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UAE-based retail group denies media reports on selling minority stake
Based in the Emirates, the company serves seven markets across the Middle East and Europe
Photo for illustrative purposes only
UAE-based retail group Brands for Less (BFL Group) has denied reports of selling a minority stake in the business to investors.
In an official statement issued on Thursday, the group said: “We are aware that there have been recent press articles speculating that Brands for Less Holdings Limited is considering selling a minority stake in the business. While the company, on an ongoing basis, reviews its options to further enhance growth, customer reach and customer service; there are no current plans for a sale of shares … to third parties or through an initial public offering (IPO) to investors.”
The off-price retailer said since starting its journey in 1996, BFL Group has expanded across the region as an “independent company”.
Based in the UAE, the company serves seven markets across the Middle East and Europe. Its journey started with an off-price business model – ‘Brands for Less’ – in Lebanon in 1996. Four years later, the group movd to the UAE. Its retail stores offer up to 80 per cent off the original price for designed designer brands.
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