Shopping mall and retail company Majid Al Futtaim has announced a joint venture with Monsoon Accesorize and a franchise partnership with Sacoor Brothers in Saudi Arabia.
The Monsoon Accesorize deal will cover the UAE Bahrain, Qatar, Oman and Kuwait and will see Majid Al Futtaim takeover from the company’s previous franchise partner in the Gulf region Jawad Business Group.
Majid Al Futtaim Fashion chief executive Rajiv Suri said: “Forming franchise partnerships underlines our commitment to seeking out new opportunities, and establishing joint ventures with significant investment proves our dedication to the long-term success of brands.
“The recent Mall of the Emirates extension is a great reflection and indicator of our reputation in the market, where we were the first ever international partners for Abercrombie & Fitch, AllSaints and lululemon athletica.”
Majid Al Futtaim said it would engage in brand enhancement and repositioning through refurbishments for Monsoon Accessorize in flagship locations.
The company plans to add 10 stores to Monsoon’s 65 by the end of the year.
Monsoon Accessorize CEO Paul Allen said: “I am confident they will take the Monsoon and Accessorize retail concepts to new heights in the region and ensure that more shoppers have access to our unique fashions. At the same time I would also like to thank the Jawad Business Group, our previous franchise partner in the region, for all their support over the course of the past 15 years.”
Under the Sacoor Brothers deal, Majid Al Futtaim will become the lifestyle brand’s first franchise partner in Saudi Arabia and plans to open 25 stores in the country over the next five years.
These will include locations at Granada Mall, Hayat Mall, and Panorama Mall in Riyadh, and Rashid Mall Al Khobar scheduled for Q3 2016.
Sacoor Brothers chairman and CEO Malik Sacoor said: “The brand has established a significant presence in the region, and we are tremendously excited about the roll-out of a further 25 new stores in Saudi Arabia, where brand awareness is already high.”
Majid Al Futtaim Fashion has 135 stores in the Middle East and North Africa region across 14 brands.