Through the potential market entry, Primark is expected to reshape regional retail logistics and supply chain dynamics, while also reflecting a major shift for international fashion brands entering the market.
“We are incredibly proud to partner with Primark to discuss potential opportunities to bring their stores to the region, says John Hadden, CEO of Alshaya Group. “For many years, shoppers across the region have asked for Primark and we are looking forward to the start of a successful partnership to help bring their exceptional in-store experience to the GCC.”
The current expansion plan follows Primark´s recent emphasis on strengthening its international presence outside of Europe, where, the firm said, it continues to make good progress as well. For example, in the US, sales growth is expected to be a strong 25% in H2.
Despite the retailer´s overall sluggish second half, the outlook for adjusted operating profit in FY24 is unchanged. With a strong margin delivery in H2, it expects the adjusted operating profit margin for the full year to be a little over 11.5%.
