Fashion Village Trading Company
KHC investments begin: 2001
Based: Riyadh, Saudi Arabia
KHC is the sole owner of Fashion Village Trading Company, the exclusive licensee within Saudi Arabia of the Saks Fifth Avenue trade name.
While searching for cornerstone tenants for KHC’s Al Mamlaka luxury shopping mall at the company’s landmark Kingdom Centre development, Prince Alwaleed negotiated directly with the chairman of Saks, Inc. to secure the groundbreaking license to open the first international store under the Saks Fifth Avenue brand. The store successfully opened in 2001 and has since become one of the most popular high end shopping attractions in Saudi Arabia.
With the success of the Saks Fifth Avenue, Riyadh, Saks Saudi Arabia now seeks sustained growth within the country. A second successful launch was accomplished with the opening in 2009 of Saks Fifth Avenue in Jeddah. Possible future opportunities in the region are being considered with Cairo and Beirut as potential locations outside Saudi Arabia.
KHC believes the company is well poised to capitalize on Saudi Arabia’s increasingly positive attitude toward consumerism and growing awareness of global luxury brands.
Fashion Village Trading Company owns the Saks Saudi Arabia trade name and is the exclusive licensee of Saks Fifth Avenue in Saudi Arabia.
At Kingdom Centre in Riyadh, Saks Fifth Avenue occupies two levels of the Al Mamlaka shopping mall. The first floor is dedicated to luxury handbags, jewelry, men's accessories, fragrances and cosmetics. The second level is reserved for female customers only. Key brands found at Saks Fifth Avenue, Riyadh include Dior, Cartier, Prada, Roberto Cavalli and Valentino – with the store not only receiving revenue from merchandise and commissions, but also from third parties operating concessions, which are subject to guaranteed minimum payments.