Saudi grocery chain to buy majority stake in France’s TF1

The deal is worth 192 million riyals
Saudi grocery chain to buy majority stake in France’s TF1
A worker at the Danube grocery store

Future Tech Retail (FTR), a wholly owned subsidiary of BinDawood Holding Company that specializes in technology, retail, and investment solutions, has begun exclusive talks to acquire a majority stake in Aikon, a subsidiary of the French media holding company TF1 Group.

In a statement on Saudi Tadawul, BinDawood said that the potential deal will be carried out through a French subsidiary, which will be joined by the Future Retail Information Technology Company.

The deal is worth 50 million euros (192 million riyals), according to a French newspaper. Aikon, which has annual sales of around 70 million euros, acts as an intermediary between luxury brands and influencers to implement marketing campaigns on social networks.

If an agreement is reached, the parties will proceed with the formal and legal procedures required to complete the acquisition process.

Offering its clients integrated services in strategy development, talent management, content production, and trend monitoring, Aikon boasts a strong presence in Europe, Asia, the United States, and the Middle East. Its customer base includes more than 200 brands from around the world, including the MENA.

“We’re looking for a partner in Asia and the Middle East, where we’ve seen strong growth. We’re on the lookout for investors who believe in social networks,” said Aecon’s founder.

He also noted that the company has experienced rapid growth and has more than doubled its revenue since 2020, with a target of 200 million euros within two to three years.

With 78 locations currently open, BinDawood is one of Saudi Arabia’s most prominent food and luxury store operators. It runs two brands, the first of which bears its own name and the second of which is called the Danube.