Dubai to finance Villa Moda growth
I just found out about this and think its amazing news for Villa Moda and all the other local start ups. It just goes to show that great local ideas are great ideas anywhere in the world.
Majed al-Sabah, the Kuwaiti lifestyle retailer known in the fashion world as the “Sheik of Chic,” has teamed up with the government of Dubai to create a global brand development strategy for his Villa Moda enterprise.
The Dubai International Finance Center, or DIFC, was to announce Monday that it had taken a majority investment in the multibrand high fashion retailer, where Sabah will remain as chairman and creative director. The exact amount of the investment was not disclosed.
I think Dubai is a perfect partner for Villa Moda but its depressing because Villa Moda is a Kuwaiti based idea and operation and it would have meant more to have Kuwait finance Villa Moda. But I guess its not only about the money, Dubai have a vision, Kuwait’s vision is… Dubai? [Link]
Thanks Mish!
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28 Comments, add your own...
1. moose | September 22nd, 2008 at 4:39 pm
is it only me who doesnt know what villa moda is
2. Marzouq | September 22nd, 2008 at 4:57 pm
Its great of Villa Moda as brand but its sad that they give him so much difficulty in Kuwait. I think he has made a great business development. And it isn’t always just about the business, there is more that comes with it as well.
3. Margoga | September 22nd, 2008 at 5:18 pm
you are right moose Villamoda is the worst and the kuwait goverment know who Majed Saba7 is so they are not taking the risk.good 4 them
4. Dana | September 22nd, 2008 at 5:49 pm
I think Sheikh Majed has done a great job with this brand. After all, it’s just a multibrand that sell clothes, nothing special, but Sheikh Majed has proven everyone wrong. There are at least 100 stores in Kuwait that has multibrand shops, but do you hear of them? Sh. Majed has made a name for himself, whether it’s in Vogue or the New York Times, and that is not only because he is from the Royal Family, and nephew of the Emir. Villa Moda stretches from India, so I heard, to London (very soon). Congrats Villa Moda.
5. Name | September 22nd, 2008 at 6:38 pm
Majed Al Sabah..He is a great guy and never misses a prayer in the mosque. Thats why god made him succeed in his life.
6. A&B | September 22nd, 2008 at 7:13 pm
An idea isn’t that great when you have the amount of money (not to mention his name) he has.
7. Mark | September 22nd, 2008 at 7:15 pm
So he is the only rich guy in Kuwait? Just because you have the money doesn’t mean your business will actually be successful and it also doesn’t make you creative.
8. HeartBeat | September 22nd, 2008 at 7:37 pm
what is he big deal about villa moda? a place to sell other brands! So ?
9. fLuff | September 22nd, 2008 at 8:12 pm
I’m sure Bill Gates and Warren Buffet never miss a prayer in the mosque either!
Mark: I totally Agree. At least it’s not franchised!
10. hamad | September 22nd, 2008 at 8:37 pm
not according to reuters
http://www.pcmag.com/article2/0,2817,2330855,00.asp?kc=PCRSS03069TX1K0001121
11. BoBader | September 22nd, 2008 at 9:00 pm
Villa Moda is basically Ross for you who are in the States. However, Ross never sells you last season styles for the same price.
12. zained | September 22nd, 2008 at 9:47 pm
I think it’s about being connected.
13. muscati | September 22nd, 2008 at 9:59 pm
Villa Moda’s flagship store cost more than $50 million to build. With that kind of money being spent on the stores themselves, does this company ever actually make a profit?
14. Mark | September 23rd, 2008 at 12:20 am
BoBader: Thats bullshit, the difference between Villa Moda and Ross is that Villa Moda sells you last seasons styles for 50% off and anything older for 80% off.
muscati: they just got purchased by Dubai so they just cashed in
15. liliuokalani | September 23rd, 2008 at 12:27 am
the guy looks creepy. i mean look at his eyes….CRAZY! And what the hell is up with the red ghitra i thought that was a saudi thing. am i wrong?
16. BoBader | September 23rd, 2008 at 1:50 am
Mike:
50% and 80% off prices already 4 times more than the MSRP worldwide!
17. Mohammed | September 23rd, 2008 at 5:01 am
they should open an online store, really you can get more customers in thanks to the globalized economy. I get my stuff from saks and neiman marcus all the time.
18. Mark | September 23rd, 2008 at 9:05 am
First my name is Mark not Mike, second if you actually visit Villa Moda and then visit the brands in Europe (which I did) you would see the prices are exactly the same. I am talking about Prada, Gucci and Miu Miu. Actually why go through all that trouble, just check the prices online and compare them to Villa Moda.
19. BoBader | September 23rd, 2008 at 9:45 am
Mark,
Sorry I messed up your name. I wrote the post less than an hour before fotor ;)
I have been to Villa Moda once in 2005 and to tell you the truth I hated it. I mainly didn’t like the interior, the prices, and their collection.
I used to shop at Gucci and YSL here in the States before I go to Kuwait (Mainly in NYC and Chicago) and I will tell you this from personal experience. Their prices for newly released models (if you can find any) are like this ($600 in the States = 600 KD in Kuwait).
My wife, who used to shop at Villa Moda, never shops there now after she saw this.
20. Mark | September 23rd, 2008 at 9:57 am
I dont know how it was in 2005 but this is how it is now:
1) If you dont find newly released models its because they’re all sold out.
2) Prices are exactly the same as they are world wide.
3) They have huge discounts on products twice a year which makes their prices very cheap (wayyyyyy below the MSRP)
4) They have a floor with 50% off last seasons stuff
5) They have a warehouse with even older seasons stuff that sell for up to 90% off
6) I don’t have shares in Villa Moda but I hate how people spread information that isn’t true.
You’ve only been to Villa Moda once and in 2005 and yet you came in here talking about how they are ripping people off as if you are a regular shopper there.
21. BoBader | September 23rd, 2008 at 10:15 am
If I believe that they are ripping people off how do you expect me to shop at their store.
Beside, you can never have a second chance for the first impression.
22. Moey | September 23rd, 2008 at 10:16 am
Agree with Mark, I got a D&G item that was for around 400 KD in the 90% Sales for around 45 KD and it was last seasons’ and was selling for way more online.
23. Desert Girl | September 23rd, 2008 at 1:06 pm
Hi Mark,
It just shows you how badly Kuwait needs to revamp their financial services to include flexible lines of credit for businesses and a small business association/department in the Government. There are SO many Kuwaitis with great ideas, but they either can’t get the financing or business advice that they need to put the ideas into motion.
What a SHAME for Kuwait that a member of the Royal Family had to go to another country to ask members of THEIR royal family for assistance.
This is truely an example of the poor state of Kuwait’s economic policies. A lot of talk; no action.
Economic impotence!
24. jo | September 23rd, 2008 at 2:33 pm
i love villa moda well i would say that as my father in law built the building.
its nice to find such a sheek place in kuwait but the location i hate.
25. Dana | September 23rd, 2008 at 6:29 pm
Hey,
No one is forcing you to buy anything. If you think it’s expensive then that’s your problem. The company is in the stock market, which shows how good it’s doing. Europe or wherever some of you people buy your clothes is always open for you. Hop on a plane, and have fun shopping! Bon voyage. It’s as simple as that.
26. Fashion Deadlock in Kuwait | September 25th, 2008 at 6:51 pm
Now it’s only a question of when before Al Othman and Al Ostoura too go the Villa Moda way!
27. jo | September 25th, 2008 at 10:49 pm
dana i agree.. its up to the consumer where they buy and what they choose to buy, if its not in the budget thats ok but villa moda caters for all peoples.
its nice to have the choice of having this boutique mall here. and kuwait is lucky to have such brands available and tax free :)
28. mimses | September 30th, 2008 at 2:15 pm
this was just a matter of time.
i mean come on, emir or not. sheikh or not. he doesnt have that much money and sooner or later money runs out when you buy buy buy and dont sell sell sell.. simple as!
villa moda was great to get kuwait on the fashion map but was a major ego trip which went slightly wronG.
oh well :(
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