The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Alhokair Fashion Retail, a franchise retailer in Saudi Arabia, and Saudi shopping centre developer, Arabian Centres Company (ACC), have announced they will acquire a combined 51 percent stake in Vogacloset, a UK-based online fast fashion platform offering over 400 brands, including Boohoo, PrettyLittleThings and Levis, in the Middle East.
The buyers will acquire 41.2 percent of Vogacloset’s existing shares based on a pre-money valuation of $60 million. 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 statement.
The addition of Vogacloset to the portfolios of these brick and mortar giants strengthens the omnichannel capabilities for two of Saudi Arabia’s leading retailers.
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.