Boohoo Group (LON: BOO) announced on Wednesday that it has secured a new partnership with Alshaya Group to build on the presence of Debenhams in the Middle East.
Boohoo, who acquired Debenhams earlier this year for £55 million, said the partnership “marks a further step as the Group accelerates progress integrating and scaling the Debenhams brand.”
Alshaya currently runs the Debenhams stores in “leading shopping malls.” The deal will give them exclusive rights to operate the Debenhams stores and a local eCommerce platform in Kuwait, Saudi Arabia, UAE, Bahrain, Egypt, Oman and Qatar.
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The partnership will also see boohoo brands in Debenhams stores from Q4 and on a new local online platform across the Middle East from early 2022.
John Lyttle, CEO of Boohoo, commented: “I am delighted to be working with Alshaya to operate Debenhams in the Middle East. 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.
“It also offers a new route to market for brands within the boohoo group, raising their profile in a growing new market. This is a great step as we progress the integration of Debenhams and look at wholesale partnership opportunities to continue to scale the Group.”
Source: IG
Boohoo’s share price is currently trading at 293.2p, up 0.61%.
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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.
