Lifestyle acquires stake in Kuwait's Villa Moda

DIFC Lifestyle Group has acquired a majority stake in Kuwait's alternative luxury fashion retailer Villa Moda Lifestyle.

DIFC Lifestyle Group, the newly formed entity of DIFC Investments, offers high-end fashion, fine dining and sophisticated modern art and culture. DIFC Investments is the investments arm of the Dubai International Financial Centre. Its portfolio includes among others holdings in institutions of financial services, financial technologies, exchanges, aerospace, media, lifestyle and fashion.

Villa Moda Lifestyle Company is listed on the Kuwaiti Stock Exchange. The company and its subsidiaries are engaged in the business of luxury ready-made garments, fashion designs and accessories, as well as in the concept development of fashion and lifestyle projects and real estate activities.

DIFC Lifestyle Group and Villa Moda Lifestyle will work closely on diversifying the Villa Moda brand into new categories and business avenues, making it a global player in areas including art, hospitality, real estate development, well-being and food. The first such diversification will be witnessed with the opening of Al Sabah Art and Design gallery in early 2009. All of Villa Moda's stores and development projects will continue as planned.

Sheikh Majed Al Sabah, Founder of Villa Moda, will remain Chairman of the Villa Moda Group.

"DIFC Lifestyle Group will continue to seek regional and global partners as we move forward for lateral expansion and organic growth. Our objective is to establish new milestones in luxury retail concepts, and we believe this majority stake in Villa Moda will help us achieve our strategy," said Abdulla bin Hamad bin Sugat, CEO, DIFC Lifestyle Group.