Giordano Middle East announces strong growth in 2002
Executive Director, Ishwar Chugani, says growth in the first three quarters of 2002 is up 16% in what he described as "difficult trading conditions".
Giordano Middle East, which claims to be the region's leading casualwear retailer has announced a 16 percent growth in business for the first three quarters of 2002. Executive director Ishwar Chugani described it as "a solid performance in difficult trading conditions." At a news conference in Dubai he estimated the full-year turnover at around 100 million dirhams.
Following from this performance he said the company was looking to achieve between 18 and 20 percent in each of the following three years. The challenge in the next few years will be to maintain sales in existing stores while achieving growth through the opening of new outlets.
Giordano now has 56 stores and 350 staff in the Middle East, adding six of the new outlets during the current year. Chugani's target is to open 100 stores in the region by 2006, which will make it the largest casualwear retailer in the region. He said, "Rapid sales and operational growth in the region is an indication that the economy of the Middle East is strong and that customers have a definite need for the simple apparel for which Giordano is renowned."
The company, which boasts that it has never held a sale, puts its current success down to a pricing structure beased on volume rather than mark-up, and on innovative marketing and advertising. It was the first to use bridge banners in the UAE and the first clothing company to brand 60 municipality buses with its image in Dubai.