Harvey Nichols announces new store
in Riyadh, Saudi Arabia
Leading UK fashion store Harvey Nichols is to launch its first overseas venture in Riyadh, Saudi Arabia.
The Harvey Nichols store will occupy an area of some 8,000m2 of space in the prestigious 1.2 billion riyal (US$320 million) Al Faisaliah development currently being built in the Olaya district of the Saudi capital. Harvey Nichols will take space on three floors of the 33,000m2 lettable area in the retail mall, which forms part of
Al Faisaliah.
The Riyadh outlet will specialise in designer fashion and accessories. Similar in layout to the famous London store, the ground floor will house cosmetics, perfumes, and a menswear section. The second floor will be devoted to women's clothing and accessories, and the third floor will have a Restaurant and Foodmarket.
The Al Faisaliah complex will officially open in April 2000. The project covers a land area of 55,000m2, nearly a full city block. The landmark 260 metre tall
Al Faisaliah office tower will dominate Riyadh's skyline. It will be surrounded by a retail mall with up to 150 shops, a 5 star luxury hotel, elegant full-service apartments, conference and banqueting facilities, plus a themed entertainment centre.
The landlord, King Faisal Foundation, is a leading philanthropic organisation in the Middle East. As with the Foundation's other real estate ventures, profits generated by Al Faisaliah will be used as a source of revenue to support its many health, educational, research, and cultural interests worldwide.
Commenting on the move, Joseph Wan of Harvey Nichols said "Our decision to choose Riyadh for our first overseas outlet is based primarily on the area's significant market potential. We are confident that this move will bring growth and value to the company. It is entirely fitting that our wide range of quality products will be showcased in Saudi Arabia's premier retail environment".
HH Prince Bandar bin Saud bin Khaled Al-Saud, Secretary-General of King Faisal Foundation said, "We are pleased that such a well-known and well-respected UK retailer recognises the opportunities and advantages offered by the Saudi market in general and Al Faisaliah in particular. This commitment reinforces Al Faisaliah's stature as Riyadh's most prestigious address. Saudi Arabia has the largest customer base in the Middle East and the addition of Harvey Nichols to this growing market will fill an important niche."
Note to Editors
Harvey Nichols started in 1813 and is today one of the UK's premier fashion retailers and is renowned, both in the UK and internationally, for the breadth and depth of its fashion merchandise. It offers many of the worlds most prestigious brand names in womenswear, menswear, accessories and beauty products.
Harvey Nichols currently operates stores in London and Leeds and has recently announced a conditional agreement to develop a new store in Edinburgh, which will provide some 75,000 square feet of retail space in the centre of the Scottish Capital.
The London store is located in the heart of Knightsbridge, one of London's most fashionable and exclusive shopping districts. The store has approximately 150,000 square feet of retail space.
The Leeds store was opened in 1996 and replicates the Knightsbridge store in the style and product and occupies some 42,000 square feet of retail space.
In addition to its fashion retailing business, Harvey Nichols has successfully redeveloped The Fifth Floor of the Knightsbridge store to create the Restaurant, Bar and Café which have become destinations in their own right and a Foodmarket. A similar concept operates out of The Fourth Floor in Leeds.
Harvey Nichols launched its first stand-alone restaurant in 1996, the highly successful OXO Tower Restaurant Bar and Brassiere, with spectacular views from the South Bank of the River Thames in the City of London. A further city restaurant, Prism, opened in London in April 1999.
Harvey Nichols Group plc was listed on the London Stock Exchange in April 1996. 50.1% of the group is owned by Broad Gain Investments Limited which is a subsidiary of Dickson Investment Holding Corporation. In the year to 3rd April 1999 Harvey Nichols Group plc generated Turnover of sterling pound 130.6 million and profit before tax of Sterling Pound 13.8 million.
Details of Al Faisaliah are attached.
For further information contact:
John Shepherd
Burson-Marsteller
24-28 Bloomsbury Way
London.
WC1A 2PX
Tel: 44 171 831 6262
Fax: 44 171 300 6392
