Giordano posts ME growth of 18pc
Dubai, November 23, 2010
International clothing retailer Giordano announced better-than-expected results for its Mena markets for the first ten months of 2010, recording 18 per cent growth in the year to date.
This upswing has been driven by prudent inventory management, cost controls and expansion; and is supported by increased consumer demand for Giordano’s fashion essentials across its 190 stores in the region, a statement said.
Saudi Arabia was the fashion retailer’s strongest regional market, posting over 25 per cent sales growth, buoyed by the opening of new outlets in the cities of Qatif, Hofuf and Jizan, as well as the launch of concession kiosks in Red Sea Mall and Jamjoom in Jeddah.
The UAE witnessed sales marginally up in the year to date. The opening of a new flagship store at Mirdiff City Centre, outlet refurbishments and relocations all contributed to Giordano’s ability to sustain business and achieve some positive growth during the year, the statement said.
“This year has seen the brand expanding in key markets, which is yielding encouraging results. We are confident that we will end 2010 with a minimum 20 per cent growth over last year, with Eid and Christmas contributing positively to Q4 sales, putting us in a great position for 2011,” stated Ishwar Chugani, executive director, Giordano Fashions.
“Business right across the region only picked up after the first half of the year, overcoming the challenges of early-2010.”
“With a more stable business environment and consumer confidence returning, we now plan to open at least 15 new stores in the region next year and are investing in refurbishing our existing stores from now till 2011,” Chugani added.
In addition to expansion plans and refurbishing stores, Giordano will also boost its product lines in the region with Giordano Junior, BSX, Giordano Ladies and Concepts One (men’s line) offering more fashion choices for customers.
Giordano has a global presence of over 2,200 stores. It will also launch its online shopping portal in 2011.-TradeArabia News Service