Brands For Less (BFL), the off-price retailer in the Middle East for fashion, homeware, and toys, has entered into a strategic partnership with The TJX Companies, Inc. (TJX), a global off-price retailer of apparel and home fashions. The agreement involves TJX acquiring a 35 percent stake in BFL for $360 million. This transaction values BFL at $1.2 billion.
This transaction marks a significant milestone for BFL Group, as it seeks to expand its reach beyond the GCC. TJX, a Fortune 100 company with over 5,000 stores across nine countries and three continents, brings a wealth of experience and expertise to the partnership. BFL Group will benefit from TJX’s strategic guidance and support, further solidifying its position as a leading off-price retailer in the region.
Focus on employee development
Toufic Kreidieh, executive chairman and co-founder of Brands For Less Group, expressed his enthusiasm for the partnership, stating that over the past 28 years, the company has established itself as the region’s premier off-price retailer. Additionally, he went on to say that they were delighted to welcome TJX as an investor and extended their gratitude to CEO and President Ernie Herrman and his team for their confidence in the business. Kreidieh further highlighted that this partnership presented an exciting opportunity for growth, and with TJX’s international expertise, they are well-positioned to execute their strategic vision while fostering the development and rewarding the dedication of their employees.
Moreover, deNovo Partners served as the exclusive financial advisor, and White & Case provided legal counsel to BFL Group on the transaction.
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