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FINANCIAL NEWS
LK Bennett plans expansion across the Middle East
24 Nov 2011
(MENAFN) The upmarket fashion brand retailer LK Bennett plans to will open 12-15 stores across the Middle East over the next three to five years, Arabian Business reported.
Robert Bensoussan, CEO of the London-based retailer said its shoe and bag brands are witnessing increasing popularity among Gulf nationals, therefore it is a natural step to to branch out to the Middle East.
Bensoussan’s private equity firm Sirius Equity bought a controlling stake in LK Bennett in 2008 for USD124.6 million.
The retailer opened its first UAE stores at Dubai’s Mirdif City Centre with franchise partner Jashanmal Group, and plans to open at least four more outlets with Jashanmal.
Retail sales in the MENA region hiked 13.2 percent last year, making it the only area in the world to post double-digit growth, According to a study by Deloitte.
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