Fawaz Abdulaziz Alhokair Co. signs franchise agreements with Alo Yoga and Flying Tiger Copenhagen
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| Announcement Detail | Fawaz Abdulaziz Alhokair Co. (“Alhokair” or the “Company”) announces that it has signed two new franchise agreements, with Alo Yoga and Flying Tiger Copenhagen. The agreements are in support of the Company’s strategy to transform into a lifestyle destination by diversifying and expanding its retail portfolio into new categories – in this case, athleisure and variety stores. |
Alo Yoga is a world-renowned US-based yoga and athleisure brand, offering a vibrant collection of high-quality yoga clothing and accessories. The franchise agreement with Alhokair is Alo Yoga’s first outside the United States, with its debut mall outlet set to open in Riyadh’s Kingdom Centre. With Alhokair diversifying its product offering to meet rising demand for comfortable, functional, and fashionable clothing, the partnership is aligned to its objective to support the increasingly healthy and active lifestyles of consumers in Saudi Arabia. Alo Yoga was recently named in Fast Company’s list of Most Innovative Brands.
Flying Tiger Copenhagen is a popular Danish variety retailer, with 900 stores in 27 countries. Flying Tiger Copenhagen is known for fun utilitarian products and DIY craft concepts offered at value-for-money price points, created to award-winning Danish design standards, and ranging from toys and accessories to stationery and gadgets. The agreement with Alhokair is the first such franchise for Flying Tiger Copenhagen in the Middle East. Starting in 2022, Alhokair and Flying Tiger plan to open 45 stores in 5 years in Saudi Arabia, with 9 outlets and an online store operational in the first year. Alhokair expects that Flying Tiger Copenhagen’s wide range of affordable products will resonate well with young Saudi consumers, bolstering its diversification efforts.
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