Dubai group Paris Gallery, which stocks a $300,000 perfume among its luxury products, is planning an initial public offering it said would provide a “safety net” for the family-owned business and help it expand beyond the Gulf.
Chief executive Mohammad Al Fahim told the Reuters Retail and Consumer Summit that the firm, which had 2011 turnover of about Dh1 billion ($272 million), had held talks with the Dubai Financial Market and sister bourse Nasdaq Dubai about a potential listing.
“I would not put a timeframe but, as an objective, I say yes, for the benefit of the organisation in the future. One of the rationales (of an IPO) would be the continuity of the company,” said Fahim, whose father founded the firm.
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