L'Azurde inks distribution deal with Saudi French Duty Free
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L'Azurde Company for Jewelry signed on Saturday a commercial agreement with the global retailer of Duty Free shops at Saudi International Airports across the Kingdom, Saudi French Duty Free Operations and Management, the company said on a statement on Tadawul.
The agreement, which will be renewed annually, allows L’Azurde to become the exclusive vendor of gold, diamonds, and stone set jewelry and non-exclusive vendor of men’s accessories in five international terminals in Riyadh, Jeddah, and Dammam airports.
L’Azurde said it expects to operate the new stores by the end of Q3 2017 with a total investment of SAR 15 million, consisting mainly of working capital for finished goods jewelry and men’s accessories.
“The financial impact is expected starting from the fourth quarter of 2017 and it is expected to represent additional annual operating revenue at approximately 10% of total company’s annual total operating revenues,” the company added in the statement.