14th Jul 2021 09:05
(Alliance News) - Online retailer boohoo Group PLC on Wednesday said it has struck a deal for its Debenham brand in the Middle East with brand franchise operator MH Alshaya Co WLL.
Alshaya will have exclusive rights to operate Debenhams stores and e-commerce in Kuwait, Saudi Arabia, UAE, Bahrain, Egypt, Oman and Qatar. Kuwait-based Alshaya already runs Debenhams stores in "leading shopping malls", boohoo explained.
"The group continues to work with new strategic wholesale partners in key regions to extend reach and build brand awareness, and this partnership will see boohoo group brands in Debenhams stores from Q4 2021 and also on a new local online platform across the Middle East from early 2022," boohoo added.
The fast fashion company acquired all of the intellectual property assets of Debenhams, a department store chain and former UK high street staple, back in January, for GBP55 million in cash. The deal did not include Debenhams retail stores, stock or financial services.
On Monday, peer ASOS PLC said it formed a joint-venture with US-based multi-channel retailer Nordstrom. Nordstrom will invest for a minority interest in the Topshop, Topman, Miss Selfridge and HIIT brands. These brands were a part of Philip Green's Arcadia Group Ltd before ASOS bought them in February.
boohoo shares were 0.1% higher at 291.60 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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