Jamjoom Fashion CEO: E-commerce channel No. 1 store, market share seen to grow

Stephen Holbrook, CEO of Jamjoom Fashion Trading Co.

Stephen Holbrook, CEO of Jamjoom Fashion Trading Co., said the company's e-commerce channel is now its number one store, growing nearly 50% in H1. The growth trajectory is strong and is expected it to continue.

In an interview with Argaam, Holbrook said the primary explanation is investment timing, adding that seven of the 11 new stores opened in H1 commenced trading in the final weeks of the period, carrying a full cost base from day one but contributing only weeks of revenue.

"That front-loaded investment creates a natural earnings tailwind as those stores reach their full trading potential in H2 and beyond," Holbrook said. "Our gross margin held at 70.0% and EBITDA grew by a healthy 10.9%, confirming the underlying economics of the business are unchanged."

The CEO added that Nayomi generated H1 revenue of SAR 345.7 million, up 11.8% year-on-year (YoY), with growth across all category pillars. He noted that Mihyar is the headline performer, with revenue of SAR 79.4 million, up 20.5%, operating exclusively within Saudi Arabia, meaning every riyal of growth came from deeper penetration of a single market. "Mihyar's share of Group revenue has grown from 15.3% two years ago to 18.7% today, within a group that itself grew 46% over the same period," Holbrook said.

What drove both brands was a genuine commitment to innovation across every dimension: technical product development grounded in real consumer insight, elevated packaging, compelling media, and in-store experiences that brought it all to life. It is that combination, consistently executed, that turns consumer understanding into commercial performance.

Consumer demand has been remarkably resilient. Saudi Arabia, which represents 71% of the company's revenue, over-delivered against our internal plan during Ramadan despite the geopolitical uncertainty during the company's peak season.

"That performance reflects the depth of brand loyalty Nayomi and Mihyar have built over decades in the Kingdom," Holbrook said.

"Across our Gulf markets the picture is encouraging, with the majority recovering well from the disruption experienced in March. Some markets naturally took longer than others, though positive momentum is now visible across all of them," he noted.

The most significant behavioral trend Jamjoom Fashion is monitoring is inflationary pressure on household purchasing power.

Both traffic and basket grew simultaneously. Customer numbers increased 10.7% to 1.6 million, while average transaction value also grew year on year. That combination reflects genuine brand momentum rather than one metric compensating for weakness in another.

The underlying drivers were new category introductions across both brands, CRM-driven targeting that improved visit frequency and conversion, and a deliberate investment in inventory depth to ensure product was available when customers wanted to buy.

The group closed H1 with 229 stores across six GCC markets: 164 Nayomi and 65 Mihyar. Mihyar added 12 net new stores with zero closures and grew its average store size by 15.2%, reflecting deliberate investment in more immersive retail formats.

"We have secured locations across both brands and look forward to growing the estate by a further six to seven stores as new projects come on stream in the second half," the CEO said, adding that the expansion program did not pause during the period of geopolitical uncertainty.

"We are cautiously optimistic about H2, and we have been pleasantly surprised by the resilience of trading since March 31," the top executive noted.

"We expect to increase our market share and deepen our dominance in the categories where we excel. The demand is there. The brands are strong. The strategy is unchanged," he noted.

According to Argaam data, Jamjoom Fashion reported a net profit of SAR 80.5 million for H1 2026, compared to SAR 77.7 million in the same period of 2025.