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“We are deeply grateful for the overwhelming support we have received from investors across the GCC and beyond.
We’re extremely proud to see such strong demand for the Lulu Retail IPO, which raised over $1.72 billion and saw total aggregate demand of c. $37 billion, a sign that investors share our passion and excitement for the Company. We look forward to rewarding the trust shown by investors in Lulu and remain confident we will achieve our guidance targets in 2024 and beyond. The high level of demand reflects Lulu Retail’s attractive investment proposition and iconic brand, which is built on our leading pan-GCC market position, commitment to world-class customer experience, robust financial performance, and a well-defined strategy for growth. We’re also incredibly pleased to see extremely strong and record demand from UAE retail investors, with more than 82,000 subscribing for shares. We welcome all our new shareholders and look forward to sharing our journey with them as we continue to grow and deliver on our ambition for 2024 and beyond.
As the largest Pan-GCC retailer, with 240 stores across three formats, we are committed to growing our diverse store network, enhancing our existing stores and providing more products our customers love, while rewarding loyal customers. Driven by investments in our digital capability, unmatched global souring capability, our private label product line and customer loyalty, Lulu is delivering consistent top and bottom-line growth."
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