First Licensed Store to Open in Dubai in Fall 2015
Dubai, UAE: Majid Al Futtaim Fashion, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa today announced it has signed an agreement with lululemon athletica inc. to open lululemon stores within five countries in the Middle East, with the first store set to open in Dubai in Fall 2015. The agreement covers a five year term with an exclusive license for stores and showrooms in the United Arab Emirates, Qatar, Bahrain, Oman and Kuwait.
Discussing the agreement, Rajiv Suri, CEO of Majid Al Futtaim Fashion, said: “We are delighted to be strengthening our leading retail portfolio with lululemon and look forward to growing its presence in the Middle East over the coming years. This partnership will introduce the brand to the region for the first time, and we are confident it will establish and build a loyal following here by creating great moments for the rapidly growing healthy and active lifestyle community.”
Founded in Vancouver in 1998, lululemon athletica is the leader in yoga-inspired technical athletic apparel for women and men. With 289 stores and 50 showrooms globally, lululemon transforms the traditional retail experience by engaging with its guests through interactive fitness and yoga classes, in-store events, resources and spaces to connect in their respective communities.
“This agreement marks another important milestone as we continue to focus on accelerating lululemon’s global expansion,” said Laurent Potdevin, CEO of lululemon athletica, “For certain key markets and countries, we will pursue licensing partnerships to support our international growth strategy. Our partner, Majid Al Futtaim Fashion, has strong operational experience bringing global brands to the Middle East region, and they share our vision for introducing lululemon to this new market.”
This licensee partnership with lululemon follows recent strategic announcements for Majid Al Futtaim Fashion, such as bringing AllSaints and Abercrombie & Fitch to the Middle East.