As per the Tadawul announcement on 08/02/2024, Fawaz Abdulaziz Alhokair Co., now known as Fawaz Abdulaziz Alhokair Co.(4240.SA), has successfully completed the sale of its subsidiary, Innovative Outfit Trading Company, to Abdullah Al-Othaim Fashion Company. This strategic move is part of Cenomi Retail's ongoing transformation efforts and follows the initial share purchase agreement announcement made on December 7, 2023.

The transaction involved the transfer of franchise rights for 16 renowned brands across 226 stores, marking a significant milestone in Cenomi Retail's promised transformation strategy. The brands included in the deal are ADL, Bijou Brigitte, Bizou, Flormar, GERRY WEBER, IKKS, Lasenza, Lipsy, Marie France, Monsoon, Oxxo, Quiz, Springfield, Undiz, Women Secret, and Ziddy. Notably, two brands initially intended to be part of the sale were excluded due to the inability to obtain approval for the transfer of franchise rights from their respective owners.

The finalized transaction value was set at SAR 115,220,000, with an additional SAR 4,652,438 allocated for inventory adjustments, subject to the final physical count. This completion marks a pivotal step in Cenomi Retail's strategy to streamline its brand portfolio and focus on core business areas, reflecting its commitment to delivering on its transformation promise.