Saks Fifth Avenue Group, the US-based retail giant of fashion apparel, accessories, cosmetics and home furnishings, has announced the inauguration of its regional office in Dubai. The office will provide logistic support for the company's headquarters and store to be opened in Riyadh, Al-Sharq Al-Awsat Daily reported.
The group, owned by the Saudi tycoon, Walid ben Talal, decided to open its first branch outside America, taking into account the potential demand for its products in Saudi Arabia. Mr. Philip Miller, the Group President stated "The group's outlet in Saudi Arabia will spread over 30,000 square metres. It will consist of two floors, one of which will be dedicated to women." He added that the selection of Riyadh was finalized following extensive studies conducted by the group about the Saudi market. Mr. Miller expressed his hope that the recent decision by the Saudi authorities to allow tourists to enter the kingdom would provide Saks Fifth Avenue with an added boost. Mr. Miller predicted that perfume sales would capture a total of 20 percent of the Riyadh outlet turnover.
Since becoming public in 1987, Saks has experienced substantial growth. The company now operates in 358 stores in thirty-nine US states.
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