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FINANCIAL NEWS
ME’s Chalhoub Group’s 2011 sales jump 35%
15 Jan 2012
(MENAFN) Chalhoub Group’s co-chief executive, Patrick Chalhoub, said that due to higher spending in the UAE, Saudi and Qatar, in 2011, Middle East’s biggest luxury retailers’ sales surged 35 percent, reported The National.
Chalhoub added that as governments tended to distribute wealth last year amid the Arab Spring, more disposable income was placed in the hands of the people, adding that part of the growth in retail sales was as a result of the general economy, whereas another part was due to strong fundamentals in the company’s business.
He also said that sales in the Arab Gulf area took advantage from high oil prices, the increasing Middle East population and growing numbers of tourists who visited the UAE.
It is worth noting that the Chalhoub Group, which has more than 280 prestige brands, including joint ventures with Christian Dior and Louis Vuitton, consists of over 60 firms and has presence in 14 countries across the Middle East.
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