“Loads of the workforce members have joined us, they will truly proceed that connection to the market. It’s an acquisition in monetary phrases and we’ll signify them.”
The Italian furnishings producer has 15 flagship shops, 165 mono-brand shops and round 280 multi-brand shops around the globe. In accordance with market estimates, Poltrona Frau skilled 20% income progress in 2022, as a consequence of a robust enhance in gross sales of the model’s residential furnishings and a robust restoration from public tasks.
A flagship Poltrona Frau showroom will open in Mall of the Emirates later this yr. As well as, the model’s current Jumeirah retailer, impressed by the Poltrona Frau By way of Manzoni showroom, can be expanded.
Majid Al Futtaim Way of life now contains eight franchise manufacturers, two personal manufacturers and greater than 70 shops throughout the GCC spanning style, house, multi-brand, specialty retail and sweetness, in addition to 18 on-line platforms. “Over the previous 5 years, Majid Al Futtaim Way of life has up to date its portfolio technique and the enterprise has reached numerous milestones, together with recording double-digit year-on-year progress and recording greater than $217 million in gross sales in 2022,” your CEO. saying.
“We’ve quadrupled the dimensions of our firm within the final 4 years. “We’re witnessing excessive double-digit progress and we’re projecting the identical this yr regardless of the financial challenges all of us face.”
Poltrona Frau, identified for its work with auto giants together with Ferrari, Maserati, Alfa Romeo, is predicted to anchor Majid Al Futtaim’s home division. Ghanim hinted that the retail large can be “transferring up” when it comes to portfolio combine.
“Them [Poltrona Frau] they received to a degree the place they actually wanted a robust native accomplice who might perceive and take the enterprise to the following degree,” stated Ghanim. “And that is what we had been capable of shortly get this complete acquisition up and working”
One of many foremost the explanation why Poltrona Frau determined handy over the buying and selling arm to Majid Al Futtaim is for the retail large to essentially speed up the expansion of its merchandise.