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FINANCIAL NEWS
Dubai- Pure Gold to spend USD75m on expansion plans
24 Jan 2013
(MENAFN) Pure Gold Chairman, Firoz Merchant, stated that in 2013, the jewelry retailer will spend USD75 million to expand investments in Jordan, Saudi Arabia, Sri Lanka, India and Maldives, reported Arabian Business.
Merchant said that the Dubai-based retailer, which has presence in 10 markets, will see the number of its outlets exceed 130 globally, following the expansion move.
He added that Pure Gold, which has more than 100 stores in Oman, Kuwait, Bahrain, Qatar and India, will open 30 new stores in Jordan, Sri Lanka, India, Maldives and Saudi Arabia in 2013.
In August 2012, the firm announced that it was mulling expanding into Turkey, Morocco and Lebanon.
It is worth noting that the jeweler, which has 2 factories in India and one in China, posted an annual growth of 18 percent in 2012.
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