Dubai: it is of news that “Paris Gallery” of Dubai group is all poised and in the wings to launch five luxury stores in Iraq through collaboration with “Al Handal International Group” over the coming three years. The two companies made this announcement on Tuesday during a signing event. Randa Al Akkad, the head of the franchise at Paris Gallery reported that the first luxury store will be launched in Bagdad sometime in 2013, followed by two more stores in Erbil and one store in Basra by 2015.
He further mentioned that the company will also be launching a grand and swanky store in Baku, Azerbaijan in 2013 which will be supposedly the biggest store of Paris Gallery till date. The company’s chief executive holds the view that expanding business in the pan-Arab retail market will prove to be a momentous growth strategy for the Paris Gallery enhancing its growth. The CEO of Paris Gallery, Mohammad Al Fahim reported by saying that “When we open international markets outside the GCC, that’s part of our growth strategy. However, inside the GCC, we have continued expansion in brands and variety”.
When inquired why Iraq was chosen specifically to enter the pan-Arab market Al Fahim reported that Iraq is the largest market in GCC and it has always proved to be a very lucrative market owing to its huge potentialities and resource. Mohammad Al Handal the CEO of the Al Handal group also said there has been an annual rise of 10% in salaries which indicates that the consumers now have more capital which they can effortlessly spend on luxury and plush products.
He also added that it would a great opportunity for the Paris Gallery group to enter the Iraq market with original brands so that consumers no longer have to settle for fake cosmetics and perfumes. The Al Handal group established in 1975 has its base in Baghdad and also extends services in the field of construction, media, development, security and banking and is also negotiating and conciliating various tie-ups with other UAE companies in the field of fashion, food and beverage and manufacturing industries.
Source [Gulf News]