Looking at Landmark
Kipp takes a closer look at Dubai-based Landmark Group, one of the region’s largest and fastest growing retail operations.
October 11, 2010 3:02 by Eva Fernandes
It came as no surprise to hear that Dubai-based group Landmark plans acquisitions worth around $1 billion over the next year, given that its announcement followed immediately the reports that Thomas Reuters has ranked the UAE as the most acquisitive Middle Eastern country. But in fact, the announcement would have come as no surprise anyway, even in these trying times, as the group has been in and out of the business section of local newspapers all this year with news of the acquisitions, awards, openings and launches. Well they finally got our attention; this week Kipp takes a closer look at one of the region’s largest and fastest growing organizations.
Founded in 1973 in Bahrain, the Landmark Group is one of the largest retail organizations in the region, operating over 900 stores in the Middle East, India, Egypt, Turkey, Yemen and Pakistan. Boasting of a turnover in excess of $3.2 billion, the group has more than 13.4 million sq. ft. of retail space and a team of more than 31,000. Some of the 16 retail brands the group currently boasts include Centrepoint, Baby shop, Splash, Lifestyle, Iconic, Max, and Home centre. And with the opening of Oasis Centre the group also ventured into mall management. According to Chairman Micky Jagtiani, quoted in the National, the organization has been growing at the incredible rate of 25 percent per annum.
With expansion plans that can only be described as aggressive, the Landmark group has recently announced the future acquisition of three companies in deals worth a total of $1 billion that will be completed in the coming year, and a $150 million (Dh550.8 million) expansion across the Middle East to take place in the next three years, according to the National.
Most recently (and publicly), the group acquired the local franchise of the largest privately owned health club group in the world, Fitness First, from Saudi group Alhokair Group. Landmark absorbed all of the 16 Fitness First outlets in Bahrain, Qatar, Jordan, Saudi Arabia and the UAE (which has 11 branches of the franchise), according to Emirates 24-7.
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