EFG Hermes Concludes Advisory on Cenomi Retail’s Sale of a Portfolio of Fashion Brands to Abdullah Al-Othaim Fashion

Saudi Arabia, March 18, 2024

EFG Hermes, an EFG Holding Company and the leading investment bank in the Middle East and North Africa (MENA), announced today that it concluded advisory on a merger and acquisition (M&A) deal for Cenomi Retail, the largest franchise retailer in the Kingdom of Saudi Arabia. The retail giant has agreed to sell a select portfolio of brands to Abdullah Al-Othaim Fashion Company, a fully owned subsidiary of Abdullah Al-Othaim Investment Company.

As part of the agreement, Cenomi Retail had reached a definitive share purchase agreement with Abdullah Al-Othaim Fashion Company for the acquisition of 100% of the share capital of Innovative Outfit Trading Company, a Cenomi Retail subsidiary holding the franchise rights for the 16 brands involved in the deal in December 2023, which closed in February 2024 after obtaining the required approvals and completing the agreed-upon commercial and regulatory conditions.