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FINANCIAL NEWS
UAE-based Max to open 75 stores in MENA, India
31 Jan 2013
(MENAFN) Max’ CEO, Ramanathan Hariharan, stated that the value clothing retailer is spending USD80 million to launch 75 stores in the Middle East and North Africa (MENA) region and India, reported Gulf News.
The CEO said that during the current year, the UAE-based firm will launch stores in existing markets, including Saudi Arabia, Egypt and Nigeria, and will enter new markets in Africa, such as Tanzania and Kenya.
The firm expects to meet its revenue target for the financial year ending June 2013, which stands at USD1.25 billion, and plans to use some of its revenue in investments in existing and new markets.
In 2012, Max achieved a growth of 23 percent, which is expected to continue during the current year.
Max, which plans to become a USD2 billion brand in the coming 2-3 years, opened 10 stores in the UAE in 2012, raising the number of its outlets in the country to 25.
It is worth noting that at the current time, Max has 225 stores in 15 countries.
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