Fawaz Abdulaziz Alhokair & Co.(Cenomi Retail) Announces the Signing of a Variation Agreement to the Share Purchase Agreement dated 15/07/1444H (corresponding to 06/12/2023G) with Abdullah Al-Othaim Fashion Company to Sell the franchise rights for 5 Brands : Aldo & Aldo Accessories , Charles & Keith , Pedro and La Vie En Rose Delivering on Transformation Promise
| Element List | Explanation |
|---|---|
| Announcement Detail | Fawaz Abdulaziz Alhokair & Co (Cenomi Retail) the pioneering retail brand partner of choice in Saudi Arabia and international markets, has signed a variation agreement of the Share Purchase Agreement dated 15/07/1444H (corresponding to 06/12/2023G) with Abdullah Al-Othaim Fashion Company, a fully owned subsidiary of Abdullah Al-Othaim Investment Company (Al Othaim) to sell the franchise rights for an additional 5 Brands: Aldo & Aldo Accessories , Charles & Keith , Pedro and La Vie En Rose, operated by Cenomi Retail and their related assets.
The sale forms part of Cenomi Retail’s on-going turnaround strategy of focusing on Champion Brands.
Following completion of the transactions contemplated under the variation agreement, Al Othaim will own the franchise rights for the following 5 Brands; Aldo & Aldo Accessories , Charles & Keith , Pedro and La Vie En Rose, their corresponding 121 stores and related store assets for the agreed price of SAR 219 million. An additional consideration for inventory on-hand will be calculated at the time of deal closing and store handover.
The five brand assets will be transferred through the acquisition by AlOthaim of two newly formed entities established by the Cenomi Retail group for the purpose of transferring the brands to Al Othaim. The entities are Fixed Feet Commercial Company which is expected to own the assets relating to Aldo & Aldo Accessories and Third Outfit Commercial Company, which is expected to own the brand assets relating to Charles & Keith, Pedro , and La Vie En Rose.
The agreement is subject to a number of pre-closing conditions, including, but not limited to, obtaining the approval of the General Authority for Competition as well as other conditions of regulatory and commercial nature. |
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