CENOMI RETAIL ON TRACK TO DELIVER TURNAROUND STRATEGY WITH NEW PIPELINE OF BRAND SALES AND IMPROVED OPERATIONAL EFFICIENCIES

CENOMI RETAIL ON TRACK TO DELIVER TURNAROUND STRATEGY WITH NEW PIPELINE OF BRAND SALES AND IMPROVED OPERATIONAL EFFICIENCIES

Cenomi Retail, Saudi Arabia’s pioneering retail brand partner, today announced an additional significant phase of brand divestments as part of its ongoing turnaround strategy.  These brands are in addition to the already announced 21 brands and the expectation is that the sale of these brands will close during 2024. As part of company’s turnaround strategy, Cenomi Retail will focus on the core categories of Fashion and F&B only.  Within the fashion category, the Inditex portfolio including Zara and other Tier 1 fashion brands will remain core strategic brands as they are key drivers of sales and EBITDA for the company.  Strategically Cenomi Retail will continue to expand and enhance the offerings of Cinnabon, Subway and Jamba given the forecast growth of this category within the region.  The ongoing brand divestment program is a key pillar in improving the financial performance of the business whilst protecting topline sales.  After careful consideration by both the Cenomi Retail Board and Executive Management team, the non-core brands that will form part of the Phase 3 sale will include Aleph, KIKO, Decathlon and Flying Tiger Copenhagen. Further brands will be announced over the coming months. The phase 3 brand divestment is targeted to raise SAR 650MN of proceeds and