, has announced the opening of the chain's 53rd outlet in the UAE and the 3rd in Ras Al Khaimah. The new outlet is part of an ongoing expansion plan in the UAE, which will see the number of our outlets increase to 60 in the next couple of months, he said.
Harman plans 100 stores in Middle East
Harman Middle East plans to invest between Dhs550m and Dhs730m and open 100 retail outlets in the region in the next five years, a senior executive of the company told Emirates Business. Despite the current global financial crisis, the firm has not seen any decline in its business since October and is confidently pursuing its expansion plans in the region, said Amit Malani, Sales and Marketing Director, Harman Middle East. Harman Middle East, the local arm of the global high-end electronics retailer, plans to boost sales in the region and grow its business by opening 100 high-end retail outlets in the next five years and educate people about luxury electronics products.
Manama Suq to open by Eid
Jawad Al Hawaj, head of the retail sales and traditional markets committee of Bahrain Chamber of Commerce and Industry (BCCI) has said that shops in the newly-renovated area of the Bahrain's Manama Suq should be back in business in September, according to Gulf Daily News. Work on the project has included demolishing and rebuilding a government-owned commercial complex, which housed some of the oldest shops in Bahrain and a facelift for other buildings on the avenue. 'All the shops should be back in business by the middle of Ramadan and fully functional well in time for Eid shopping,' Al Hawaj said.
Pepsi-Almarai tie up buys Teeba
PepsiCo and Saudi-based Almarai's joint venture has acquired 75% of Jordanian dairy producer Teeba Investment for Developed Food Processing Company (Teeba). The Teeba stake had been initially acquired by Almarai in January 2009 and is transferring it to the joint venture at cost. The joint venture, International Dairy and Juice Limited (IDJ) is held 52% by PepsiCo and 48% by Almarai.
Dubai retailers optimistic
Dubai retailers have said that the worst may be behind them after the financial crisis sent sales plunging around 30% in the first part of 2009, according to Reuters. 'Whatever figures we got in the last months are stabilising,' said Majid Saif Al-Ghurair, chief executive of Al Ghurair Group, which operates the BurJuman Centre. 'People say summer will be very tough when a lot of people will leave on vacation but after that I think things will pick up again,' he added.
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