Alhokair (Saudi Arabia) Signs Franchise Agreement with Fnac Darty (France)
11 May 2021 - Fawaz Abdulaziz Alhokair Co, the Saudi-based franchise retailer, has signed an agreement with European electronic and cultural retailer, Fnac Darty to expand into the Gulf kingdom.
Set to open its doors in 2022, the first Fnac store in Saudi Arabia will showcase multi-brand consumer electronics, household appliances, stationery, books, cultural and lifestyle products.
Globally, Fnac Darty operates 908 stores, including 346 franchises around the globe. Last year, the company reported global revenues of over $8.9 billion, with online sales accounting for 31 percent of Group’s turnover.
Fnac Darty’s franchise deal with Alhokair is the first move into the Saudi market, a statement said.
Marwan Moukarzel, CEO of Fawaz Abdulaziz Alhokair Co, said: “This strategic partnership with a leading retailer of the calibre of Fnac Darty is perfectly in line with our objective to diversify our brand portfolio and drive sustainable growth.
"The European retailer’s strategic focus on building a strong customer base with evolving experiences around electronics, multimedia and lifestyle categories, is a major milestone in Alhokair’s journey to become the lifestyle retail partner of choice in Saudi Arabia.”
Enrique Martinez, CEO of Fnac Darty, said: "We will share our expertise and passion for technical and cultural products and team up to build the best enriched proposition for Saudi customers... This deal is a great opportunity for our Group, for our partner and for future customers."
The collaboration comes at a time when post-Covid-19 recovery is led by surging demand for electronics such as tablets and laptops. Moreover, an increase in at-home electronics purchases is fueled by businesses and educational institutions offering flexible remote working and learning solutions.
Alhokair operates more than 1,800 retail stores across 12 countries. Its portfolio comprises more than 90 international and local brands in fashion, beauty, sports, multimedia and food and beverage.