Hilco Capital agrees deal with AL MANA
Hilco Capital, the owner of entertainment retailer HMV, has today entered into an agreement with Al Mana Lifestyle Trading to open up to 15 HMV stores across the Middle East.
Al Mana Lifestyle, an affiliate of AL MANA group of companies, a conglomerate based in Qatar with branches throughout the Gulf, was established in 1951 and operates over 300 retail outlets as well as operations in a number of other sectors across the region including automotive distribution, real estate, food services and entertainment.
The arrangements announced today will enable Al Mana Lifestyle to open stores in Qatar, Bahrain, Kuwait, Oman and the United Arab Emirates. Al Mana will also be seeking additional licensing partners for HMV in Egypt, Algeria, Tunisia and Morocco.
Commenting on the deal, Paul McGowan, Hilco Capital Chief Executive said:
“Following the successful turnaround of HMV in the UK, Ireland and Canada, we are delighted to have agreed a licensing arrangement with Al Mana to partner with them to establish the HMV brand in the Middle East. Al Mana has a proven and imensely successful track record in retail in the Region and we look forward to working with them to establish and grow the HMV business.
We continue to seek further opportunities to leverage the brand equity of the HMV brand worldwide and look forward to bringing HMV to other territories and sectors in the very near future.”
Kamal Al Mana, Executive Director of AL MANA said:
“We are pleased to have partnered with HMV and believe there is considerable opportunity to develop a strong retail business under the brand in the Gulf Region and to capitalise on the strong retail foundations already laid down by Hilco Capital in the HMV business over last two years in the UK, Ireland and Canada.
HMV compliments our existing retail line up and will offer consumers a vast number of products and services both in stores we are developing and on the internet through a dedicated e-commerce site”.