Retail giant Lulu will maintain competitive pricing across its UAE and GCC outlets even after its initial public offering (IPO) and subsequent listing on the Abu Dhabi stock exchange, according to its chairman.
Yusuffali MA, Lulu Group's chairman and founder, stated this during a press conference in Abu Dhabi on Tuesday, responding to a query about product pricing. He explained that prices are influenced by the international market. 'We aim to fully support our consumers with an uninterrupted supply. We source products from 19 countries, with the primary focus being product availability and competitive pricing on high-quality goods. We are currently achieving this, and we hope it continues,' Yusuffali said.
On Monday, Lulu announced plans to sell 25% of its shares via an IPO, each with a nominal value of Dh0.051. The company will offer over 2.582 billion shares through a three-tranche IPO, starting on October 28 and ending on November 5. Lulu Retail Holding will be listed on the Abu Dhabi Securities Exchange, with the listing expected on November 14, 2024. The offer price range will be disclosed on or before the IPO opening on October 28.
Mohamed Althaf MM, Lulu Retail's group director for global operations and chief sustainability officer, emphasized the group's resilience to regional geopolitical challenges. 'We ensure all products meet our religious and cultural food preferences,' he noted.
Lulu Group is the largest full-line retailer in the GCC by selling space, sales, and number of stores in 2023. It ranks as the second-largest grocery retailer in the UAE and the largest in Oman, Qatar, Bahrain, and Kuwait. In Saudi Arabia, it is the fastest-growing and largest pan-GCC retailer, according to market consultants. The group currently operates in three formats: hypermarkets, express stores, and mini-markets.
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