A growing interest in designer perfumes helped Dubai-based retailer
Paris Gallery experience another record year of sales in 2012, the company said.
The family-owned business said its revenue increased 43 percent in 2012 compared to 2011, which was also a record. Net profit rose 13 percent.
The company would not reveal the value of the sales but it is estimated it turns over more than US$1 billion worth of perfume, cosmetics and luxury goods.
Perfume made up more than half of the company’s sales, while watches and jewelry accounted for 27 percent, fashion 10 percent, eyewear 6 percent and accessories 5 percent.
Half the sales were in the UAE, where the majority of the company’s stores are located, including its flagship outlet in Dubai Mall.
Saudi Arabia was also a large contributor, with 41 percent of sales, while Qatar (7 percent) and Bahrain (2 percent) made up the remainder.
Paris Gallery CEO Mohammed Abdul Rahim Al Fahim said the company had been growing each year since 2009.
It expected to open several new stores this year, including in Ras al Khaimah, Muscat and Salalah in Oman, and the first of its planned five stores in Iraq – the first time it has spread outside the Gulf.
Al Fahim said he also had signed a deal to expand into Azerbaijan, where he envisaged four to five stores, with the first in the capital, Baku.
He also has revealed to Arabian Business he is in talks to open two stores in South Africa, which would be the company’s first outside the Middle East.
Al Fahim said the luxury retail industry was growing, particularly for fragrances.
“Consumers are looking for uniqueness, are more discerning and have a good idea of what they are looking for,” he said.
