Al Hokair to launch online sales platform, diversify into restaurants and cinemas
Fashion-retailer Fawaz Alhokair is set to launch an online sales platform in December, according to company CEO Faisal Abdullah. The company also announced plans to launch additional selling space in the Kingdom’s planned entertainment cities’ malls, and venture into the restaurants and cinemas business. The company’s current strategy is focused on cutting costs, improving discounts policy, and agreements with suppliers in a bid to boost margins, he added. As part of the company’s plan to cut SG&A expenses, social media and other direct marketing initiatives will be relied on, he said.
Al Hokair: SAR21.10 as of 08 Nov 2018, Rating: Neutral, TP: SAR23.00/share, MCap: USD1,182mn, ALHOKAIR AB/4240.SE