Majid Al Futtaim Lifestyle expands into luxury home category

Majid Al Futtaim has announced a strategic partnership with the century-old luxury Italian furniture brand Poltrona Frau to expand its operations to luxury home category.

Addressing a select media officials, the top officials at the leading retail, shopping mall, communities, and leisure pioneer across the Middle East, Africa, and Asia, said Majid Al Futtaim Lifestyle has acquired the rights to Poltrona Frau products in the UAE, marking its first entry into the Luxury Home category.

“We are thrilled to welcome Poltrona Frau’s Italian masterpieces into Majid Al Futtaim Lifestyle’s burgeoning collection of world class international brands. This partnership supports our geographical and brand expansion strategy at a time of recording year-on-year double-digit growth and is designed to accelerate Majid Al Futtaim Lifestyle’s journey of transforming the customer experience in the region," Fahed Ghanim, chief executive officer of Majid Al Futtaim Lifestyle, said.

Poltrona Frau’s worldwide expansion strategies have seen the brand become an internationally influential benchmark, boasting 15 flagship stores, 165 single-brand stores and around 280 multi-brand stores across the five continents. The Italian brand saw a 20 per cent year-on-year growth in revenue in 2022 due to a strong increase within the brand’s residential unit and a strong recovery of public projects.

"At Majid Al Futtaim, we continuously seek unique diversification opportunities that complement our existing portfolio with brands that require their own distinct strategies. The Poltrona Frau partnership is a testimony to that pioneering spirit and we look forward to a fascinating journey ahead as we build the brand’s presence in the market,” Ghanim said.

As part of Majid Al Futtaim Lifestyle’s expansion plans for Poltrona Frau, the company will bring the legacy of Italian excellence to some of the best shopping destinations in the region, including the opening of a Poltrona Frau flagship showroom in Mall of the Emirates later this year.

In addition, the brand’s existing Jumeirah store will be expanded and transformed, inspired by the iconic Poltrona Frau Via Manzoni showroom.

Nicola Coropulis, chief executive officer of Poltrona Frau, said the partnership with Majid Al Futtaim is the first step of a journey that aims to cement Poltrona Frau as the ultimate luxury lifestyle brand in the UAE, and the Middle East, and provide the most elite customers with exclusive solutions for their homes, offices and public spaces based on excellent quality and service.

"We believe Majid Al Futtaim Lifestyle’s vast ecosystem and its ability to interpret the true spirit of a brand and, ultimately, their people, will help elevate Poltrona Frau to the next level and accelerate our growth strategy across the region,” he said.

The expansion of Majid Al Futtaim Lifestyle compliments the group’s existing portfolio, which includes eight leading franchise brands, two homegrown brands and more than 70 stores across the GCC spanning fashion, home, multi-brand, specialty retail and beauty, as well as 18 online platforms.

Over the past five years, Majid Al Futtaim Lifestyle has refreshed its portfolio strategy and the business has hit countless milestones, including recording year-on-year, double-digit growth and registering more than $217 million in sales in 2022 alone.

With the new brand acquisition and an ambitious plan for 2023, Majid Al Futtaim Lifestyle is now well- positioned to address future demands by leveraging its growing portfolio and multi-channel capabilities.

— muzaffarrizvi@khalejtimes.com

• Business