Leading Polish Cosmetic manufacturer, Inglot Global Cosmetics Co., has announced that it plans to open up to 100 new stores across the UAE as part of the 220 stores planned for GCC region by 2020.
The announcement follows a series of high level bilateral meetings between leaders and senior officials of the UAE and Polish Governments to develop concrete opportunities for trade and mutual investments between the two countries. Inglot Global Cosmetics is just one of a number Polish companies looking to increase trade and investment with the UAE.
Inglot Global Cosmetics Co. is one of the biggest cosmetic brands in the world with 530 stores worldwide including 19 stores in the UAE.
The UAE and GCC markets accounts for around 8% of Inglot’s sales volume globally however Inglot plans to increase the number of stores in the GCC countries incrementally over the next 5 years to 85 stores in 2016 and 120 during 2017 and 200 by 2020 the majority of which will be in the UAE.
Mr Inglot, Chairman of Inglot Global Cosmetics Co. said: “We are seeing strong sales growth in our UAE (and GCC) stores and this looks set to continue. On macro level the UAE is a very attractive market for expansion, it is a highly stable political and economic environment with high growth potential. This is thanks to the sustained investment in the country and its continued appeal as a (tax free) tourist and shopping destination.”
Mr Inglot also stressed that: “whilst we are also looking to expand in other markets increasing Inglot’s presence the United Arab Emirates is a priority.”
The company’s cosmetics are currently being sold in retail stores in malls and shopping centres throughout Dubai, Abu Dhabi, Al Ain and the wider GCC markets though a Dubai based local partner called Apparel Group.
The expansion in the UAE and GCC markets is part of a wider plan to triple the number of stores worldwide by the year 2020, other areas targeted for expansion include Europe, Australia, the US, South America. Mr Inglot also revealed plans to launch a new line of products in 2017.