Chalhoub Group merges
with Pearl Brands locally
Deal will allow the opening of five new stores
Dubai-based retail group, Chalhoub Group, merged its local operations with local retailer Pearl Brands, a joint press statement announced on Thursday.
Chalhoub Group had bought half of Pearl Brands’ shares. The capital of Pearl Brands is LL3.5 billion, according to the Commercial Register.
“We believe that if we join our efforts, we can bring in new concepts, make new investments, and reduce our costs, because the infrastructure is available,” said Ghassan Jisr, CEO of Pearl Brands.
Pearl Brands has 20 stores for its brands: Zahar Kids, Secret Senses, Kids Around, CULTI, and a major investor and operator of 'WSPR' by Sylvie Saliba.
Chalhoub Group has ten local stores for its brands: Carolina Herrera, Michael Kors, L’Occitane, and Faces.
The 30 stores and almost 150 employees will now be under Pearl Brands’ direct management.
“We are already negotiating five new locations to open this year,” Jisr said. The merger will allow for new brands that are operated by Chalhoub Group outside to enter the market.
The merger is an even partnership between Pearl Brands and Chalhoub Group. Chalhoub Group had a local representative office but was never aggressive in the local market. Pearl Brands was founded in 1935 and was previously known as G. Zahar & Co.
“Chalhoub Group put its faith in me because I started my retail career with them and was responsible for starting their operations in the market,” Jisr said.
Chalhoub Group is one of the largest retailers in the Middle East, with presence in 14 countries, over 600 retail stores, and distribution and ownership of several brands. Distributed brands include Christian Dior, Louis Vuitton, and Saks Fifth Avenue. Owned brands include Wojooh, Tanagra, and Katakeet.
Reported by Yassmine Alieh
Date Posted: Mar 28, 2019