Bait Al Kandora, the Dubai-based menswear clothing designer, has announced an agreement with HBS Investment to sell it a 25 percent stake, thus becoming the second largest shareholder.
The agreement comes after Bait Al Kandora opened four branches in the city and plans to expand further, a statement said.
HBS Investment is supported by Al Shamsi Holdings which was established in 2000, and focuses on fashion retail in the GCC. The company represents global brands Okaidi Obaibi, Vincci, Parfois, Desigual, Scotch & Soda and Tati.
Al Shamsi Holdings currently operates more than 70 stores in the GCC, employing over 500 staff.
Khaled Al Huraimel, founding partner of Bait Al Kandora, said: “It goes without saying that such partnerships reflect positively on all parties concerned and empower the private sector to play an eminent role in strengthening domestic trademarks.
“HBS Investment’s long history in the industry will definitely consolidate Bait Al Kandora’s growth plans at the local, regional and global levels,” he said, adding that the company aim to tap into new markets by opening new branches or seizing franchise business opportunities.
Hadef Al Shamsi, founder and CEO of HBS Investment, said: “We are delighted with such a fruitful partnership, which comes with one of the most successful trademarks in the UAE. We are positive that the Bait Al Kandora trademark will boast a distinguished position in its area of expertise, regionally and internationally.”
Al Shamsi added: “The apparel and garment retail trade in the country has been reporting rapid growth over the past period, owing to sustained population growth and the high number of visitors as a direct result of the boom in tourism.”
The menswear retail trade in the GCC amounted to AED10 billion in 2016, with the UAE alone accounting for AED2 billion, he said.