- English retailer who founded PrettyLittleThing breaks Dubai record again
- Huge deal reflects the growing demand for high-end properties in the region
The former CEO of PrettyLittleThing has again broken the record for Dubai’s largest land sale, selling a part of the Jumeirah Bay Island for 128mn dirhams (£28.07mn).
Umar Kamani, 35, has smashed records for the second time in a month, having sold off a 30,000ft undeveloped ‘bunch of sand’ on the island for over £27mn in April.
The fashion entrepreneur bought the parcel of land just two years ago for a modest $20mn (£16.1mn), making a total profit of around £39mn with the sale on May 11.
Located off the coast of Dubai, Jumeirah Bay Island is known for its exclusive properties and panoramic views of the city’s skyline. The new record underscores the heated demand for high-end properties in the region.
Kamani founded PrettyLittleThing in 2012 before selling off his remaining 34 per cent stake in 2020 for £330mn. In April 2023 he announced he would step down as CEO.
The vacant island off the coast of Dubai is part of a man-made archipelago consisting of approximately 300 islands in the shape of a world map.
The latest deal, agreed independently on 11 May, reflects a new landscape, attractive to global investors and buyers.
Around a quarter of a million Brits are now thought to call Dubai their home.
Some 90% of the city state’s population is already made up of expats.
The region has shot up rapidly over the last 30 years, with investment flooding in from all over the world to snap up attractive parts of the city for development.
Kamani’s previous record-beating deal in April set a new record for the most expensive vacant land transaction ever recorded on the island, according to Knight Frank, the brokerage firm responsible for the deal.
‘It’s 125 million for sand,’ says Andrew Cummings, head of prime residential at Knight Frank in Dubai.
‘Everything that’s been making the press has predominantly been spectacular villas, it’s been incredible penthouses and all this stuff. But this is just a massive record breaker for a land plot.’
Only some homes on the island have been completed. Some are under construction, and others are yet to be built.
Both pieces of land were bought two years ago.
The island is also home to the Bulgari Resort, one of the most expensive hotels in the city, as well as the future Bulgari Lighthouse tower, where apartment sale prices have been reaching highs before it’s even built. The top penthouse—a nine-bedroom apartment with five parking spaces—sold for 410 million dirhams in February.
According to Bloomberg, real estate brokers predict records will continue to be broken. The seller in the Jumeirah Bay Island transaction, for example, also owns an identical plot next to the first. He plans to offer it for 135 million dirhams.
It comes after the news on April 16 that Kamani would be stepping down as CEO of the clothes platform after 10 years.
The businessman, 35, who setup the fashion company in 2012 alongside brother Adam, has overseen PLT’s explosive growth from a simple website selling accessories to a global brand now worth an estimated £3.8billion.
Since its creation PrettyLittleThing has become known for their celebrity collaborators including Kylie Jenner, Khloe Kardashian, Little Mix, Gemma Owen, and Molly-Mae Hague, who’s also the online giant’s creative director.
Often photographed rubbing shoulders with A-listers such as Naomi Campbell, Paris Hilton, and Liam Payne, Umar is now a celebrity in his own right, and over the years has handpicked the talent he’s aspired to see wear his brand of fashionable clothing.
But after a decade in the hot seat, Umar decided to step down from his position as CEO after previously selling his remaining 34 per cent stake in PrettyLittleThing to Boohoo, which is run by his father.
A source close to the brand told MailOnline on April 16: ‘Umar has been the front and centre of PrettyLittleThing since its conception but now he’s ready for a new challenge.
‘He’s leaving a very happy man after achieving extraordinary success and travelling the world, setting up PLT showrooms internationally.
‘Umar is keeping his cards close to his chest and is yet to reveal the details of his new business venture, but it won’t be long until he sets his sights on his next project.’
Confirming his departure, Umar said: ‘After 12 years as CEO and founder of PrettyLittleThing I have made the difficult decision to step down from my position as CEO.
‘Twelve amazing years that changed my life and I will be forever grateful for all those memories. I’m at the stage in my life where I need to set myself new challenges and goals and build new brands that hopefully you all love and support as much as you did with this one.’
He added: ‘When I first had the idea of setting up this brand, I could never have imagined what we would go on to achieve. Since our humble beginnings in 2012, PLT has gone on to eventually become one of the biggest fashion brands in the world.
‘If you know me, you’ll know Disneyland and all the magic surrounding it has always been one of my biggest inspirations. This is what I wanted to create with PrettyLittleThing, a fairytale-like world where unicorns exist, and anything is possible.
‘A place where you come to find confidence and inspiration when it comes to what you wear and how you feel. Whatever success we have achieved is down to you, our loyal customers who have shopped with us, supported us and watched us grow into something beyond what I could have ever dreamed of.’
Manchester-born Umar, who became engaged to model Nada Adelle in 2019, is a member of the founding family of the Boohoo group, which now owns a portfolio of brands including Nasty Gal, Coast, Wallis, Dorothy Perkins, and Debenhams.
Umar’s father Mahmud Kamani co-founded Boohoo in 2006 alongside Carol Kane and the website quickly became a success because unlike its competitor ASOS, the brand only sells its own clothing, increasing profit margins.
Mahmud’s three sons Umar, Adam, and Samir naturally became involved in his fashion empire, which dates back to their grandfather, whose wholesale textile business that sourced garments from India became a major supplying for high street stores such as New Look and Primark.
Adam remained a director at PLT until 2017 until he left the business to pursue a property startup, with Umar taking over the reins of the clothing company.