Azadea expands into Ghana and Cyprus
Retailer is already present in 13 foreign markets
Local retailer Azadea will be branching out to Ghana and Cyprus next year.
Azadea is the authorized agent for a large retail portfolio including brands such as Zara, Mango, and Bershka, along with F&B concepts such as Paul and Columbus café.
“We love to tap emerging territories, and underserved markets. That’s why we saw great potential in Ghana,” said Said Daher, Group CEO. According to him, although African markets are volatile due to instabilities and unpredictable incidents, investing in them is worth the risk and could bring high profits.
“Cyprus also has high potential for brands such as ours, but the implementation there will be tougher and will require more caution, due to the shaky financial state in the country.”
Azadea will be opening two or three stores in each market as a pilot phase. Later, all the company’s brands will gradually find their way into these markets. Investment in each country will not exceed $2 million in the first phase.
The Beirut-based company already operates in 13 foreign markets: Algeria, Egypt, Iraq, Jordan, Kazakhstan, Bahrain, Saudi Arabia, Kuwait, Pakistan, Qatar, Oman, Turkey, and the UAE.
Date Posted: Aug 02, 2013