UAE's 'Brands for Less' Sold 35% Stake for $360M
- Publish date: Monday، 26 August 2024
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Lebanese-owned and UAE-based Brands for Less Group recently agreed to sell 35 percent of its stake in its off-price retail business to US-based TJX Companies for $360 million.
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The TJX Companies is a global value seller of clothing and home fashions and its deal for 'Brands for Less', a franchise that specializes in fashion, toys, and homeware, values the UAE-based company at $1.2 billion.
'Brands for Less' serves more than seven markets across the Middle East and Southeast Asia.
Read More: Here's What You Can Do in the UAE This Week
The deal positions 'Brands for Less' to leverage TJX's international experience and market presence.
White and Case provided legal counsel to Brands for Less over this deal and deNovo Partners were the sole financial advisors.
The deal is expected to close later this fiscal year.
Executive chairman and co-founder of 'Brands for Less' Toufic Kreidieh opened the first BFL store in Lebanon in 1996 with his friend and BFL's managing partner Yasser Beydoun.
The duo established BFL's headquarters in the UAE in 2000 and now they have more than 100 stores.
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