Brands for Less' mobile application. (Credit: L'OLJ)
BEIRUT – Brand For Less (BFL Group), a Lebanese-owned off-price retailer in the MENA region, has announced it is selling a 35 per cent stake to U.S.-based The TJX Companies, Inc. for $360 million.
The transaction values BFL Group at $1.2 billion, according to a statement issued by the group on Aug. 22. DeNovo Partners, a corporate finance advisor firm, acted as a sole financial advisor, while White & Case provided legal counsel to the group on the transaction, the statement explained.
Founded by entrepreneurs Toufic Kreidieh and Yasser Badoun in Lebanon in 1996 before moving its headquarters to Dubai in 2000, the group owns over 100 stores, and offers a range of fashion and homeware items at up to 80 percent off the original retail price for designer brands. Today, the group serves over seven markets across the Middle East and Southeast Asia, and has expanded its e-commerce reach to cater for customers worldwide.
The TJX Companies, Inc., owner of TJ Maxx, Marshalls, HomeGoods, TK Maxx, Winners, Homesense and Sierra, has a presence in nine countries, across three continents with more than 5,000 stores.
The BFL Group said it hoped to benefit from the off-price retail giant’s expertise to expand beyond the GCC region. “This is an exciting opportunity for growth, and with TJX’s international expertise, we are well placed to successfully execute our strategy while supporting the development and rewarding the dedication of our employees,” noted Toufic Kreidieh, executive Chairman and Co-Founder of the BFL Group in the statement.
Toufic Kreidieh did not immediately respond to L’Orient Today’s request for additional comments.
