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Saudi Retailers Acquire 51% of Vogacloset

A screenshot of the Vogacloset site. Vogacloset
A screenshot of the Vogacloset site. Vogacloset

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.

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