"Gulf Franchising Company Announces Signing of Master Franchise Agreement with"
Monday, November 27, 2006 – Mr. Ahmad Sadoon Al-Yaqub, Chairman and Managing Director of Gulf Franchising Company (GFC) and Mr. Marco Ferrone, Chairman of Laltramoda signed a master franchise agreement appointing GFC as sole exclusive Master Franchisee for Kuwait, UAE, Saudi Arabia, Qatar, Bahrain, Iran and India.
The appointment of GFC is part of an international expansion plan by Laltramoda to enter the prosperous fashion retail markets of the Gulf region, the world’s 17th largest economy, said Mr. Ferrone. There has been significant demand from the Gulf shoppers in Laltramoda brand as main line targeting sophistatcated mature modern women in addition to Compagnia Italiana, a younger line addressing the age group of 20 to 30, it said. Under the terms of the agreement, GFC will devotedly market and sub-franchise Laltramoda within the exclusive franchise territory as give above.
“This is the latest in a series of strategic franchise expansion plan by GFC to target renowned international fashion retail brands throughout the region. GFC has a strong and successful track record for managing diverse franchise-driven concepts and we are delighted that we will be representing and promoting Laltramoda in such important and profound market," said GFC chairman Mr. Al Yaqub. "We have already witnessed considerable interest in European brands in the Gulf and the new agreement will help to build on this foundation for us."
“Gulf region is stimulated by continued economic growth where it is investing about US$ 65 billion in the mall development,” Said Al Yaqub. “Currently, there are about 500 shopping malls under construction where this gives us a clear indication about the upward trend and strong demand for the development of new and existing international brands”.
Commenting on this new partnership, Al Yaqub said: “with more than 120 plus stores, shop-in-shop and concession arrangements in 10 countries, Laltramoda is a national Italian leader in introducing different collections that conjugate the characteristics of quality and haute couture detail, with a strong appeal of research and innovation. The design portrays a quality, active and lifestyle wear that can be exposed as casual outdoor or modern job clothing.