TESCO is looking to growth in Middle Eastern markets as it plans to open more than 50 new franchise stores worldwide over the next five years for its clothing brand F&F, Britain’s biggest retailer announced yesterday.
F&F, which opened its first franchise store in Saudi Arabia last year, said it would open shops across the Middle East and in Kazakhstan, Georgia, Armenia and Azerbaijan.
Up to six stores will be opened this year, with the first in the Kazakh capital Astana next month.
F&F gave no details on how much the expansion would cost or how it would be funded.
“This announcement builds on the success of the first franchise stores and demonstrates our commitment to growing the brand internationally through this model,” F&F chief executive Jason Tarry said in a statement.
The company said it would extend its existing agreement with franchise operator Al Hokair, and would also work with new partner Dubai-based Al Futtaim.
F&F clothing is already sold in 12 countries and 2,000 stores, including the Czech Republic and Poland. The brand began life offering women’s and men’s ranges under the name Florence and Fred but was later retitled.
City A.M. Reporter