Bang & Olufsen, the Danish producer of audio and video equipment, is forging ahead with a Middle East expansion program. The company plans to operate 20 standalone mono-brand stores within the next three years.
“We recently opened a Middle East office in Dubai and we want to be highly visible in the region by next year. Within two to three years, we’re expecting a 30 percent annual sales growth with a turnover of around $10 million,” said Torben Ballegaard Sørenson, who recently took over the helm of the $500 million company as CEO and President
Ramesh Prabhakar, CEO, The Rivoli Group, Bang & Olufsen’s Master Dealer in the Gulf and Egypt said “We’re expecting each store to achieve targets of one million dollars to $1.5 million. The GCC and Egypt are our key markets in the region for the moment, while phase two will cover peripheral countries.”
Founded in 1925, Bang & Olufsen has 430 mono-brand stores worldwide. Bang & Olufsen currently operates three branded stores in Saudi Arabia, and one each in Bahrain, Kuwait, Qatar, the UAE and Egypt, with new outlets opening in Muscat and Abu Dhabi shortly.
The Rivoli Group is one of the largest importers and retailers of luxury brands in the Middle East offering a wide range of product categories from watches and writing instruments to menswear, accessories, gift items and eyewear. — (Mena Report)
© 2001 Mena Report (www.menareport.com)
