Dubai-based retailer Paris Gallery has revealed that its business is roaring and record sales were achieved in 2012 because of a growing interest in designer perfumes.
Compared to 2011, its revenue and net profit rose by 43 percent and 13 percent, respectively, in 2012. Company sources suggest that it now enjoys an annual turnover of about USD 1 billion worth of perfume, cosmetics and luxury goods. Perfumes account for more than half of the company’s sales, while watches and jewelry make up 27 percent of the total figure. Fashion (10 percent), eyewear (6 percent) and accessories (5 percent) comprise other revenue generating items.
The UAE remains the most important market for Paris Gallery in the region. With a majority of the company’s stores located in the emirate, more than half of the sales were generated in the country. The emirate was followed by Saudi Arabia, which accounted for 41 percent of sales. Qatar (7 percent) and Bahrain (2 percent) were other relatively minor markets for Paris Gallery.
Expressing his delight at the company’s performance, CEO Mohammed Abdul Rahim Al Fahim said that the company had been growing steadily each year since 2009. He said that, “consumers are looking for uniqueness, are more discerning and have a good idea of what they are looking for. Over the recent years there is a trend with men who have become increasingly involved in looking after their skin and this trend on men’s skincare is increasing significantly.”
The company plans to open several new stores this year, including in Ras al Khaimah, Muscat and Salalah in Oman. Paris Gallery will be opening the first of its planned five stores in Iraq to spread its footprint outside the Gulf. The company is also expected to expand into Azerbaijan and South Africa. With the luxury retail industry, particularly for fragrances, growing at a rapid pace, the company also plans to improve its range of services, products and quality.