Richard Branson’s move to sell the UK and Irish Virgin Megastore will have no effect on its Middle East operation, it was announced on Tuesday.

A statement said the move will have no impact on the local and regional business, as it is a franchised operation owned by the Lagardere Group, the French media company.

All Virgin Megastore branding in the Middle East will remain intact, it said. However the 125 UK and Irish outlets will be re-branded in line with the recent management buyout.

In 2001, the Virgin Megastore worldwide was split between the Virgin Group and the Lagardere Group. The Virgin Group kept the UK, Ireland, USA and Japan outlets while the Lagardere Group obtained the shops in France and travel retail locations globally including Australia, China, Greece, Middle East and North Africa.

Virgin Megastore is currently the largest entertainment retailer in the Middle East region, with more than 60 per cent share of the market, the statement said. It employs more than 700 people regionally, receives an average of 15,000 customers daily and operates a total of nine retail stores in the UAE, Kuwait, Qatar, Egypt and is set to open two new outlets in Jordan and Sharm El Sheikh in September and November of this year respectively, it added. – TradeArabia News Service