Majid Al Futtaim announced the signing of an agreement with Crate and Barrel to operate their stores and showrooms in Qatar from the beginning of April 2017.
Dubai, UAE :Majid Al Futtaim, the leading shopping mall, communities, retail, and leisure pioneer across the Middle East, Africa and Asia, today announced the signing of an agreement with Crate and Barrel to operate their stores and showrooms in Qatar from the beginning of April 2017. The agreement covers a five-year term with an exclusive license for stores in Qatar and plans to expand into other areas of the GCC.
This marks Majid Al Futtaim Fashion’s first entry into the home fashion and furniture market, and the announcement comes as the leadership of both businesses convene at the World Retail Congress taking place between 4th-6th April in Dubai.
Founded in Chicago in 1962, Crate and Barrel is a leading American homeware and furniture brand with more than 50 years of celebrated history in the market. Spanning over 100 stores globally, the Crate and Barrel brand creates store experiences intended to inspire customers who seek well-designed, high-quality home furnishings that bring creativity and beauty into their homes.
Majid Al Futtaim Fashion is pleased to announce that it will debut the brand with a 1,500 sqm Qatar store located in Doha Festival City. The location will showcase Crate and Barrel's signature collection of housewares, seasonal accessories and complete line of indoor and outdoor furniture, as well as the unparalleled Crate and Barrel gift registry experience. In its product portfolio, Crate and Barrel includes housewares for the kitchen, dining room, bedrooms, bathrooms as well as for entertainment, decoration, lighting, organization and exterior furniture. The much anticipated first store is set to open in Q4 2017.
Rajiv Suri, Chief Executive Officer at Majid Al Futtaim Fashion commented: “This is an important step for Majid Al Futtaim Fashion as we expand into a new line, home fashion and furnishings. Crate and Barrel is an incredible brand with a strong presence in the UAE, so we are excited to continue to extend the company’s presence further across the GCC.”
Real estate development is thriving as the demand for residential property continues to grow in the Middle East. In particular, the GCC real estate market has emerged as one of the fastest growing sectors across the globe, with Doha (Qatar) among the cities topping the regional list. Qatar has witnessed rapid economic development and has seen a rise in per capita income, fuelling the demand for residential units in the country. The growing property market is complemented by an increasingly sophisticated and international customer-base, looking for on-trend and high-quality home furnishings with impeccable craftsmanship and value. Building on its success in the UAE, Crate and Barrel has a strong appeal to visiting GCC-shoppers. Therefore, the brand has now partnered with Majid Al Futtaim Fashion to introduce it to other GCC markets.
“We are excited about this new relationship and what it means for the Crate and Barrel brand,” said Neela Montgomery, Executive Chair, Crate & Barrel. “The aggressive growth orientation of Majid Al Futtaim aligns squarely with our business strategy in the region.”
Today, Crate and Barrel is a privately held company owned by the Otto Group of Hamburg, Germany, the second largest online retailer worldwide.