Majid Al Futtaim has announced a strategic partnership with Poltrona Frau, a century-old Italian luxury furniture brand. As part of the deal, the company acquired the rights to Poltrona Frau products in the UAE.
Founded in Turin, Italy in 1912, the company is known for its 21-step tanning process that creates durable, long-lasting leather products.
The brand’s leadership in world leather production led to the coining of the term “Poltrona Frau leather”. His handiwork has been featured in world-class museums, hotels, theaters, embassies, travel halls, airline interiors, as well as custom upholstery for automotive giants such as Ferrari, Maserati, Alfa Romeo and Land Rover.
With this strategic development, the prestigious Italian brand will see a new chapter of growth. The Italian brand currently has 15 flagship stores, 165 single-brand stores and around 280 multi-brand stores across five continents.
The company’s revenue rose 20 percent in 2022 compared to 2021, driven by strong growth in the brand’s residential units and a strong recovery in community projects.
Upcoming plans for the brand
Fahed Ghanim, CEO of Majid Al Futtaim Lifestyle, said: “This partnership supports our strategy of geographic and brand expansion at a time of double-digit year-on-year growth and aims to accelerate our journey to transform the customer experience in the region. with strategically demanding brands continuously looking for unique diversification opportunities to complement our existing portfolio. The partnership with Poltrona Frau is a testament to that pioneering spirit and we look forward to an exciting journey to build the brand’s market share.”
Tthe company will open a Poltrona Frau flagship showroom at the Mall of the Emirates later this year. In addition, the brand’s existing Jumeirah store will be inspired, expanded and transformed by the Poltrona Frau Via Manzoni showroom.
Nikola Koropoulis, CEO of Poltrona Frau The partnership is the first step in a journey to strengthen Poltrona Frau as a premium luxury lifestyle brand in the UAE and the Middle East, providing the most elite customers with exceptional home, office and public space solutions. about excellent quality and service.”
He added: “We believe that Majid Al Futtaim’s vast Lifestyle ecosystem, his ability to interpret the true spirit of the brand and ultimately their people will help us take Poltrona Frau to the next level and accelerate our growth strategy in the region.”
Suitable for further growth
Majid Al Futtaim Lifestyle is well suited to meet this expectation. The company has eight leading franchise brands, two homegrown brands, more than 70 stores and 18 online platforms across the GCC in fashion, home, multi-brand, retail and beauty. Over the past five years, the company has revamped its portfolio strategy and achieved milestones including year-over-year growth, double-digit growth, and more than $217 million in sales in 2022 alone.
With the acquisition of new brands and an ambitious plan until 2023, the company is well positioned to meet future demand using its growing portfolio and omni-channel capabilities, said Majid Al Futtaim, director of Lifestyle.
In recent news, Ahmed Galal Ismail Majid has been appointed as the CEO of Al Futtaim Holding. He replaces Alain Beijani, who held the position for eight years.
Read: Majid Al Futtaim Holding appoints new CEO