The pair will acquire a combined 51 per cent stake in the UK-based online fast fashion platform, VogaCloset.
Alhokair and Arabian Centres Company will jointly acquire 41.2 per cent of VogaCloset’s existing shares based on a $60M deal. In addition, $12M will be injected into the capital to further develop the brand’s presence in the Saudi market whilst also supporting Alhokair brands and ACC tenants onto the e-commerce platform.
Marwan Moukarzel, Chief Executive Officer at Alhokair, commented: “This strategic investment in a sizeable and profitable regional e-commerce player is the most direct route for Alhokair to extend its leadership position in its core Saudi market – from offline to the online space, while safeguarding our competitive market position.”
Meanwhile, Faisal Al Jedaie, Chief Executive Officer, added: “In line with our ambition to create Saudi Arabia’s first specialised digital retail platform, the partnership with VogaCloset will greatly enhance convenience and engagement for tenants and customers.”
