Eid Sales Cause Retailers to Feel Optimistic and Upbeat | Push Digits Chartered Accountants

Eid Sales Cause Retailers to Feel Optimistic and Upbeat

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Businesses across the UAE are anticipating a greater number of shoppers from the Gulf Cooperation Council and the United Arab Emirates.

According to retail sales, Eid will more than likely boost sales. COO of Rivoli Group, Abraham Koshi, who has brands like Rado and Omega under their belt, anticipate a 20-30% growth in their sales from Wednesday to Saturday, in comparison to last week’s sales, which were far less. According to Mr. Koshi, all retailers and sales categories are expected to do well during the Eid season, especially Tissot, Rado, and Omega, who customarily do very well during the Eid season.

Mr. Ramesh Prabhakar, the chief executive of the group, mentioned to Gulf News that he expected the revenue and profit to grow by around 10% in 2015 in comparison to 2014. Rivoli already includes a collection of more than 110 international trademarks and retail items ranging from eyewear and leather accessories to watches.

Mr. Koshi expects buyers to be attracted to the Rivoli Group from across the Gulf Cooperation Council and the United Arab Emirates during the Eid holiday. Other than these companies, Babyshop, which is a children’s wear retailer and other such businesses also expect huge sales. According to Babyshop’s chief executive, Vinod Talreia, sales are expected to extend by 10-15%.

Paris Gallery, which retails cosmetics, perfumes, leather goods, and watches anticipates a 5% growth in trades this week compared to last week, also in September above August, according to the commercial manager, Esmail Al Fahim. He also mentioned that due to Eid, a huge number of tourists will be arriving in the UAE and will help create a festive mood. He hopes this will lead to a huge sales opportunity for businesses in the country.

Perfumes and ladies’ accessories are some of the most popular and sought after items during this season. Mr. Fahim alluded to Dubai being recognized worldwide as a ‘fashion hub’, with its ladies accessories’ sector growing and attracting more and more customers, especially during the festival seasons. He also mentioned that the perfumes will be up to expectations and beyond for the auspicious celebration of Eid.

In lieu of this, Paris Gallery has in fact, put up its marketing budget by 10%, all in expectations of higher sales. Limelight Creative Services’ managing director, Colin Beaton, stated that due to factors, such as fewer tourists coming in from Europe and Russia, there has been a reduction in retail sales in the UAE this year.

Not to mention, a weaker euro and rouble have led to shopping in the UAE, where the dirham is attached to the dollar, more expensive for both European and Russian tourists. All of this has created greater enthusiasm from retailers in the UAE for the heightened expectations regarding sales during the Eid season.


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