LONDON: British online fashion retailer Boohoo has formed a partnership with Kuwait-based Alshaya Group to build its Debenhams brand in the Middle East region, it said on Wednesday.
Boohoo, which sells clothing, shoes, accessories and beauty products aimed at 16 to 40-year olds, purchased the Debenhams brand out of administration for 55 million pounds ($76 million) in January.
It said Alshaya, a franchise operator which runs Debenhams stores in shopping malls, will have exclusive rights to operate the stores and a local e-commerce platform in Kuwait, Saudi Arabia, the United Arab Emirates, Bahrain, Egypt, Oman and Qatar.
Boohoo’s says it seeks to work with strategic wholesale partners in key regions to extend its reach. The Alshaya partnership will see Boohoo brands in Debenhams stores from the fourth quarter of 2021 and on a new local online platform across the Middle East from early 2022.
“The Debenhams brand has been popular in the region for a number of years so this is a great opportunity to build on the existing brand awareness, while expanding the product ranges and brands available to customers,” said Boohoo Chief Executive John Lyttle.
“It also offers a new route to market for brands within the boohoo group, raising their profile in a growing new market.”
Shares in Boohoo, down 15 percent so far this year, closed Tuesday at 291.4 pence, valuing the business at 3.7 billion pounds.
Last month Boohoo showed it had weathered negative publicity over its supply chain failings, reporting a 32 percent rise in first quarter sales, benefiting from rising demand as lockdown restrictions eased.
Boohoo partners with Kuwait’s Alshaya to grow Debenhams in Middle East
https://arab.news/cnsb7
Boohoo partners with Kuwait’s Alshaya to grow Debenhams in Middle East
- Alshaya partnership will see Boohoo brands in Debenhams stores from Q4 2021
- New Middle East online platform for Boohoo from early 2022
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JLL to invest in PIF-backed FMTECH to boost Saudi facilities management sector
JEDDAH: Saudi Arabia’s Public Investment Fund announced on Monday that US-based real estate services firm JLL will acquire a significant stake in Saudi Facility Management Co., known as FMTECH, a subsidiary of the sovereign wealth fund.
In a press release, PIF said it will retain a majority ownership in FMTECH following the transaction.
Saad Alkroud, head of local real estate investment at PIF, said facilities management plays a central role in the Kingdom’s real estate and infrastructure ecosystem and is a key pillar of the fund’s local real estate strategy.
He noted that the strategy supports economic transformation and diversification, promotes urban innovation, and enhances quality of life.
“JLL’s investment will further accelerate FMTECH’s development and unlock new growth opportunities that will benefit the wider facilities management sector,” Alkroud said.
FMTECH was launched by PIF in 2023 as a national integrated facilities management company, providing services to PIF portfolio firms as well as public- and private-sector clients across Saudi Arabia.
The investment enables JLL to broaden its service offering in the Kingdom while deepening its existing partnership with PIF.
Neil Murray, CEO of real estate management services at JLL, said the investment brings together JLL’s global operational expertise and technology-driven facilities management capabilities with FMTECH’s deep understanding of the local market.
“By combining our strengths, we aim to deliver high-quality, efficient services to clients in Saudi Arabia’s rapidly expanding facilities management market,” Murray said.
FMTECH is expected to leverage JLL’s international network and operational experience to develop new commercial opportunities while supporting the localization of expertise and advanced technologies.
According to the press release, the company will integrate JLL’s digital facilities management platforms and global operating systems, significantly enhancing service quality, efficiency, and transparency across its operations.
The transaction aligns with PIF’s broader strategy to attract domestic and international private-sector investment into its portfolio companies, helping unlock their full potential while advancing the Kingdom’s economic transformation agenda and generating sustainable long-term returns.
