Marka, the Dubai-listed retailing group, has launched its own high street fashion brand, Paris 68.
The retailer could not say where or when the new brand would be launched other than it will open in the next six weeks.
There are 10 Paris 68 outlets planned for the UAE and more across the GCC in both “shop-in-shop” and dedicated mono-brand store formats.
The streetwear apparel and accessories will be aimed at millennials with Marka employing local designers, rising high-street industry stars and university students to work on the collection.
“This is an entirely new retail concept developed in-house by Marka’s team of retail experts,” said Khaled Al Mheiri, its vice chairman and chief executive.
He said the UAE Government emphasises the importance of supporting youth creativity and Marka has been inspired to create the Paris 68 retail concept.
“This innovative home-grown UAE brand supports youth mentorship initiatives, by encouraging UAE-based students to provide ideas for Paris 68; the designs are created by millennials for millennials,” Mr Al Mheiri said.
Marka has continued its aggressive push into the retail sector irrespective of a softening consumer climate.
The rise of e-commerce, the drop in visitor spend because of the UAE dirham’s dollar peg and a raft of redundancies caused by falling energy prices have led to bricks-and-mortar retailers to struggle for growth.
Marka most recently signed a deal to merchandise Real Madrid-branded streetwear aimed at a younger demographic.
While a host of global international brands have entered the market, home-grown apparel brands are few and far between.
“A key challenge in developing a successful premium brand includes significant investment of resources and the time needed for a brand to mark its footprint as a premium luxury brand,” said Rabia Yasmeen, a research analyst at Euromonitor.
She said customers prefer global luxury brand names as compared to premium regional brands in most cases.
“While in the apparel segment we don’t see notable examples of home-grown premium brands, home-grown brands seem to outperform various global brand names in the beauty and personal care segment with players such as Wujooh and Areej.”
Ms Yasmeen said that if Marka’s brand attracts notable consumer attention, it would determine the appetite of homegrown premium brands in the country.
ascott@thenational.ae
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