Al-Othaim Life acquires five brands and 121 stores from Cenomi Retail for 219 million Saudi riyals

Al-Othaim Life Company, one of the companies of Al-Othaim Investment Group, announced the signing of a new additional agreement with (“Cenomi Retail”), under which Al-Othaim Life Company will acquire 100% of the capital of both the Firm Feet Trading Company and the Third Dress Trading Company, which are indirectly affiliated with Cenomi Retail.

The agreement between the two parties encompasses the acquisition of franchise rights for five additional brands (Aldo, Aldo Accessories, Charles & Keith, Pedro, La Vie en Rose), along with their 121 stores across different regions of the Kingdom, for 219 million Saudi riyals. Additionally, there will be consideration for the stock of goods available upon transaction completion. As per the agreed terms, the deal is expected to conclude in the second quarter of 2024, subject to obtaining approvals from relevant government agencies such as the General Authority for Competition.

The signing of the additional agreement comes within the framework of the company’s strategic expansion as one of Al-Othaim Investment’s companies. The company seeks to develop its activity in acquiring international brands and enhance its economic position in line with the goals of the Kingdom’s Vision 2030 through diversification of the local economy and attracting global investments.

During the signing of the agreement, Mr. Ali Al-Sharif, CEO of Al-Othaim Life Company, stressed: “This agreement comes within the company’s innovative strategic plan towards expansion and exceptional spread towards leadership in the retail sector.

It also aims to enrich the fashion sector and contribute to national transformation in line with the programs and directions of Vision Kingdom 2030 and its strategic goals.

After signing the agreement, Al-Othaim Life also seeks to retain the store’s current employees. It looks forward to them joining Al-Othaim Life within the framework of supporting the Emiratisation strategy that the company is continuously working on, the most recent of which is celebrating the joining of 1,000 employees last January.

The company’s plans also include training Saudi youth of both sexes on high skills in the fashion merchandising sector in an innovative way that suits the diversity and enrichment of local content in this active sector.

Al-Othaim Life Company signed a previous agreement on 05/22/1445 AH (corresponding to 06/12/2023 AD), during which it acquired 100% of the capital of the Innovative Clothing Trading Company, a subsidiary of “Cenomi Retail”. The company includes franchise rights for 18 of its affiliated brands, amounting to 120 million riyals, in addition to the value of the stock of available goods.

It is noteworthy that Al-Othaim Investment Company has witnessed unprecedented growth in recent years as a result of the company’s strategic direction through expansion into new areas. In addition to the company’s targeting of modern commercial activities that are in line with the promising opportunities available through the Kingdom’s Vision 2030 programs towards diversified economic expansion in various activities, in addition to the financial solvency that the company has enjoyed since its establishment, the strength of operational performance and the efficiency of operations, at a time when it is keen to The company applies the highest standards of quality, transparency, and governance in the various sectors in which it operates.

Al-Othaim Life was established in 2007 and currently operates 338 stores and 35 brands. It is one of the Al-Othaim Investment Group companies that was listed among the best real estate developers in the Gulf for the year 2023. It owns 12 commercial complexes in addition to a portfolio of investment projects under implementation in various cities of the Kingdom. With investments exceeding 15 billion, the Kingdom is expected to add more than 50 thousand new direct and indirect job opportunities when it is completed. In addition, it owns many companies operating in the fields of commercial malls, hotels, real estate investments, entertainment, cinema, food, cafes, sports centers, artificial intelligence, residential units, and commercial offices.