Dubai: Fashion retailer Marka is in talks and planning to do some acquisitions in the hospitality sector soon after acquiring retail locations, its chief executive told Gulf News.
The company recently acquired premium retail locations including second phase of Meraas Holding city Walk and Yas Mall in Abu Dhabi.
“More announcements are planned soon, especially in the hospitality sector,” Nick Peel, chief executive officer of Marka told Gulf News. “The company is pursuing an ambitious growth strategy with a balanced combination of operating franchise agreements with leading brands and unique hospitality concepts developed with globally renowned partners.”
Marka said it is “in constant contact with brands from all over the world, with a goal of bringing the most innovative concepts that are in step with the latest retail trends and customer taste and expectations.”
The company said on Wednesday it plans to open four retail outlets in Dubai next year. The company was recently named as the exclusive franchise operator for 5 international brands. It expects to open its first store by early of 2015 and more than 35 stores by 2020.
Priority location:
As the UAE establishes itself as an important fashion hub, global brands are recognising it as a priority location and are seeking locally based retail partners, Marka said.
“The company’s success to date demonstrates the desire that many successful, established brands have to work with a publicly traded operator like Marka,” Peel said.
Marka’s IPO was the first one since 2005 followed by Emaar Malls Group. The Dubai Financial Market expects at least two more IPO’s before the end of the year excluding Amanat, while the Abu Dhabi Securities Exchange sees at least two companies may get listed by this year.
Shares of Marka traded steady at Dh1.26 in a weak Dubai market.
