BinHendi Group records growth in retail sales in 2013

Dubai

The BinHendi Group recorded a seven to nine per cent increase in retail sales in 2013, according to Mohi-Din Bin Hindi, the group’s President and Chairman.

The BinHendi Group’s portfolio includes retail brands Hugo Boss, Brioni and Billionaire among others. The group said it is benefiting from an improving economy, which continues to bounce back from the 2008/09 financial crisis.

While some analysts are cautious on increasing property prices, Bin Hindi said movement in the real estate market is sign of “situation looking healthy.”

The BinHendi Group will continue to expand this year, introducing “a couple of new brands in lifestyle and clothing,” Bin Hindi said but declined to name which brands he plans on bringing out.

He said the company will significantly invest in its restaurants as part of a refurbishment plan and that the company will raise capital needed for investments from international and local banks.

On the prospects of an IPO (initial public offering), Bin Hindi said there was “no chance” of that happening. He said he preferred to stay a privately owned company. He declined to comment on what the company current cash flow is or last year’s financial results.