DUBAI: Fawaz Abdulaziz Alhokair & Co., known as Alhokair Fashion Retail, announced on Monday it has signed a franchise agreement with French sporting goods retailer Decathlon, with the first store due to open in Jeddah in the first half of next year.
Headquartered in Villeneuve-d’Ascq, in Northern France, Decathlon operates more than 40 brands within the sporting goods and equipment sector and currently has over 1,600 stores in 69 countries. Last year, it reported worldwide revenues of $13.4 billion.
“Decathlon is the first of multiple brands in Alhokair’s franchise pipeline, with the agreement marking the company’s commitment to growing its portfolio and securing long-term growth,” Alhokair said in a statement on the Saudi stock exchange.
Alhokair said it is planning to launch its first Decathlon store in Saudi Arabia at the Mall of Arabia in Jeddah during the first half of next year. The first store will be 3,359 square meters and Alhokair has set a target to open 30 additional stores across the Kingdom as part of the ten-year franchise agreement.
Alhokair Fashion Retail was founded in 1990 by Fawaz, Salman and Abdulmajeed Alhokair. The company’s first store opened in 1991 and it now operates more than 1,915 stores across 100 shopping malls in 13 countries, with a workforce of around 11,000 employees.
Its portfolio consists of around 80 international brands, including sectors such as womenswear, menswear, kids and baby, department stores, shoes and accessories, cosmetics and coffee shops.
Along with many other Saudi retailers, due to the coronavirus disease pandemic, the company was forced to shut its stores earlier in the year, but it began reopening its outlets on April 29.
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