Majid Al Futtaim Life-style acquires UAE rights for Italian luxurious furnishings model Poltrona Frau | Techno Glob

“Most of the crew members have come to us, they’ll really proceed this connection to the market. Financially it’s an acquisition and we are going to symbolize it.”

The Italian furnishings producer has 15 flagship shops, 165 single-brand shops and round 280 multi-brand shops worldwide. In line with market estimates, in 2022 Poltrona Frau recorded gross sales development of 20 %, which was attributed to a pointy enhance within the model’s residence furnishings gross sales and a powerful restoration in public tasks.

A flagship Poltrona Frau showroom will open later this 12 months within the Mall of the Emirates. As well as, the model’s current Jumeirah retailer will probably be expanded, impressed by the Poltrona Frau Through Manzoni showroom.

Majid Al Futtaim Life-style now contains eight franchise manufacturers, two home manufacturers and greater than 70 shops within the GCC international locations spanning vogue, residence, multi-brand, specialty retail and wonder, and 18 on-line platforms. “Over the previous 5 years, Majid Al Futtaim Life-style has up to date its portfolio technique and the corporate has achieved quite a few milestones, together with double-digit year-over-year development and gross sales of greater than $217 million in 2022,” its CEO mentioned .

We now have quadrupled the scale of our firm within the final 4 years. We’re seeing excessive double digit development and forecasting the identical for this 12 months regardless of the financial challenges all of us face.

– Fahed Ghanim, CEO, Majid Al Futtaim Life-style

Poltrona Frau, recognized for his work with automotive giants together with Ferrari, Maserati and Alfa Romeo, is predicted to anchor Majid Al Futtaim’s residence division. Ghanim hinted that the retail big can also be “rising” by way of its portfolio combine.

“She [Poltrona Frau] received to some extent the place they actually wanted a powerful native associate who might perceive the enterprise and take it to the following degree,” mentioned Ghanim. “And that is what we have been in a position to do to get this complete acquisition off the bottom rapidly”

One of many most important causes behind Poltrona Frau’s determination at hand over the enterprise to Majid Al Futtaim is that the retail big actually desires to speed up the expansion of its merchandise.

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