UAE based Cosmos ITL Group, counted among the oldest privately-owned businesses in Dubai, intends to make a foray into branded textiles and apparel retail segment.The company will invest an estimated Dh50 million to Dh100 million, in association with a well-known Indian brand, to open retail outlets in Abu Dhabi, Sharjah and Dubai.
At present, around 60 percent of the Group’s revenue comes from its textiles business, which is the main factor behind the company’s decision to opt for a direct retail presence.
The UAE textiles sector is currently passing through a growth phase owing to demand from both the domestic as well as major re-export markets. This is also aiding the decision of some wholesalers to diversify into retail to get maximum leverage.
Cosmos started as a departmental store in Dubai in 1960, opened by the ITL Group. Subsequently, the company acquired sole distribution rights for products that had a history and quality attached to them. The firm promotes its products through an outstanding network of over 500 authorized dealer outlets as well as Cosmos showrooms across UAE.
Fibre2fashion News Desk - India
