Apparel Group Expands into Real Estate with IL Vento in Dubai

The Apparel Group, a leading player in the apparel retail and Food and Beverage (F&B) sectors, has made a significant move into the real estate market with the launch of Kora Properties. This new venture marks a strategic expansion for the group, diversifying its portfolio and tapping into the growing real estate sector.

As part of its entry into the real estate sector, Kora Properties has announced its first project, a 40-storey, waterfront residential development named IL Vento, located in Dubai Maritime City. The project, which carries an investment of AED 500 million, is expected to be fully completed by 2029.

At Kora Properties, the vision is to create spaces that inspire living. According to Nilesh Ved, Chairman of APPCORP Holding and Owner of the Apparel Group, who also takes on the role of Chairman of Kora Properties, IL Vento is inspired by the spirit of the wind and the calm of the sea, capturing the essence of Dubai's dynamic, elegant, and vibrant lifestyle.

Following the successful launch of IL Vento, Kora Properties plans to unveil its second development by the end of December. This new project will include commercial and semi-commercial towers in Dubai, further solidifying the group's commitment to the real estate sector.

Ved remains optimistic about the opportunities in the GCC (Gulf Cooperation Council) real estate market, starting with the UAE and gradually expanding to other global markets. The group also has plans to invest in shopping malls in emerging markets, including India, where there is significant untapped potential.

'We are looking to invest in shopping malls across emerging markets, including India, and would prefer to do so in partnership with a player that brings strong local expertise,' Ved stated. This strategic approach underscores the group's commitment to leveraging local knowledge and expertise to ensure successful expansion.

Apparel Group has a robust presence in the GCC, India, and other markets. With a portfolio of over 85 brands and more than 2,300 stores across 14 countries, the group is well-positioned to capitalize on new opportunities. Acknowledging the need for specialized capabilities, the company is actively forming alliances to strengthen its foray into new sectors.

Speaking about its India plans, Ved mentioned that the Apparel Group has partnered with French retailer Carrefour. This partnership will introduce Carrefour's exclusive brands initially in North India, followed by a nationwide rollout. The first Carrefour locations are expected to open in the NCR region, further enhancing the group's retail presence in the country.

Founded in 1996, the Apparel Group has built a strong foundation in the retail and F&B sectors. With its latest venture into real estate, the group is poised to continue its growth trajectory and explore new horizons in the global market.