BinHendi announces expansion plans
Dubai-based luxury retailer BinHendi Enterprises – dealing in several high-end brands in fashion, watches, jewellery, accessories, furniture, fine dining and other sectors – has announced an international expansion drive including India and East Africa in addition to the MENA region.
While the UAE accounts for 75-to-80% of the group’s revenue, BinHendi plans to add more outlets in Kuwait, Oman, Qatar, Egypt and India in addition to entering Saudi Arabia and venture into East Africa next year with outlets in Nairobi.
“We want to go to East Africa, particularly Nairobi, because real estate is available there and the market is also very lucrative,” says Mohi-Din BinHendi, founder and president of the group. “Our mission and vision is to be among the top 10 best retailers in the GCC and MENA region.”
The group expects sales to drop by 10-to-15% this year as its biggest customers from Russia stay away from the UAE due to the collapse of their currency and slower economic growth. “While the future looks good for us, at the moment we have to take these cuts in daily sales because of the prevailing situation,” admits BinHendi.
