LuLu is looking to enhance its import volumes from Vietnam substantially in the near future by swiftly establishing new warehousing facilities and factories within the country. The lofty aim is to double or even triple its current import levels.
LuLu, a global retail behemoth headquartered in Abu Dhabi, has just unveiled an ambitious plan to significantly expand its imports from Vietnam over the coming years.
The revelation took place during a gathering between Vietnamese Prime Minister Pham Minh Chinh and high-ranking executives from influential Saudi Arabian and Gulf Cooperation Council (GCC) corporations on October 19.
Retail colossus LuLu commands an extensive chain of hypermarkets that cover 23 countries, including the vibrant markets of the Middle East, Asia, and Europe.
With a workforce numbering over 65,000 and annual revenues of $8 billion, LuLu has already established a foothold in Vietnam through its dedicated procurement office situated in the bustling hub of Ho Chi Minh City.
Shehim Kottilingal, LuLu's CEO, laid out an impressive vision for the conglomerate.
"We intend to diversify our business operations by erecting additional warehousing facilities and fresh factories on Vietnamese soil. Our grand objective is to amplify our imports from Vietnam two- or even three-fold in the foreseeable future," Kottilingal said.
The magnifying glass is focused on high-quality Vietnamese products, with a particular emphasis on cashew nuts, fish, rice, and the nation's burgeoning textile and footwear offerings.
Kottilingal added, "We envisage an expansion that is not merely a numerical surge but a transformative venture in our trade relations with Vietnam. We are taking substantial steps to diversify our supply chain, and Vietnam plays a pivotal role in this strategic move."
The company said on its website, "Founded by the acclaimed business visionary Yusuff Ali M.A, LuLu Group has become a key contributor to the Gulf region’s economic standing, with an annual turnover of $8 billion and a workforce of over 65,000."
"Headquartered in Abu Dhabi, the capital of the United Arab Emirates, it is a world-renowned purveyor of an international business portfolio that ranges from hypermarket operations to shopping mall development, manufacturing, trade, hospitality, and real estate. LuLu Group mainly operates in 23 countries located across the Middle East, Asia, the United States, and Europe."
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