The retail and eCommerce company report forecasts GCC addressable market to reach USD 3.5 Billion by 2028, marking a 1.83% growth
UAE, February 08, 2024: Metro Brazil, a leading retail and eCommerce company for Brazilian shapewear products in the Middle East, witnessed a remarkable growth in 2023 fuelled by a 210 per cent increase in sales and a 161 per cent rise in the number of orders from GCC countries. The expectational growth is attributed to the company's strategic collaborations, integration of advanced technologies and its state-of-the-art warehouse in Dubai CommerCity free zone.
Capitalising on this growth, Metro Brazil aims to expand its footprint across online marketplaces in the Middle East region in 2024, including Amazon, Noon and other leading marketplaces.
With the growing demand for shapewear in the GCC, among other Middle East countries, the company's effort to strengthen its position in the regional market is in line with the changing retail trends. According to Metro Brazil's latest report, the global addressable market is expected to reach a market size of USD 218.19 billion marking a 3.98 per cent increase by 2028, while GCC's addressable market is expected to reach a market size of USD 3.5 billion by 2028, with a 1.83 per cent rise.
Alaa Kara Ali, CEO of Metro Brazil, said: “We are proud to witness remarkable growth in 2023 as a result of our numerous efforts. Last year, we successfully partnered with several international suppliers and logistics companies, including Aramex and DHL, which enabled us to fulfil customer demands on time. In addition, the key appointments we made for the strategic positions increased the expertise and preparedness of our team for the upcoming developments. We are enthusiastic about the future of the shapewear market in the region, as we have set in place new plans for our business in 2024. Currently, we are directing our efforts towards securing venture capital investments, in order to expand further in the Middle East. This business strategy is vital for our continued success and resilience in this dynamic market landscape, which would also involve opening physical stores in the future.”
Metro Brazil has been continuously updating their Brazilian shapewear products according to the market needs and fashion trends. Furthermore, the company is constantly on the outlook for collaborating with various other internationally recognised suppliers to provide customised Brazilian shapewear with premium quality and advanced technology for the region. Moreover, the warehouse in Dubai CommerCity free zone has significantly contributed towards enhancing the logistical capabilities of the company and ensuring a robust presence in its target market.
Metro Brazil has distinguished itself in the market through its cutting-edge Brazilian shapewear product technology. With a steadfast commitment to innovation, the company is actively seeking to penetrate new markets, ensuring sustained growth and enduring success.
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