As part of the agreement, Majid Al Futtaim Lifestyle acquires the rights to Poltrona Frau products in the UAE.
CEO of Majid Al Futtaim Lifestyle, Fahed Ghanim, said: “We are thrilled to welcome Poltrona Frau’s Italian masterpieces into Majid Al Futtaim Lifestyle’s burgeoning collection of world-class international brands.
Mr Ghanim noted this partnership aligns with Majid Al Futtaim Lifestyle’s geographical and brand expansion strategy that aims to acquire and develop brands and assets in five core categories: fashion, home, multi-brand speciality, retail and beauty.
“At Majid Al Futtaim, we continuously seek unique diversification opportunities that complement our existing portfolio with brands that require their own distinct strategies. The Poltrona Frau partnership is a testimony to that pioneering spirit and we look forward to a fascinating journey ahead as we build the brand’s presence in the market.”
Founded in 1912 by Sardinian-born Renzo Frau in Turin, Italy, Poltrona Frau is an Italian furniture maker that has worked on the Dubai Opera and Louvre Abu Dhabi projects.
Since embarking on its worldwide expansion, Poltrona Frau has launched 15 flagship stores, 165 single-brand stores and around 280 multi-brand stores across five continents.
Last year, the Italian brand registered a 20 per cent year-on-year growth in revenue.
To promote the furniture brand, Majid Al Futtaim Lifestyle plans to open the Poltrona Frau flagship showroom at the Mall of the Emirates later this year.
In addition, the brand’s existing Jumeirah store will be expanded and transformed to resemble Poltrona Frau Via Manzoni showroom.
CEO of Poltrona Frau, Nicola Coropulis, said the partnership with Majid Al Futtaim is the first step of a journey that aims to cement Poltrona Frau as the ultimate luxury lifestyle brand in the UAE, and the Middle East, and provide most elite customers with exclusive solutions for their homes, offices and public spaces based on excellent quality and service.
“We believe Majid Al Futtaim Lifestyle’s vast ecosystem and its ability to interpret the true spirit of a brand and, ultimately, their people, will help elevate Poltrona Frau to the next level and accelerate our growth strategy across the region,” said Mr Coropulis.
The expansion of Majid Al Futtaim Lifestyle complements the group’s existing portfolio, which counts eight leading franchise brands, two homegrown brands and more than 70 stores across the GCC spanning fashion, home, multi-brand, speciality retail and beauty categories and includes 18 online platforms.
During the past five years, Majid Al Futtaim Lifestyle has explored new business verticals and recorded year-on-year, double-digit growth, registering more than $217 million in sales last year alone.