On April 5, Gulf Marketing Group, Dubai-based global wellbeing retail company, acquired Geant’s 18 UAE stores and the rights to their operations.
The acquisition of the grocery retailer, a subsidiary of French retail giant Groupe Casino, marked GMG’s entrance into food retail.
“This acquisition is a milestone in our history as we venture into the food retail category,” said Mohammad Baker, deputy chairman and CEO of GMG.
“In doing so, we are able to cover the entire consumer journey from food manufacturing and distributing to retail.
“Moreover, the diverse portfolio of Groupe Casino’s supermarket brands will allow us to cater to all categories of consumers, from the price-conscious to those desiring more premium and specialty products,” Mr Baker said.
The decision was driven by Geant’s brand image and alignment with GMG’s wellbeing mission, a spokesperson for GMG said.
“The Geant brand is known for its strong commitment to environmental sustainability and promoting a positive and cohesive community lifestyle.
“GMG believes this acquisition complements its current food portfolio and ambitions in the food sector. Within the food industry, GMG is committed to adding value to the food economy through producing locally and supplying its customers with fresh and nutritious offerings.”
GMG recently restructured its verticals to include GMG Sports, GMG Food, GMG Health and GMG Consumer Goods, the latter covering its operations of Geant.
The acquisition complements GMG’s commitment to wellbeing and continued growth of its sustainable food brands Farm Fresh and Klassic.
“Our acquisition comes at a time when the Middle East’s food economy is undergoing a major transformation,” Mr Baker said.
“Consumer preference has shifted to locally sourced food items and sustainable food options, while governments are simultaneously exploring ways to enhance food safety and promote food security in line with their national development visions.
“In the coming years, our intention is to cover the entire food consumption chain from farm to fork.”
GMG plans to manage more of Groupe Casino’s grocery brands, expand French grocer Franprix’s local operations and introduce French retail chain Monoprix to the country.
With its recent acquisition of Geant stores, GMG’s workforce amounts to 700 employees, a progression towards their goal to double their workforce by 2025.
