Gucci announces grand Bahrain launch
Manama, October 9, 2013
Gucci, one of the world's leading luxury fashion brands, has announced its entry into the Bahrain market, through the signing of a joint venture with local partner Taleela, said a report.
As a result of a multi-year franchise relationship with Taleela, Gucci currently has one store in Moda Mall, Bahrain World Trade Centre, which opened in 2009, reported the Gulf Daily News, our sister publication.
The first Gucci store in Bahrain was opened in 1989 at the Sheraton complex, from where it was relocated.
Luxury brands have been expanding rapidly in the GCC as they look to access the $1.5 trillion Gulf market and the growing affluent Gulf population.
The increasing purchasing power of Gulf residents, driven by consistent economic growth, has seen luxury brands from all around the world move in to establish themselves in the minds of Gulf shoppers.
The signing ceremony took place at the offices of the Economic Development Board (EDB) and was attended by Transportation Minister and acting chief executive of EDB Kamal Ahmed, Taleela's Abdul Al Ansari and Ahmed Al Ansari of along with a number of other representatives from Gucci, Taleela, the EDB, and other officials.
"Gucci's decision to begin new activities in Bahrain is testament to the kingdom's strong economic growth, particularly in the non-oil economy, and the attractiveness of the kingdom for regional visitors," said Ahmed.
Gucci president and chief executive Patrizio di Marco described it as a further step in Gucci's strategy to take direct control of retail network and operations in the Middle East.
"This is in line with our overall retail strategy, which seeks to continuously take direct control of the brand's distribution to further enhance the consistency of the consumer's experience across different markets," he said.
Abdul Al Ansari said the joint venture was an excellent opportunity for Taleela to tap into an increasingly lucrative luxury goods market in Bahrain.
"As disposable income increases, we have seen growing demand for luxury goods and services," he said.-TradeArabia News Service