Fawaz Abdulaziz Alhokair Co. (Alhokair), a franchise retailer in Saudi Arabia, and Arabian Centres Company (ACC), which owns, develops and operates lifestyle shopping centres in the country, recently announced they will acquire a combined 51 per cent stake in Vogacloset, a UK-based online fast fashion platform offering over 400 brands in the Middle East.
The buyers will acquire 41.2 per cent of Vogacloset's existing shares based on a pre-money valuation of $60 million, subject to an earn-out structure conditional on certain growth thresholds.Fawaz Abdulaziz Alhokair Co. (Alhokair), a franchise retailer in Saudi Arabia, and Arabian Centres Company (ACC), which owns, develops and operates lifestyle shopping centres in the country, recently announced they will acquire a combined 51 per cent stake in Vogacloset, a UK-based online fast fashion platform offering over 400 brands in the Middle East.#
In addition, $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, the companies said in a press release.
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' omni-channel experience for consumers and merchants alike. Plans already in the pipeline include the launch of a loyalty programme, along with a consumer finance offering.
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