The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The Dubai-based shopping mall developer with properties across the Middle East, Africa and Central Asia, recorded 15.6 billion dirham ($4.3 billion) in revenue for the first six months of 2021, marking a 10 percent decline from the same period last year, Arabian Business reports.
Majid Al Futtaim reported post-tax net profit of 662 million dirham ($180.2 million) and 1.6 billion dirham ($436 million) in earnings before interest, taxes, depreciation and amortisation (EBITDA), a 2 percent boost from 2020. Its retail arm saw a 12 percent decline in revenue to 13.2 billion dirham ($3.6 billion), but recorded a 50 percent increase in online orders, with e-commerce sales revenue up 25 percent.
Though the company continues to feel the impact of the pandemic, it remains resilient to stressors and is seeing encouraging signs of recovery across markets, its holdings arm’s chief executive, Alain Bejjani, said.
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Local streetwear brands, festivals and stores selling major global labels remain relatively small but the country’s community of hypebeasts and sneakerheads is growing fast.
This week’s round-up of global markets fashion business news also features Senegalese investors, an Indian menswear giant and workers’ rights in Myanmar.
Though e-commerce reshaped retailing in the US and Europe even before the pandemic, a confluence of economic, financial and logistical circumstances kept the South American nation insulated from the trend until later.
This week’s round-up of global markets fashion business news also features Korean shopping app Ably, Kenya’s second-hand clothing trade and the EU’s bid to curb forced labour in Chinese cotton.