Joint-venture with Abercrombie & Fitch Co., to see iconic American lifestyle brand make its Middle East debut
Dubai, UAE: Hot on the heels of its recent announcement to bring Hollister to the region, Majid Al Futtaim Fashion, the retail arm of Majid Al Futtaim Ventures, has finalized another joint-venture agreement with Abercrombie & Fitch Co., to bring the iconic Abercrombie & Fitch clothing brand to the Middle East. The first Abercrombie & Fitch store for the region is set to open in Dubai in 2014.
North American brands are the most global, according to a recent retail industry report released by CB Richard Ellis, with 73% present in all three major retail markets – Europe, Asia Pacific and Middle East & Africa. The report also found that 61.2% cent of American brands operate at least one store in Dubai, making it the second most targeted city for international retailers, falling closely behind London.
“The signing of another joint-venture with leading retailer Abercrombie & Fitch Co., reflects our demonstrated understanding of the region’s evolving retail landscape,” said Ahmed Galal Ismail, CEO Majid Al Futtaim Ventures. “The Abercrombie & Fitch brand is an iconic label that will enhance Majid Al Futtaim Fashion’s already established portfolio of brands, and cement its reputation as the preferred strategic partner for the world’s most desirable brands.”
“I’m delighted to finalize Majid Al Futtaim Fashion’s partnership with Abercrombie & Fitch, said Asil Attar, CEO of Majid Al Futtaim Fashion. “The brand exudes the same spirited energy as our young, modern consumer and we’re confident that it will resonate amongst our core audiences. With our initial store projected for 2014 in Dubai, we will work closely with Abercrombie & Fitch to ensure we remain true to the brand’s lifestyle concept, and work on a strategic rollout plan to increase the brand’s presence across the region.”
This is Abercrombie & Fitch Co.’s, first venture into the Middle East region and will see leading American brands, Abercrombie and Fitch and separately, Hollister mark their regional debut both in Dubai. Reaffirming Dubai’s appeal as an international launch pad for global brands, Abercrombie & Fitch will further diversify the city’s rapidly expanding retail offer.