Fawaz Abdulaziz Alhokair & Co. obtained commercial franchise rights from France-based sporting goods and equipment provider, Decathlon Co., for 10 years from opening the first store.
The company said in a bourse statement that it expects to launch its first Decathlon store in Saudi Arabia at Mall of Arabia in Jeddah during the first half of 2021.
The store will span across 3,359 square meters, with expansion plans including more than 30 additional stores across the Kingdom.
The signing of Decathlon indicates Fawaz Alhokair’s commitment to driving forward the company’s growth strategy and management’s ability to add further global brands to its diverse portfolio.
The agreement will add one new division to the existing ones, namely sport and lifestyle, in a step to diversify the portfolio and serve wide range of customers.
Fawaz Alhokair will announce any material development relating to the agreement in due course.
Decathlon, which owns 40 brands with over 1,600 stores in 60 countries, is the first of multiple names in Fawaz Alhokair’s franchise pipeline.
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