DUBAI // Micky Jagtiani, the chairman of the Landmark Group, today said his company plans to acquire two or three companies worth about US$1 billion (Dh3.6bn) over the next 12 months.
Landmark Group, the Dubai-based retail group, which recently snapped up the UK restaurant chain Carluccio's and the regional franchise for Fitness First, is eyeing a garment company headquartered in London, Mr Jagtiani said.
"We have a figure of two or three acquisitions a year," he said. "This is what we feel is digestible by us. We don't want to take too many small companies, and we cannot afford to take large companies. Three [acquisitions] a year would be ideal for us, but it would have to be the right thing for us to look at." He estimated these acquisitions would have an enterprise value of about $1bn.
Landmark, best known for its clothing chain stores, such as Babyshop and Splash, has been aggressively expanding its portfolio in recent years. It now has more than 940 retail outlets across the Middle East, and has branched out into hospitality, with Citymax budget hotels this year. In September, Landmark's subsidiary C1 Acquisitions offered a takeover bid for the UK-based Italian-style eatery Carluccio's, of £90.3m. Carluccio's has accepted the offer.
Last week, Landmark Group bought the franchise rights to Fitness First health clubs for an undisclosed price from Saudi Arabia's Alhokair group.
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Fire and Fury
By Michael Wolff,
Henry Holt
