(MENAFN) Saint Honore, the Swiss watchmaker, announced it is planning to expand its business into the Gulf Cooperation Council (GCC) by opening 70 stores within stores, or designated retail areas in a store over the next five years, Gulf News reported.
The new retail areas will bring the company's total number of stores within stores in the region to 150, with the company saying that it plans to open 15 Saint Honore stores within stores this year in the GCC, mainly in the UAE and Saudi Arabia, which account for 65 per cent of the company's regional sales.
Saint Honore said that its investments in the region stem from the Middle East being its largest market, representing 35 per cent of the company's turnover, with the company adding that it expects that its revenue will grow by further 10-15 percent in the region in 2015 compared with the previous year, driven by the opening of new stores.
The company also said that it is looking to expand in Iran, where it currently has 10 stores within stores in the country, with a plan to have a total of between 30 and 40 by the end of 2015.
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