Business & Money | Sunday 26 February, 2017 8:04 am |

 

The acquisition is part of the company’s aggressive expansion plans

 

National menswear retail trade in the GCC states amounted to AED10b in 2016

 

Bait Al Kandora, the country’s fastest growing brand specialising in designing and producing national menswear in the UAE in-line with modern, world-class quality standards, has announced its definitive agreement with HBS Investment, a leading investment firm. The agreement states that HBS Investment has hereby acquired a 25% stake in Bait Al Kandora, thus becoming the second largest shareholder.

The agreement was a culmination of Bait Al Kandora’s great achievements since its establishment 18 months ago. During this time, the company has surpassed major milestones, primarily the opening of four branches in major areas, atop of which comes Dubai Mall’s Galeries Lafayette, the multistory upmarket French department store. The company is set to open new branches locally and regionally over the coming period.

In addition, Bait Al Kandora boasts its Sandal collection of the notably Pakerson, a renowned brand of Italian handmade in Florence. Bait Al Kandora is known for its interactive website and phone application, which provide a first-of-its-kind service that features the latest digital facilities to take measurements and guide clients through an easy step-by-step ordering process. Furthermore, Bait Al Kandora’s vision for an exclusive Emirati menswear store experience includes the option for clients to request a representative from the company to visit them at home or in the office to assist with the ordering process. Therefore, the client’s experience is comparable to international brands as it is and empowered with technology to serve the customer around the clock.

HBS Investment, is a private company has multiple investment streams, including hospitality, real estate, investing in stock exchanges, alternative energy, technology, apparel and trademarks fed by sophisticated electronic services, like Bait Al Kandora.

HBS Investment is supported by the Al Shamsi Holdings which was established in 2000, and focusing on fashion retail in the GCC. The company represents global brands Okaidi Obaibi, Vincci, Parfois, Desigual, Scotch & Soda and Tati. Equipped with a sound financial and business infrastructure, Al Shamsi Holdings is regularly in pursuit of expansion opportunities across the Middle East. The family owned company has a well-established retail network that effectively provides its current brands with a suitable platform to continually develop and perform above and beyond expectations. Al Shamsi Holdings currently operates over 70 stores in the GCC, employing over 500 multinational staff.

Khaled Al Huraimel, founding partner of Bait Al Kandora, expressed his pride regarding the new partnership with HBS Investment. “It goes without saying that such partnerships reflect positively on all parties concerned and empower the private sector to play an eminent role in strengthening domestic trademarks.”

HBS Investment’s long history in the industry will definitely consolidate Bait Al Kandora’s growth plans at the local, regional and global levels, added Al Huraimel. He stressed that his company will benefit from HBS’ extensive marketing experience in its ambitious expansion plans to tap into new markets in the country and across the Gulf region by opening new branches or seizing franchise business opportunities.

On his part, Hadef Al Shamsi, Founder and Chief Executive Officer of HBS Investment, expressed his satisfaction with the new partnership. He said: “We are delighted with such a fruitful partnership, which comes with one of the most successful trademarks in the UAE. We are positive that the Bait Al Kandora trademark will boast a distinguished position in its area of expertise, regionally and internationally.”

Al Shamsi added, “The apparel and garment retail trade in the country has been reporting rapid growth over the past period, owing to sustained population growth and the high number of visitors as a direct result of the boom in tourism. This has placed the UAE on top of world’s sought-after business and tourist destinations.”

The national menswear retail trade in the GCC states amounted to AED 10 billion in 2016, with the UAE alone accounting for AED 2 billion. This amount is expected to gain more ground in the booming market during 2017.

Since its establishment, Bait Al Kandora has quickly risen to become a unique Emirati and Gulf designer menswear brand in the UAE and a market leader in experience, quality, style, workmanship, service, and most importantly, preserving the country’s time-honoured heritage, values and traditions in unison with the world’s latest haute couture lines.

Today, Bait Al Kandora offers its customers a unique experience unlike any other kandora or Emirati men's clothing business in the UAE. It has four branches: Souk Al Bahar in Downtown Gallery Lafayette, Dubai Mall, Souq Al Shanasia in Sharjah, and Fujairah Mall.