Rasasi plans GCC expansion
Rasasi is investing US$10.8 million in 40 news stores across the GCC by the end of 2007.
Rasasi, a UAE-based perfume manufacturer, is planning to open 40 new stores across the GCC by the end of 2007 in an investment worth more than AED40 million (US $10.8 million). While the company already has 60 stores in the region, giving it a 30%-35% share of the oriental fragrance segment in the GCC, the new outlets will consolidate Rasasi as a leading player in the Middle East fragrance sector.
Saleem Kalsekar, managing director, Rasasi, said: “Over the years, we have invested significant resources in the brand and the business and the retail expansion will strengthen our reach to the customer in an environment where our brand values get communicated effectively and with full force.
"The coming years are going to be exciting for us as we accelerate both our growth, volumes as well as our delivery channels. The retail expansion will give the brand a growth of 20-25% a year, against an industry growth rate of 10%.”
The expansion is expected to cost the company between AED40 million and AED50 million, funded from the company’s cash reserves. Rasasi’s products are sold through about 60 exclusive Rasasi showrooms and more than 1000 partner outlets across the Middle East.
Over the next few years the brand will gain a wider reach in the Gulf region, although the company confirmed to Retail News Middle East that it has no plans to open stores outside the GCC. Rasasi, which is headquartered in Dubai, was established in 1979. Its products are exported to more than 50 countries.