Gulf Newsbreak
    What's Hot

    Canadian legislature laughs after Biden accidentally applauds China

    March 25, 2023

    First A380 service to Bali to be launched by Emirates

    March 24, 2023

    An oasis of tranquility for the diverse Abu Dhabi community – Abrahamic Family House

    March 24, 2023
    • Home
    • Contact Us
    Facebook Twitter Instagram
    Gulf NewsbreakGulf Newsbreak
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • More
      • Sports
      • Technology
      • Travel
    Gulf Newsbreak
    Business

    Saudi companies to acquire 51 percent of Vogacloset

    March 14, 2021
    Share
    Facebook Twitter LinkedIn WhatsApp Pinterest Email Tumblr Reddit VKontakte Telegram

    Fawaz Abdulaziz Alhokair Co., the leading franchise retailer in Saudi Arabia, and Arabian Centres Company, the leading owner, developer and operator of lifestyle shopping centers in Saudi Arabia, have announced that they will acquire a combined 51per cent stake in Vogacloset, a UK-based online fast fashion platform offering over 400 brands in the latest women’s, men’s and kids’ trends to fashion enthusiasts in the Middle East.

    Saudi companies to acquire 51 percent of Vogacloset

    The buyers will acquire 41.2 per cent of Vogacloset’s existing shares based on a pre-money valuation of USD 60 million, subject to an earn-out structure conditional on certain growth thresholds. In addition, USD 12 million will be injected into the capital of Vogacloset to further develop its presence in the Saudi market, accelerate the growth of its active customer base and support the integration of Alhokair brands and ACC tenant brands onto the e-commerce platform. Post transaction, Alhokair and ACC will own a combined 51% stake in Vogacloset.

    It is envisaged that Vogacloset will be integrated with a Joint Venture established by the buyers to support the development of future opportunities aimed at building the two leading Saudi retail players’ unmatched omni-channel experience, for consumers and merchants alike. Plans already in the pipeline include the launch of a loyalty program, along with a consumer finance offering.

    The buyers’ principal strategic objective for their investment in Vogacloset is to accelerate digital transformation and create a truly modern retail business. Partnering with a leading e-commerce platform is the first pillar of this strategy, with the intention to create an industry-leading partnership in Saudi Arabia that leverages Vogacloset’s asset light and customer centric business model, efficient logistics chain and deep understanding of regional and global fashion trends.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email

    Related Posts

    A gold price peak may be near – and it may last

    March 23, 2023

    Credit Suisse and UBS are in talks to merge – FT

    March 18, 2023

    Ryan Reynolds joins other celebrities in $1.35 billion Mint Mobile deal

    March 15, 2023

    In JV with SEG ENERA, AD Ports enters Uzbekistan logistics

    March 6, 2023

    Dollar slips as investors await Powell testimony

    March 6, 2023

    UAE, Egypt, Jordan, and Bahrain sign $2 billion in industrial deals

    February 27, 2023
    Latest News

    Canadian legislature laughs after Biden accidentally applauds China

    March 25, 2023

    Canadian MPs laughed when US President Joe Biden corrected himself after praising China’s immigration policies…

    First A380 service to Bali to be launched by Emirates

    March 24, 2023

    An oasis of tranquility for the diverse Abu Dhabi community – Abrahamic Family House

    March 24, 2023

    Globally, water pollution and sanitation are major problems – UN

    March 23, 2023

    A gold price peak may be near – and it may last

    March 23, 2023
    Business

    A gold price peak may be near – and it may last

    March 23, 2023

    Credit Suisse and UBS are in talks to merge – FT

    March 18, 2023

    Ryan Reynolds joins other celebrities in $1.35 billion Mint Mobile deal

    March 15, 2023
    News

    An oasis of tranquility for the diverse Abu Dhabi community – Abrahamic Family House

    March 24, 2023

    Globally, water pollution and sanitation are major problems – UN

    March 23, 2023

    Funding drought compels UN food agency to cut rations in Afghanistan

    March 18, 2023
    Travel

    Dubai airline flydubai announces AED1.2 billion profit for 2022

    March 1, 2023

    Dubai Holding acquires full control of the Westin Paris – Vendome

    February 27, 2023

    Net profit at Air Arabia increased by 70 percent in 2022

    February 17, 2023
    © 2022 Gulf Newsbreak | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.