BAHRAIN: Saks Plans Store In Saudi Arabia
Saks Inc is making plans to open its high-end fashion stores overseas, exploring expansion in the Middle East, Mexico and Asia.The first overseas Saks is planned for Riyadh, Saudi Arabia. The upmarket retailer is partnering with Saudi Prince Alwaleed Bin Talal, who owns about two per cent of the company. "There is growing demand in the Saudi market for upscale fashion and superb customer service," the prince said in a press release. The 57,000 sq ft store will open in Autumn 2001 in the prince's Riyadh shopping mall, the Kingdom Centre.The prince will pay a licensing fee to Saks Fifth Avenue for use of the name and will also build the store. Saks plans to dispatch buyers, store managers and other employees to set up and run the store for additional fees.Most of the store will be devoted to women's merchandise and men will be forbidden on floors where women's clothing is sold to conform to Islamic standards. "We will dictate what products go into the store," says David A. Pilnick, the company's vice president for international business development.Saks said that the Middle East, Mexico, and Asia are fast-growing markets for luxury goods and so are prime locations for new stores. "Developing markets are important for us because they are underserved," said Mr Pilnick.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-style gives you the widest apparel and textile market coverage.
Paid just-style members have unlimited access to all our exclusive content - including 16 years of archives.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
- Steps to piloting living wage in garment factories
- How to ensure sustainability is more than a slogan
- Trump blows the case for Brexit out of the water
- US apparel retailers' November 2016 sales roundup
- Duty-free trade key to build Africa supply chains
- US Q3 in brief – Destination Maternity, Cherokee
- Esquel efficiency drive continues to boost brands
- Taiwan textile maker investing in first US plant
- Outdoor apparel sector set for double-digit growth
- Myanmar garment industry "lacking labour rights"