ME Stores to have no Imact from Virgin Megastore sale
Following the announcement that Richard Branson is to sell the British and Irish Virgin Megastore, the Middle East operation has confirmed that this move will have no effect on its local and regional business as it is a franchised operation owned by Lagardere Group, the French media company. They have confirmed that all Virgin branding in the Middle East will remain intact.
However, the 125 British and Irish outlets will be re-branded in line with the recent management buyout. The Virgin Megastore worldwide was split six years ago between the Virgin Group and Lagardere. Virgin kept the British, Ireland, USA and Japan outlets while Lagardere obtained shops in France and travel retail locations globally including Australia, China, Greece, Middle East and North Africa.
Virgin is currently the largest entertainment retailer in the Middle East region, with more than a 60 per cent share of the market.
Virgin employs more than 700 people regionally, receiving an average of 15,000 customers daily and operates a total of nine retail stores in the United Arab.
via Bahrain Tribune
However, the 125 British and Irish outlets will be re-branded in line with the recent management buyout. The Virgin Megastore worldwide was split six years ago between the Virgin Group and Lagardere. Virgin kept the British, Ireland, USA and Japan outlets while Lagardere obtained shops in France and travel retail locations globally including Australia, China, Greece, Middle East and North Africa.
Virgin is currently the largest entertainment retailer in the Middle East region, with more than a 60 per cent share of the market.
Virgin employs more than 700 people regionally, receiving an average of 15,000 customers daily and operates a total of nine retail stores in the United Arab.
posted by bizzwhizz at 1:17 PM
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