eXtra signs MoU to acquire 51% stake in Mohammad Yousuf Sager & Co
Saudi Arabia-based consumer electronics retailer eXtra (United Electronics Company) has announced its intention to buy 51% of another KSA-based fashion and accessories retailer Mohammad Yousuf Sager & Co.
eXtra has signed a memorandum of understanding with Mohammad Yousuf Sager & Co to acquire the 51% stake subject to a nine-month exclusivity period starting today. The deal is part of strategic plans to enter more retail sectors and more markets across the region.
Mohammad Yousuf Sager & Co is a pan-GCC retail conglomerate that represents brands including DKNY, Kenzo, Max Mara and Koton as well as Jimmy Choo, Ecco, Trinket and On Time. The retailer operates across the GCC region and has more than 240 stores.
“eXtra is accelerating its pace of growth to achieve its vision to become one of the Middle East’s leading retail companies. Our aim is to own and manage a wide range of stores including leading domestic and international brands,” says Abdullah Abdul Latif Al Fozan, chairman, extra.
