Finance Saudi PIF ‘interested’ in buying stake in UK Selfridges Saudi Arabia’s Public Investment Fund (PIF) is looking to buy a stake in British luxury department store Selfridges after the collapse of one of its owners, as it seeks ways to improve funding flows to Saudi giga-projects. Austrian company Signa faces insolvency, opening up its 50 percent share in Selfridges to acquisition. The other owner […] March 18, 2024
Video length: 04:37 Retail Look to lab-grown diamonds, says Bollywood’s Vivek Oberoi When you google the word “lab”, among the top three predictions in the search bar is likely to be “lab-grown diamonds”. Gen Z are driving the sales and demand of lab-grown diamonds, which are surging as the fastest growing segment within the jewellery sector. Being 40 to 50 percent cheaper than natural diamonds, the gems […] February 14, 2024
Retail Saudi fashion brands attract first international investment The first international investment in Saudi Arabian fashion brands has been agreed in what represents a key milestone in the country’s ambition to rival Louis Vuitton and Chanel. Consumer-focused private equity firm Turmeric Capital has invested undisclosed sums in Saudi-founded streetwear brand 1886 and ethical luxury label Abadia. The company, which has its headquarters in […] October 5, 2023
Retail First Riyadh Fashion Week aims for global impact The inaugural Riyadh Fashion Week will take place in the Saudi capital next month with a line-up of 30 of the kingdom’s brands taking over the runway. Celebrities, VIPs, buyers and key industry figures from the global fashion community are expected in Riyadh to celebrate Saudi’s rapidly emerging fashion scene. The inaugural event will also […] September 21, 2023
Retail Italian fashion label Zegna’s UAE revenue up 50% Italian fashion retailer Ermenegildo Zegna Group’s sales in the UAE soared by 50 percent in the first half of this year, more than double its global average. Sales of €31.9 million in the UAE surpassed those in the UK, which totalled €28.8 million. This is despite the UK’s population being nearly seven times as big […] July 28, 2023
Opinion Lifestyle Tip to Arabs abroad: Don’t ditch the dishdash They have impact – to westerners they are the very essence of Arab-ness July 7, 2023
Exclusive Lifestyle Saudi fashion has designs on the international stage Saudi Arabia has long been a major draw for the world’s fashion houses. Princesses devoted to haute couture, fashionistas with expensive tastes, and plenty of young people make for a winning combination. The value of luxury fashion purchases in the GCC hit $9.6 billion in 2021, and Saudi Arabia accounted for more than $7 billion […] July 2, 2023
Real Estate Branded homes deepen share of Dubai’s property market Luxury branded residences made up almost two-thirds of off-plan apartment sales in Dubai last year, up from 30 percent in 2020, as appetite for this type of real estate grows. Sales of branded residential property – developed in partnership either with upscale hospitality groups such as the Ritz-Carlton and the Four Seasons, or luxury brands […] March 29, 2023
Manufacturing Gulf fragrance market strikes the right note Some of the Middle East’s biggest perfume makers, including Chalhoub Group and Ajmal Perfumes, are ramping up global growth plans as traditional Arabic scents gain in popularity abroad. Luxury brands franchisee and distributor Chalhoub is close to striking deals to export its own fragrance brand, Ghawali, to countries including the UK and France. The first […] February 14, 2023
Retail Indians buy homemade jewellery for less in Dubai Indians are travelling to Dubai to purchase jewellery made in their home country as it costs less in the emirates. Import duties, previously at 5 percent, were waived for jewellery exported from India to the UAE under the Comprehensive Economic Partnership Agreement (Cepa) signed between the two nations last year. “The prices are better,” said […] January 26, 2023
EXCLUSIVE Retail Saudi Arabia’s bid to be the next global fashion powerhouse It will not be long before Saudi Arabia produces a global fashion powerhouse brand to rival Louis Vuitton and Chanel, according to the man tasked with fulfilling the kingdom’s catwalk ambitions. “I have no doubt about that, the sky is the limit,” Burak Cakmak, CEO of the Saudi Fashion Commission told AGBI as designers from […] January 15, 2023
Retail Japanese sports brand Asics kicks off Gulf expansion in Doha Japanese sports brand Asics has signed a deal with the UAE’s Apparel Group to develop branded retail stores across the Gulf. The five-year franchise agreement will see the rollout of 20 stores in Qatar, the UAE, Saudi Arabia, Oman and Bahrain, with the first outlet opening in Doha Festival City Mall this week. Commenting on […] December 13, 2022
EXCLUSIVE Retail British model David Gandy to expand fashion brand to the Gulf British model David Gandy is planning to expand his sustainable fashion brand to the UAE. “The Gulf region is a very interesting market for us,” Gandy told AGBI. “We are global with direct-to-consumer sales with David Gandy Wellwear, but what we’ve done in London and Paris, and what we are looking to do in New […] December 7, 2022
Lifestyle Bahrain pearls given royal stamp of approval The UK’s Princess of Wales put Bahraini pearls back in the spotlight this week when she wore a pair of earrings made from the precious stone for the funeral of Queen Elizabeth II. Her timing was perfect as Bahrain aims to re-establish itself as the global centre for sustainable pearls. Catherine, Prince William’s wife, sported […] September 21, 2022
Tech Dubai’s Damac to invest $990m in data centres in Germany Dubai-based conglomerate Damac Group is planning to invest $990 million in data centres and technology acquisitions in Germany. The company is currently on a fact-finding expedition in the European country to identify opportunities. “It’s a very interesting time now in Germany, especially for future-oriented industries and the country has a lot of opportunities in sectors […] August 23, 2022
Real Estate Dubai Mall owner Emaar mulls sale of e-commerce business The board of Dubai’s Emaar Properties, which owns the Dubai Mall, will meet on Thursday to discuss the sale of its e-commerce fashion business, the company said today. The meeting, disclosed in a statement, will be held a week after Emaar announced a $2 billion cash and stock buyout of a joint venture partner in […] August 15, 2022
Retail How Ounass got the Gulf hooked on online luxury Luxury fashion website Ounass is among the e-tail platforms credited with developing the momentum of online shopping in the Gulf region. A report by consultancy Bain and Company claims 70 percent of GCC shoppers are now comfortable with digital retail, having always been better known for their love of malls, operated by the likes of Emaar […] July 29, 2022
Lifestyle How I got to the top: Heidi Shara, CEO and founder of Wear That What does your company do? Wear That is a digital platform that creates personalised looks for women to try on before they buy in the comfort of their own home, with a real-life personal stylist. What inspired you to develop your idea? Having styled thousands of women all over the world in both luxury and […] June 24, 2022
Retail Dior show in Spain glitters with flamenco notes A live show by Christian Dior in the Spanish city of Seville on Thursday included a colourful celebration of flamenco. The event is one of several that mark the return of luxury labels to the catwalk after a period of dormancy during the COVID-19 pandemic. The event in the city’s historic Plaza de Espana showcased […] June 17, 2022
Business of Sport Newcastle United strip to be Saudi Arabia green Newcastle United’s away kit for next season will be green and white, to reflect the club’s new owners from Saudi Arabia. Public Investment Fund (PIF), Saudi’s sovereign wealth fund, bought an 80 percent stake in the football club for £305 million last October. And to attract more supporters from the region the players will wear […] May 13, 2022
Retail Chiara Ferragni reveals investor interest in fashion brand Chiara Ferragni has received various expressions of interest from potential investors in her brand, the Italian Instagram star said in an interview with Milano Finanza. Ferragni, 35, is Italy’s top fashion influencer with 27 million followers on Instagram. In January she mandated BNP Paribas to find an investor to help expand her fashion brand internationally. […] May 12, 2022
Retail Apparel to buy Karl Lagerfeld brand in $210 mln all-cash deal Apparel Group Ltd said on Monday it has agreed to acquire the remaining 81% stake in Karl Lagerfeld for $210 million in cash, becoming the sole owner of the Parisian fashion brand. G-III, which owns brands including DKNY and Jessica Howard, will purchase the additional stake from a group of investors led by Fred Gehring […] May 2, 2022
