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.
Majid Al Futtaim, the owner of retail and lifestyle properties including Dubai’s Mall of the Emirates, is moving ahead with plans to open its biggest mall ever, as vaccine rollouts and the region’s faster than predicted recovery spurs optimism, AP reports.
Last year, the Emirati group saw revenues drop 7 percent to $8.9 billion in 2020 and earnings decline by 19 percent to around $1 billion on the back of lockdowns.
But CEO Alain Bejjani predicts that the company, which counts the United Arab Emirates, Saudi Arabia and Egypt as its top markets, will see its financials return to pre-pandemic levels by the end of 2022. Majid Al Futtaim is already developing its biggest mall undertaking, which will be located in Riyadh, and will also unveil Oman’s largest mall by the end of the year.
This week’s round-up of global markets fashion business news also features Latin American mall giants, Nigerian craft entrepreneurs and the mixed picture of China’s luxury market.
Resourceful leaders are turning to creative contingency plans in the face of a national energy crisis, crumbling infrastructure, economic stagnation and social unrest.
This week’s round-up of global markets fashion business news also features the China Duty Free Group, Uniqlo’s Japanese owner and a pan-African e-commerce platform in Côte d’Ivoire.
Affluent members of the Indian diaspora are underserved by fashion retailers, but dedicated e-commerce sites are not a silver bullet for Indian designers aiming to reach them.