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Retail

Retail and consumer news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis

Online shopping surges 32% in UAE

The total number of debit and credit cards used for online transactions in the United Arab Emirates (UAE) increased by nearly a third during the first quarter of this year. Consumers continue to embrace the e-commerce sector despite travel and shopping restrictions returning to normal following the coronavirus pandemic. Network International, a payment processing firm […]

Saudi mall reopens after blaze cost $6.67m

Saudi retail operator Arabian Centres has reopened Mall of Dhahran, in the eastern province of the kingdom, and confirmed in a statement to the Saudi Exchange that the financial cost of a fire at the site last month will be roughly 25 million Saudi riyals ($6.67 million). In the bourse statement, Arabian Centres confirmed that […]

A Starbucks coffee shop. Kuwait's Alshaya Group is reportedly selling up to 30 percent of its Starbucks franchise

Saudi PIF ‘shortlisted as bidder for stake in Starbucks MENA’

Saudi Arabia’s Public Investment Fund (PIF) has been shortlisted to buy a stake in the Middle East, North Africa and central Asia Starbucks franchise held by Alshaya Group, according to two sources. The franchise has several hundred coffee shops in 14 countries across the Middle East, Russia and central Asia. Kuwait-based Alshaya Group, the region’s […]

The Mall of the Emirates in Dubai. Owner Majid Al Futtaim Group is one of the few companies praised by a report into net zero targets

Beware the NFT bandwagon, crypto lawyer warns shoppers

As Gulf retail brands venture into non-fungible tokens (NFTs), customers need to be careful not to fall for fear-of-missing-out (FOMO) syndrome, and jump on the digital bandwagon without fully understanding what they’re buying into, a leading cryptocurrency and blockchain lawyer has said.  Her warning comes as Dubai-based retail giant Majid Al Futtaim (MAF) and blockchain […]

UAE’s Al-Futtaim Group to invest up to $1bn in Egypt

Dubai-based Al-Futtaim Group said it is eyeing investments in Egypt worth $700 million to $1 billion over the next three years, an Egyptian cabinet statement said on Thursday. Gulf Arab states are channelling up to $22 billion to Egypt to help it overcome a currency crisis, the third such rescue in a decade, as analysts […]

Dubai’s Aramex in $265m deal to buy US e-commerce firm

Dubai-listed courier firm Aramex has bought US-based e-commerce company Access USA Shipping, in a deal valued at around $265 million, it was reported on Wednesday. Access USA Shipping, operating as MyUS, is described as a technology-driven, cross-border e-commerce platform, and serves customers in the US, UK and China. “We see significant benefits to be derived […]

Amazon.com says it is being unfairly targeted by US Congress bill

By David Shepardson and Diane Bartz Amazon.com Inc on Wednesday lambasted a bill in Congress barring tech giants from giving preference to their own businesses on their websites, saying it unfairly singles the retailer out while not subjecting rivals to similar regulations. The Senate could vote on the bill as early as this month, media […]

Middle East breathes in smoking hot tobacco sales

The Middle East tobacco industry has seen strong growth in recent months, helped by duty free sales as the travel sector reopens following the pandemic. British tobacco firm Imperial Brands, which manages brands such as Davidoff, JPS and West cigarettes, reported this week that while its global revenue was down 1.3 percent to £15.362 billion […]

Person, Human, Sunglasses

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. […]

Mashreq's operating profit surged 70% year on year to AED4.4 billion in 2023

Mashreq puts $10m into Cashew, buy now, pay later start-up

United Arab Emirates buy now, pay later platform Cashew announced on Monday it had secured up to $10 million in debt and equity financing from local lender Mashreqbank PSC which would now help it expand faster. The deal is the latest investment in the Gulf’s growing buy now, pay later sector that has drawn interest […]

Qatar scores as World Cup host but may not net long-term goals

Tucked behind Doha’s $300-million Lusail Boulevard, where construction workers are toiling to transform desert into a Champs-Elysees-inspired commercial thoroughfare before the 2022 soccer World Cup, sits a sole convenience store. With the main stadium, four skyscrapers and apartments designed for some 200,000 people all in Lusail, its manager Younes waits somewhat anxiously behind his till, […]

Moncler bets on store expansion, footwear to drive growth

Italian luxury group Moncler said on Thursday it would open, refurbish or relocate 200 stores in the next three years, mostly in Asia, and diversify into shoes and clothes for warmer weather. The group, which in 2020 acquired streetwear brand Stone Island, also said it expected to beat analyst forecasts for annual sales of 2.43 […]

Wristwatch, Clock Tower, Building

Swiss watchmakers grapple with fallout of Russian crisis

Swiss watchmakers are gathering in Geneva this week for their first big industry event in three years, tackling the impact of sanctions on rich Russians arisingfrom the war in Ukraine. Russia was only the 17th largest market for Swiss watch exports last year, but how to manage business and client relations during such a sensitive […]

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 […]

Person, Human, Shoe

Turkish consumer confidence hits record low in April

The Turkish consumer confidence index dropped 7.3 percent to 67.3 points in April, official data showed on Thursday, hitting its lowest ever level, driven by a 10 percent drop from the previous month in the financial situation of households. A slide in the value of the lira began driving a fall in consumer confidence late […]

Tata Motors maps out long-range EVs for India and beyond

Tata Motors says it plans to launch electric cars with a minimum range of 500 kilometres (310 miles) and advanced technology features, targeting buyers in India and beyond. The first electric vehicles (EVs) built using its new platform should be on the road in 2025, Tata said during an event in Mumbai where it unveiled […]

Logo, Trademark, Symbol

Americana selects banks for Saudi and UAE listings

The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has hired banks for a potential dual listing in Saudi Arabia and theUnited Arab Emirates, a source with knowledge of the matter said. Americana Group has selected Goldman Sachs, First Abu Dhabi Bank (FAB) and Saudi National Bank (SNB) for the deal, said the source, declining […]

Dubai’s GMG to operate French supermarket chain Géant in UAE

Dubai retailer GMG said on Tuesday it had acquired the United Arab Emirates’ operations of French supermarket chain Géant from a company owned by Dubai Holding, of Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum. GMG said it also acquired the rights to expand Géant’s operations in the Middle East as part of the deal from […]