Sales at luxury clothing brands managed by BinHendi Enterprises, one of the biggest and oldest retailers in the Emirates, helped the group achieve double-digit growth across the board this year.
Luxury brands dress up BinHendi expansion
BinHendi Enterprises, one of the biggest and oldest retailers in the Emirates, recorded double-digit growth across the board this year.
The group, which is the local partner or franchisee for a number of luxury fashion brands and food and beverage outlets, registered a "healthy" 15 per cent growth on average throughout 2012.
"I am saying that in a very conservative way," said Mohi-Din BinHendi, the president and founder of the group since it was founded in 1973 in Dubai.
"In some places we have hit 20. The malls in Dubai have really helped us. Dubai is really an exciting place. It's attracting a lot of people from all over the world."
BinHendi has a diverse portfolio, which includes Graff jewellers and money transfer company Federal Exchange, but clothing brands have done particularly well this year, he said.
Hugo Boss is the company's biggest clothing brand. But BinHendi also acts as a partner or franchisee for others including Brioni, Zilli and Ermanno Scervino, a luxury Italian label it introduced to the Emirates this year.
"There's something in the pipeline which I cannot say now about because it's not confirmed as yet. It's fashion again. It is well known but they are yet to open their first store in London, which they are doing at the end of 2012," said Mr BinHendi.
The company is also looking to introduce a restaurant to the UAE from outside of the GCC, he added. BinHendi currently operates a range of food and beverage outlets in the UAE, including Japengo Cafe and Second Cup.
The end of 2008 and beginning of 2009 at the start of the slump was "bad," according to Mr BinHendi, but the group posted growth of around five to seven per cent in 2009. In both 2010 and 2011 the company recorded growth of around 10 per cent.
The upward trend is expected to continue next year.
"[Next year] will be a little higher than 2012, definitely. The banks are relaxed. They are lending more money. Real estate has gone up. Rents have gone up," said Mr BinHendi.
"It's an indicator that there is prosperity. Secondly I think it is an indicator that investors have regained their confidence in Dubai."
So does that mean the good times are back?
"Almost," he said.