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FINANCIAL NEWS
Chalhoub Group eyes 50 UAE openings in 2013
13 May 2013
(MENAFN) Chalhoub Group’s CEO, Patrick Chalhoub, announced that the luxury retailer would launch 50 stores in the UAE in 2013, reported Gulf News.
Chalhoub added that the company, which has 450 retail stores in 14 countries in the Middle East, will also open 50 outlets in Saudi Arabia, and another 50 across the region.
The CEO said that the group, founded in 1955, posted a growth of 18 percent in the Middle East in 2012, and plans a 22-percent growth during the current year.
The firm is considering expanding its presence in new markets, including Erbil in Iraq; nevertheless, its focus is to improve existing markets that have a strong potential for growth, including Saudi Arabia, the UAE and Egypt.
It is worth noting that Chalhoub Group is a supplier to various duty-free outlets and carriers.
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