“he company, which has a market capitalization of SR400 million ($104 million), holds local licenses for western brands such as Zara, Camaieu, La Senza, Massimo Dutti, Monsoon and Nine West. It comprises 40 million paid ordinary shares with a nominal value of SR10 ($2.66) apiece. The Capital Market Authority (CMS) has now approved the initial public offering of the group’s holding, and it will offer 30% of its share capital, or 12 million ordinary shares, through the IPO . For the fiscal year ended March 2006, Fawaz Abdulaziz Alhokair and Company had sales of SR1.3 billion, showing growth of 30% on 2004-05, with net income increasing by 41% to SR246 million. The stores of Fawaz Abdulaziz Alhokair and Company sold more than 15 million items in 2005/06 and served more than 12 million customers. In the twelve months leading to April 2006 it opened 175 new stores and is on target to open a further 150 before April 2007 .The company currently represents over 42 international fashion retail brands which are sold through more than 600 stores in Saudi Arabia. The group has announced plans to expand its retail network to over 800 stores by April 2007 . Source: The Apparel Analyst .