BEIRUT: A new initiative aims to bring British luxury goods to the Middle East, reported Arabian Business magazine Saturday.
The Anglo Arab Alliance (AAA), a business association with offices in the U.K. and Saudi Arabia, says it has started talks with U.K. brand names and plans to provide “easy and efficient access” to the Middle East market for high-end labels.
The news comes following a report by Bain & Company, a business consulting firm, predicting that the Middle East’s luxury goods market is set to grow by 15 percent this year. (Luxury goods include jewelry, watches, china, fashionable clothes and accessories.) The region is already seeing a boom in the sale of Western luxury brands from Italy and France.
By buying directly from the companies, AAA said it would help "cutting out any red tape, cultural differences and legal issues” in a region that it describes as "notoriously difficult for luxury brands to penetrate."
Andrew Lloyd, CEO for AAA, told Arabian Business that “AAA has worked hard to develop strong relations and strategies to help high-end British businesses gain a foothold in the thriving Middle Eastern market."
The association said in a statement published in Arabian Business, "The decision to open trade solely for British luxury brands is based on AAA's ethos to promote trade with the Middle East, support and develop home-grown businesses and establish itself as a leading authority, providing high-end British brands with unparalleled service and knowledge of this complex market.”
AAA says it already has the backing of the Saudi Arabia General Investment Authority (SAGIA), The Royal Warrant Holder's Association in London and UK Trade & Investment.