Pure Gold Unveils $327 Million GCC Expansion Plan
April 28, 16
(IDEX Online News) – UAE-based retail conglomerate Pure Gold Group has unveiled plans to invest AED1.2 billion ($327 million) to expand its operations by 2030.
The primary investment of ~ AED1 billion ($272 million) will be in the company’s jewelry sector, with the remainder due to be spent on developing its luxury sunglasses retail chain La Moda sunglasses – with the intention of opening 150 stores by 2030.
Founder and chairman of Pure Gold Group Firoz Merchant said that the company was inspired by the intentions of the Gulf Cooperation Council (GCC) to diversify from a mostly oil-based economy.
“With GCC’s strategic plan to reduce its economic dependence on oil, and the recent ‘Saudi Vision 2030’ plan unveiled by the Deputy Crown Prince Mohammed bin Salman, investors and businesses in the region are strongly assured of growth and stability. As part of our expansion plan, we aim to double the current number of Pure Gold Jewelers outlets and the staff numbers in GCC, to meet anticipated future demand,” said Merchant.