Latest news with #MarcoBaldassari
Arab News
24-04-2025
- Business
- Arab News
Majid Al-Futtaim expands lifestyle retail footprint across Saudi Arabia
Majid Al-Futtaim, a leading shopping malls, communities, retail, and leisure pioneer across the Middle East, Africa, and Central Asia, has announced the expansion of its lifestyle retail footprint in Saudi Arabia. As part of its continued commitment to the Saudi market, the group's lifestyle business plans to open 13 new stores in 2025 — five already launched — bringing its total store count in the Kingdom to 31. The expansion features a mix of global lifestyle and luxury brands across Riyadh and Jeddah. This includes the launch of the first Saudi stores for Italian smart luxury brand Eleventy and luxury menswear label Corneliani, both of which debuted this month at Solitaire Mall, Riyadh. In May, Poltrona Frau — the iconic Italian luxury furniture house — will open its first store outside the UAE at Centria Mall, further reinforcing Majid Al-Futtaim's commitment to growing its luxury presence in the Kingdom. Abercrombie and Fitch and lululemon also opened new stores in Solitaire Mall last month, marking an important step in their continued regional growth. The brands now operate six and nine stores respectively across the Kingdom, with new locations set to open in Jeddah later this year. Fahed Ghanim, CEO of Majid Al-Futtaim Lifestyle, said: 'Saudi Arabia continues to be a core focus for our business, and our retail expansion reflects both growing consumer demand and our confidence in the market. From fashion and wellness to home and design, our goal is to deliver more of the brands our customers love — while introducing fresh experiences through our exclusive global partnerships.' 'In a region where customers have an abundance of choice, our ambition is to curate a portfolio of global lifestyle and luxury brands that offer something truly distinctive in the Kingdom. By introducing brands like Eleventy, Corneliani, and Poltrona Frau, we are bringing new dimensions to the luxury market — combining timeless craftsmanship with modern sensibilities that resonate with the refined tastes of our customers.' The launch of Eleventy in Solitaire Mall is part of an ambitious regional expansion for the brand with another four standalone Eleventy stores opening in key locations in 2025, including Mall of the Emirates, Marsa Al-Arab, Dubai Mall and The Grove in the UAE. Known for its commitment to sustainable practices and premium materials, Eleventy reflects the growing consumer demand for quality and subtle sophistication, all under the 'Made in Italy' banner. Marco Baldassari, co-founder and menswear creative director at Eleventy, said: 'Eleventy's philosophy of understated elegance and commitment to sustainability resonates strongly with the sophisticated Middle Eastern consumer. We are excited to strengthen our partnership with Majid Al-Futtaim, whose visionary approach to luxury retail is shaping a new vision with a growing focus on customer needs. Together, we aim to redefine luxury retail by offering timeless craftsmanship, sustainable practices, and innovative experiences.' Majid Al-Futtaim's lifestyle portfolio will also welcome a new Crate and Barrel store at Sahara Mall, Riyadh, reinforcing the brand's presence in the capital. Meanwhile, in Jeddah, five new stores will launch at Jawharat Mall, including lululemon, Hollister, Eleventy, Abercrombie and Fitch, and AllSaints — bringing some of the world's most in-demand fashion and lifestyle brands even closer to Saudi customers. Majid Al-Futtaim's retail expansion in Saudi Arabia builds on a record-breaking 2024, which saw a 26 percent increase in revenue across its lifestyle portfolio and a 31 percent surge in digital sales — including a 22 percent uplift in Saudi Arabia alone. The year also saw the opening of 17 new stores across the region, five of which are in the Kingdom, as well as flagship locations for brands such as lululemon, Crate and Barrel, and CB2, alongside 27 e-commerce platforms.
Arab News
12-04-2025
- Business
- Arab News
Majid Al-Futtaim expands luxury retail footprint in region
Majid Al-Futtaim has announced an ambitious expansion of its luxury retail portfolio for 2025. Following a record-breaking 2024, which saw a 26 percent growth in its lifestyle business, the expansion will be anchored by renowned Italian brands Eleventy, Corneliani, and Poltrona Frau, with a series of store openings planned across key locations in Saudi Arabia and the UAE. As part of its strategic growth agenda, Majid Al-Futtaim will launch more than 30 new stores, spanning both luxury and high- street brands across the region. The expansion will include five standalone Eleventy stores, the regional debut of Corneliani, and the first Poltrona Frau store outside the UAE in Saudi Arabia. Fahed Ghanim, CEO of Majid Al-Futtaim Lifestyle, said: 'In a region where customers have an abundance of choice, our ambition is to curate a portfolio of luxury brands that offer something truly distinctive. By introducing brands like Eleventy, Corneliani, and Poltrona Frau, we are bringing new dimensions to the luxury market — combining timeless craftsmanship with modern sensibilities that resonate with the refined tastes of our customers.' He added: 'At Majid Al-Futtaim, our work with luxury brands has been deeply rooted in THAT Concept Store, which has been instrumental in identifying and nurturing brands with the potential to thrive in this market. Eleventy's journey, from its initial shop-in-shop to standalone stores, is a testament to how we test, scale, and grow global luxury brands. This strategic approach allows us to continuously evolve the luxury retail experience, delivering fresh, distinctive offerings that resonate with our customers.' The five standalone Eleventy stores opening in key locations this year include Solitaire Mall in Saudi Arabia, Mall of the Emirates, Marsa Al-Arab, which all open this month, with Dubai Mall and The Grove in the UAE to follow later in the year. This growth builds on Eleventy's successful presence in the region, which includes a shop-in-shop at THAT Concept Store, a pop-up at Mall of the Emirates, and its first standalone location in Marina Mall Abu Dhabi, which opened in November 2024. Majid Al-Futtaim is further strengthening its partnership with Poltrona Frau, the iconic Italian luxury furniture brand, by introducing its first store in the region outside the UAE at Centria Mall, Riyadh, in May. Poltrona Frau achieved remarkable success in 2024, with its revenue increasing fivefold following the launch of its second UAE store at Mall of the Emirates Italian luxury menswear brand Corneliani also made its regional store debut in April at Solitaire Mall in the Kingdom. Corneliani is one of Italy's oldest independent luxury brands, renowned for its meticulous craftsmanship and presence in more than 70 countries. Marco Baldassari, co-founder and menswear creative director at Eleventy, said: 'Eleventy's philosophy of understated elegance and commitment to sustainability resonates strongly with the sophisticated Middle Eastern consumer. We are excited to strengthen our partnership with Majid Al-Futtaim, whose visionary approach to luxury retail is shaping a new vision with a growing focus on customer needs. Together, we aim to redefine luxury retail by offering timeless craftsmanship, sustainable practices, and innovative experiences.' Nicola Coropulis, CEO of Poltrona Frau, said: 'Since partnering with Majid Al-Futtaim more than two years ago, we have focused on strategic growth and elevating the customer experience across the region. The revitalization of our flagship store in Jumeirah and our successful debut at Mall of the Emirates have been key milestones in our journey. We are now excited to bring this momentum to the Kingdom of Saudi Arabia with our first store in Riyadh, further solidifying our presence in the GCC and expanding our reach in this dynamic market.' Majid Al-Futtaim's expansion in luxury retail builds on a record-breaking 2024, which saw a 26 percent increase in revenue across its portfolio and a 31 percent surge in digital sales. The year also marked the opening of 17 new stores across the region, bringing the total to 87 stores, including flagship locations for brands such as lululemon, Psycho Bunny, Shiseido, Crate and Barrel, and CB2, alongside 27 e-commerce platforms. Looking ahead, 2025 is set to be another milestone year for its lifestyle business, with plans to open 30 new stores across the region, including seven in Saudi Arabia — a key priority market for the group.
