The Dubai-based Paris Gallery plans to open five new stores in Iraq over the next three years, according to a report from Gulf News.
Randa Al Akkad, the head of franchise at Paris Gallery, said the first store is scheduled to open in Baghdad in 2013, with another two in Erbil and one in Basra by 2015.
Mohammad Al Fahim, chief executive of Paris Gallery, told Gulf News: “The Iraq market has always been one of the biggest markets in GCC and with the most potential.”
The deal is a franchise agreement with the Baghdad-based Al Handal International Group. Its chief executive, Mohammad Al Handal, said that a 10 per cent annual rise in salaries has meant that consumers have more income to spend on luxury products.
With fake products, especially perfumes and cosmetics, flooding the Iraq market, it will be an opportunity for Paris Gallery to enter with original brands, he added.
Al Handal Group is also negotiating other tie-ups with UAE companies in the fashion, manufacturing and food and beverage industries, he said, but would not disclose the details until the deals were signed.
(Sources: Gulf News, Khaleej Times)