Tesco signs Saudi franchise for F&F clothes
London, January 17, 2012
Tesco, the world's No.3 retailer, announced a franchise deal with Fawaz Abdulaziz Al Hokair & Co, the largest owner of shopping malls in Saudi Arabia, as part of a drive to transform its F&F clothing range into an international fashion brand.
The British supermarket group, which currently sells F&F in 11 markets, said on Tuesday it was looking for franchise partners in other countries as well.
'The franchise model is a natural extension of the work we have been doing to turn F&F into a truly global fashion brand,' said F&F International Chief Executive Jason Tarry. 'Now we have the opportunity to grow our brand further in markets where Tesco does not have a presence.'
The group, which issued a shock profit warning last week, is looking to build a number of international brands to appeal to more aspirational shoppers, including Technika in electronics and Parioli in Italian foods. – Reuters