Saudi retailer Cenomi reveals major brand sale

  • Date: 02-Apr-2024
  • Source: AGBI
  • Sector:Retail
  • Country:Saudi Arabia
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Saudi retailer Cenomi reveals major brand sale

Saudi-based franchiser Cenomi Retail has announced the sale of 16 brands in the first quarter of 2024 as part of a turnaround strategy to stem mounting losses. Cenomi transferred 226 stores in Saudi Arabia to Abdullah Al Othaim Fashion Company. This follows the retailer’s exit from some international markets and the net closure of an […]

Ongoing turnaround strategy

Losses of SAR1.1bn in 2023

Focus on ‘champion brands’

Saudi-based franchiser Cenomi Retail has announced the sale of 16 brands in the first quarter of 2024 as part of a turnaround strategy to stem mounting losses.

Cenomi transferred 226 stores in Saudi Arabia to Abdullah Al Othaim Fashion Company. This follows the retailer’s exit from some international markets and the net closure of an additional 219 stores in 2023. 

A subsequent board approval has been given for the sale of an additional five brands – Aldo, Aldo Accessories, Pedro, La Vie en Rose and Charles & Keith – and 121 stores to Abdullah Al Othaim Fashion Company in a deal worth SAR219 million ($58 million) plus inventory.

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The turnaround strategy is in response to losses that totalled SAR1.1 billion last year, while accumulated losses rose to SAR1.4