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Cosmos Group plans direct retail presence

Dubai-based Cosmos ITL Group has unveiled plans to make a full-scale foray into branded textiles and garment retail through an estimated Dhs50m to Dhs100m investment, Gulf News has reported. The move to get into textile retail has been prompted by the decline in revenue from the group's interests in electronics, which includes a distributor relationship with Japan's Sharp since the early 1960s. "Only recently three of the top Japanese electronics makers announced cumulative losses of $20bn," said Ram Buxani, president of Cosmos ITL. "If the makers have lost such amounts, distributors here are not going to be spared."