ALHOKAIR AND ARABIAN CENTRES TO ACQUIRE 51% STAKE IN ONLINE FASHION RETAILER, VOGACLOSET, REDEFINING SAUDI SHOPPING EXPERIENCE

ALHOKAIR AND ARABIAN CENTRES TO ACQUIRE 51% STAKE IN ONLINE FASHION RETAILER, VOGACLOSET, REDEFINING SAUDI SHOPPING EXPERIENCE

 Fawaz Abdulaziz Alhokair Co. ("Alhokair“), the leading franchise retailer in Saudi Arabia, and Arabian Centres Company ("ACC“), the leading owner, developer and operator of lifestyle shopping centres in Saudi Arabia, (together "the buyers“) have announced that they will acquire a combined 51% stake in Vogacloset, a UK-based online fast fashion platform offering over 400 brands in the latest women's, men's and kids' trends to fashion enthusiasts in the Middle East.The buyers will acquire 41.2% of Vogacloset's existing shares based on a pre-money valuation of USD 60 million, subject to an earn-out structure conditional on certain growth thresholds. In addition, USD 12 million will be injected into the capital of Vogacloset to further develop its presence in the Saudi market, accelerate the growth of its active customer base and support the integration of Alhokair brands and ACC tenant brands onto the e-commerce platform. Post transaction, Alhokair and ACC will own a combined 51% stake in Vogacloset.  It is envisaged that Vogacloset will be integrated with a Joint Venture ("JV“) established by the buyers to support the development of future opportunities aimed at building the two leading Saudi retail players' unmatched omnichannel experience, for consumers and merchants alike. Plans already in the