Dubai-based retail conglomerate, Apparel Group announced its investment plans worth US $ 120 million in order to open 300 new stores across the globe, in 2016. The retailer also has plans to enter Iran by the end of 2017, apart from increasing its reach in Africa, Asia, and the GCC (includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates).
At the recent inauguration of Apparel Group’s latest store, Shoe Gallery at a mall in Abu Dhabi, Nilesh Ved, Chairman of Apparel Group revealed that the company is already in talks with a few brands with which it has franchise agreements, to enter the Iranian market. The Group, which is already present in 14 countries has plans of expanding its reach to at least 25 countries by 2020, with a special focus on Africa.
“We are getting into South Africa as we have just acquired a company, and we should be there by March. Getting into South Africa will open the doors for us in Sub-Saharan [Africa]. By 2018, we should be in Kenya and Nigeria as well,” said Ved. He further disclosed company’s plans of adding 30 stores in India, in 2016, and 100 stores in the GCC.
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Apparel Group is also looking at adding five new brands to its existing list of 55 brands including Aldo, Aeropostale, Kenneth Cole, Tommy Hilfiger, Nine West, Calvin Klein, and Tim Hortons among others. Besides, the Group is planning acquisitions in near future, about which, no details have been disclosed until now, but an announcement is expected in next six months.
