Lals Group to expand in UAE, Saudi Arabia
Size of the investment is between Dh90 million and Dh100 million
Dubai: Lals Group, a Dubai-based retailer, plans to open up to 18 stores in the UAE and Saudi Arabia over the next 12 months, according to the group’s top executive.
The group expects to open up to three Homes R Us outlets in Saudi Arabia, where it currently has 18 stores covering the brands Daiso, Oshkosh and Carter’s. In the UAE, it plans to add 12-15 stores to the existing 110 under brands that include Daiso, Bossini, Carter’s and G2000, Jayant Ganwani, chief executive of the group, said by phone.
The size of the investment for the expansion is between Dh90 million and Dh100 million, he said.
“We need to expand because we need to be located next to wherever the customer is going to be living or shopping,” he said.
Lals Group operates 120 outlets in the Gulf Cooperation Council (GCC) countries covering 10 brands. It is looking to add two more fashion brands, which are based in the US and Europe, by late 2015 or early 2016, according to Ganwani. He declined to give their names.
The group’s sales are expected to be flat in the current year compared with 2014.
“We will be flat on sales and on profitability because of the new stores we’ve added,” Ganwani said.
Also, Lals Group is interested in entering Iran with its brands Daiso and Homes R Us once economic sanctions imposed on the country are lifted, which is expected to be in early 2016.
“Iran is a nation with a population close to 80 million. There is pent up demand there,” he said.
