Gucci in new bahrain investment; signs joint venture with taleela
co. w.l.l. to REINFORCE retail operationS
Bahrain: Manama: Gucci, one of the world’s leading luxury fashion brands, announced its direct entry into the Bahrain market, through the signing of a joint venture with the local partner Taleela Co. W.L.L., reinforcing their strong commitment to the development of the Gucci business in Bahrain.
As a result of a multi-year franchise relationship with Taleela Co. W.L.L., Gucci currently has one store in the Moda Mall (Bahrain World Trade Centre), which opened in 2009. 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 growing mass-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 Bahrain Economic Development Board (EDB) and was attended by Kamal bin Ahmed, Minister of Transport and Acting Chief Executive, Bahrain EDB, Abdul Jalil Abdulkarim Ahmed Al Ansari and Ahmed Abdul Karim Ahmed Al Ansari of Taleela Co. W.L.L along with a number of other representatives from Gucci, Taleela, the EDB, and other officials.
Kamal bin Ahmed said, “We are very excited to welcome this new investment in Bahrain by Gucci and Taleela Co W.L.L.. 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 to regional visitors.”
Patrizio di Marco, President and CEO of Gucci, said, “We are proud to announce this new agreement with our local partner in Bahrain, Taleela Co. W.L.L.. This is a further step in Gucci’s strategy to take direct control of our 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.”
Abdul Jalil Abdul Karim Ahmed Al Ansari, Chairman of Taleela Co. WLL, said, “This joint venture with Gucci is an excellent opportunity for the Taleela Co. W.L.L. 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.”
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for attracting inward investment into Bahrain, and is focusing on target economic sectors in which the Kingdom offers significant strengths.
Key areas of focus include manufacturing, ICT, and logistics and transport services as well as other sub-sectors. The Financial Services sector in Bahrain is particularly strong and the EDB supports in the continuing growth of the banking industry and key sub-sectors, including Islamic Finance, Asset Management, Insurance and Re-Insurance.
Noora Abul, Bahrain Economic Development Board