Abdullah Al-Othaim Fashion Company signed a variation of contract agreement to acquire Franchise rights for five brands from Fawaz Abdulaziz Al Hokair & Company (SASE:4240) for approximately SAR 220 million on March 31, 2024. The agreement includes obtaining approval from the General Authority for Competition (GAC) along with other regulatory and commercial requirements, Cenomi Retail stated. In a statement to Tadawul, Cenomi Retail said the assets of the five brands would be transferred through newly established special purpose companies, specifically set up to enable the transfer to Al Othaim.

The first company is Fixed Feet Commercial Co., which will operate the Aldo and Aldo Accessories brand assets. The second is Third Outfit Commercial Co., which will operate the assets of Charles & Keith, Pedro, and La Vie En Rose brands. The transaction complements a transaction completed earlier in Q1 of 2024 with fashion company Abdulla Al-Othaim, which involved the sale of franchise rights (and related assets) for 16 brands by Cenomi Retail, which Clyde & Co advised as sell-side adviser.

Chadi Salloum, Sara Khoja, Amun Bashir of Clyde & Co LLP (Saudi Arabia) acted as legal advisor to Fawaz Abdulaziz Al Hokair & Company.