Corporate News 06-Oct-22
Board of FSN E-Commerce Ventures approves strategic alliance with UAE's Apparel Group
At meeting held on 06 October 2022
The Board of FSN E-Commerce Ventures at its meeting held on 06 October 2022 has approved entering into Share Purchase cum Shareholders' Agreement (“Agreement”) by FSN International, a wholly owned subsidiary of the Company (hereinafter referred to as “FSN International”) with Apparel Group, a global fashion and lifestyle retail conglomerate headquartered in the United Arab Emirates (UAE) (hereinafter referred to as “Apparel”) for undertaking an omni-channel, multi branded beauty retail operation business in the countries that are part of the Gulf Cooperation Council (GCC) namely the Kingdom of Bahrain, State of Kuwait, Sultanate of Oman, State of Qatar, Kingdom of Saudi Arabia and the United Arab Emirates (UAE) through an entity to be incorporated in the Abu Dhabi Global Market in which FSN International will hold 55% stake and balance 45% will be held by Apparel as on the Closing Date, in accordance with the terms of the Agreement.
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