Alhokair And Arabian Centres To Acquire 51% Stake In Online Fashion Retailer, Vogacloset, Redefining Saudi Shopping Experience - Seite 2
The buyers' principal strategic objective for their investment in Vogacloset is to accelerate digital transformation and create a truly modern retail business. Partnering with a leading e-commerce platform is the first pillar of this strategy, with the intention to create an industry-leading partnership in Saudi Arabia that leverages Vogacloset's asset light and customer centric business model, efficient logistics chain and deep understanding of regional and global fashion trends.
Vogacloset's unique value proposition for European brands with a vision to serve the Middle East, and having an established bilingual and operationally sound presence in their core market of Saudi Arabia, make it an ideal partner to Alhokair and ACC.
Faisal Al Jedaie, Chief Executive Officer of ACC, commented:
"In line with our ambition to create Saudi Arabia's first specialized digital retail platform, the partnership with Vogacloset will greatly enhance convenience and engagement for tenants and customers. The JV will add value to ACC by enabling us to offer a more holistic proposition for all our mall tenants, by giving their brands an improved online presence. We will also be able to provide our malls' visitors with a specialized and advanced loyalty program, and a simplified and innovative consumer financing solution. We are excited to be partnering with Alhokair and Vogacloset on this new chapter in the story of our businesses."
ACC will strengthen its offering to mall tenants to include listings on the online marketplace, thereby providing a supplementary sales channel. Meanwhile, Vogacloset's platform will be enhanced and expanded to become a formidable online/offline play with unified back-end logistics, and the solution will differentiate it from regional peers by providing unique features such as "buy online, pick up in store", and "buy online, return in store".
Hanin Hamarneh, CEO of Vogacloset, commented:
"Partnering with Alhokair and ACC in Saudi Arabia, our key market, is a strategic leap for Vogacloset. We have built a leading multi-brand fast fashion platform with a successful track record of meeting evolving consumer demands across the Middle East, supported by close alignment and tight integration with our highly-reputed and well-established European online fast fashion suppliers. This partnership, and the new investment that it will bring, will support and accelerate the execution of our very ambitious growth plans in Saudi Arabia and the Middle East, and will help us to rapidly expand the market for our suppliers' products. We are excited about the opportunity to have the support of, and work closely with, two recognised regional leaders to unlock a huge and growing market."