AMIDT Group ties up with Okaidi, leading luxury French brand for children’s clothing Group to invest $ 15 million over a span of 3 years to expand its Middle East Operations
The AMIDT Group today announced its strategic tie-up with leading French brand for children’s clothing, Okaidi. It would invest $ 15 million over a span of 3 years in setting up stores and building the brand. The AMIDT group which has diverse business sectors will be opening up retail stores for Okaidi across the Middle East where they are not present. The business model will be through a franchise route for these retail stores.
Under this agreement, the AMIDT group will open 6 stores by the end of the first year and 12 stores by the end of the second year. The retail stores would be strategically placed in various Middle Eastern countries where Okaidi is not present. Okaidi, the French luxury brand, specializes in children’s clothing and provides a wide range of comfortable, creative, innovative, sustainable and contemporary fashion to over 52 countries in the world. After setting up operations in the Middle East the company plans to enter South Asia and India with their group company, I Retail.
Mr. Alireza Moghaddam, Chairman, AMIDT Group said, “Setting up retail outlets in strategic locations will give us a competitive edge in the Middle East market. With this tie-up, we will offer contemporary ranges of high-quality items at affordable prices. This will give a boost to the apparel industry and will offer a variety of trendy clothing for the younger generation.”
Mr. Feyruz, International business director, Okaidi said, “With this partnership, we are looking forward to expanding our business in the Middle Eastern countries. We are very focused on this association and will ensure a good business relationship with AMIDT Group.”
AMIDT group is a diversified conglomerate in the field of infrastructure, automobile components, retail, packaging, consulting and minerals and metals and with this tie-up, the AMIDT Group has ventured into the apparels business, adding one more asset in its diverse business sectors.