Alhokair And Arabian Centres To Acquire 51% Stake In Online Fashion Retailer, Vogacloset, Redefining Saudi Shopping Experience - Seite 3

Led by its current leadership team, Vogacloset will continue to operate independently, and will keep on managing and operating its online platform vogacloset.com. The executive team, including the CEO, COO and Executive Chairman, have committed to continue leading the business for at least the next five years. A Board of Directors governing Vogacloset's overall direction, supervision, and management will be formed comprising of seven members: two nominated by ACC, two nominated by Alhokair, and three nominated by the executive shareholders.

The transaction is subject to the fulfilment of various conditions precedent, expected to be completed by end of June 2021.

About Fawaz A. Alhokair & Co

Fawaz A. Alhokair & Co (known as "Alhokair") was formed in 1990 by Fawaz, Salman and Abdulmajeed Alhokair. The company has since become the leading franchise retailer in the KSA and the only listed business of its type in the Middle East. Quality, innovation, service and trust are the guiding principles for all Alhokair operations. These values are coupled with an ability to move quickly, to seize new opportunities and to enter emerging markets. Since the opening of its first store in 1991, Alhokair has grown considerably and now trades in circa 1,800 stores across 100 shopping malls in 13 countries, with a retail platform operating on a total GLA of circa 500,000m². All of this is managed by a workforce numbering more than 12,000. Alhokair currently represents over 90 brands, spanning from womenswear, menswear, kids and baby, department stores, shoes and accessories, cosmetics and coffee shops. For more information, please visit www.fahretail.com

About Arabian Centres Company

Arabian Centres is the leading owner, operator and developer of Lifestyle Centres in Saudi Arabia. For almost two decades, the Company has offered a complete range of high-quality Lifestyle Centres up to international standards, located in the most attractive areas of the country to satisfy all shopping, entertainment and other services needs. As of 31 December 2020, Arabian Centres operates a portfolio of 21 centres strategically located in 11 Saudi cities. The Company's developments include several iconic Lifestyle Centres, such as Mall of Arabia Jeddah, Mall of Dhahran, and Nakheel Mall Riyadh – which was recognized at the Arab Luxury World Forum in 2017 as being visitors' favorite shopping mall in Riyadh. The Company's Lifestyle Centres house more than 4,100 stores, 1100 brands and hosted approximately 111 million visitors in FY2020. For more information about Arabian Centres Company, please visit www.arabiancentres.com