Majid Al Futtaim has opened a fifth branch of personal care retailer myli in Egypt’s Sheikh Zayed City.
Shoppers can find cosmetics, fragrances and skincare, hair and beauty products from nine local and international brands, including L’Oreal, Neutrogena, Nivea, Eva Cosmetics and Cleo Laboratories.
“We are honoured to be opening the fifth myli store in Egypt and the region’s first cluster of beauty concept stores,” said Philippe Penguilhan, country manager of Majid Al Futtaim’s operations in Egypt.
“This comes as part of our evolving mission to continuously provide our customers with a wide range of choices whilst shopping and delivering value through every experience.
“By prioritising the community in which we operate, Majid Al Futtaim Retail continues to expand on its investments in Egypt and remains dedicated to providing job opportunities for the Egyptian public.”
Majid Al Futtaim intends to open a sixth myli branch in Egypt before the end of this year and employ a total of 30 employees.
The expansion plans mark Majid Al Futtaim’s aims to invest EGP250 million into its Egypt operations by the end of the year, and EGP750 million by the end of 2025.
In June, Majid Al Futtaim opened Global Solutions Headquarters at Egypt’s City Centre Almaza.
Global Solutions aims to streamline the group’s business model to better connect with more partners and achieve the company’s growth and development objectives with the benefit of Egypt’s locale.
Global Solutions manages and is the hub for business plans, export services, finance, human capital, information technology, technology implementations, procurement and government relationships across Majid Al Futtaim’s active companies and offices in 17 countries.
Egypt’s retail market is estimated to grow at a compounded annual growth rate of five per cent, from its $200 billion value in 2020 to $254 billion in 2025, according to regional market researcher Middle East Economic Digest.
