Dubai: BinHendi Enterprises, a Dubai-based conglomerate, expects to launch its own fashion brands this year, its president, Mohi-Din Bin Hendi, said on Monday.
The company, which is the master franchisee for coffee-shop chain Second Cup and Finnish fashion label Marimekko in the Middle East, is looking to introduce its own women’s and men’s fashion labels in Dubai first, followed by international markets.
“Why not? I know I can do it. There is a will and need for that. You have to do it in stages for the world to accept it … We’re in the infancy stages. A strong urge and intention [to launch the company’s own brands internationally] is there,” Bin Hendi told Gulf News at the opening of a new Marimekko store in The Dubai Mall.
The retailer has introduced more than 75 brands to the UAE, which are both franchised and company-owned. All of the brands it owns operate in the food and beverage (F&B) market.
Bin Hendi, which operates in India and the Gulf Cooperation Council (GCC), plans to expand in Saudi Arabia this year or the next, with new stores in Jeddah and Riyadh, as well as in Kuwait, Bahrain, Qatar and India.
“We want to be among the best retailers in the Mena [Middle East and North Africa] region — among the top 10. It’ll take three to four years [to reach that target],” Bin Hendi said.
The company will focus on expanding fashion brands, such as Marimekko, in addition to rolling out cafés and restaurants in the GCC. India and the UAE are the only markets where it operates fashion outlets. Bin Hendi is looking to launch F&B and fashion stores in India, where it introduced fashion label Hugo Boss.
“Everybody is in fashion today. If you look at the retail spend in the world, it’s huge,” Bin Hendi said.
While he declined to say the size of the investment going into the expansion, he said that 80 per cent of the funds will come from banks. Discussions with banks have not started, he said.
Bin Hendi was adamant that the company will not launch an initial public offering.
“No, never. I like to be the master of my destiny. I don’t want to work for any other people,” he said.
He declined to comment on the company’s profit and revenue this year. However, he said sales from its Dubai operations are likely to drop due to weakening oil prices, which have plummeted by nearly 50 per cent since June 2014. Fewer Russian tourists, who have trimmed their spending as the rouble fell by more than 40 per cent against the dollar last year, could the company’s bottom line.
