DIFC Lifestyle Group, a newly-formed entity of DIFC Investments offering high-end fashion, fine dining and sophisticated modern art and culture, on Monday said it has acquired a majority stake in Villa Moda Lifestyle.

Villa Moda Lifestyle Company is a Kuwaiti Company listed on the Kuwaiti Stock Exchange. The company and its subsidiaries are engaged in the business of luxury ready-made garments, fashion designs, and accessories, as well as in the concept development of fashion and lifestyle projects and real estate activities.

DIFC Lifestyle Group and Villa Moda Lifestyle  will work closely on diversifying the Villa Moda brand into new categories and business avenues, making it a global player in areas including art, hospitality, real estate development, well-being and food.

The first such diversification will be witnessed with the opening of Al-Sabah Art and Design gallery in early 2009.  All of Villa Moda’s stores and development projects will continue as planned, said a top DIFC official.

Abdulla Bin Hamad Bin Sugat, CEO, DIFC Lifestyle Group, said: “We are privileged to partner with Villa Moda Lifestyle Group. Such a well esteemed and established business will complement the vision of DIFC Lifestyle to offer the best in the world of art and luxury."

“DIFC Lifestyle Group will continue to seek potential regional and global partners as we move forward with our plans for lateral expansion and organic growth. Our objective is to establish new milestones in luxury retail concepts, and we believe the majority stake in Villa Moda will help us achieve this strategy.”

Villa Moda Lifestyle’s subsidiaries include Villa Moda International Company, Villa Moda General Trading and Contracting Company, VM Qatar, VM Emirates, and Villa Moda Fashion Comapny, Bahrain. The company also has jointly-controlled entities and associates in Qatar, Bahrain and Singapore.
 
Sheikh Majed Al-Sabah, founder of Villa Moda, will remain chairman of the Villa Moda Group. The company will appoint a high profile CEO to help take the diversified Villa Moda from the regional to an international stage.

The company will also have two active headquarters in Kuwait and Dubai, said a top company official.

"Our decision to partner with DIFC Lifestyle was based on the potential returns the Dubai entity’s components can bring, especially the retail aspect, as the DIFC Gate precinct has become one of the most unique luxury destinations."

"This development allows us to take the Villa Moda brand to a new level, not only in developing the concept but also in moving from a regional to a global focus."

“The alliance will generate exceptional synergy for the overall benefit of the region. We are delighted to join hands in setting new benchmarks for retail concepts in ultra-high end fashion,” he added.

Promising 360-degree luxury living, DIFC Lifestyle Group seeks to contribute to the development of Dubai as a preferred choice for high living and a global networking hub for the well-heeled business executive.

Its unique integration of iconic buildings and contemporary living is fast becoming the epicentre of Dubai.-TradeArabia News Service