Saudi Arabian retailer BindDawood Holding has acquired 80.5% stake in Paris-based marketing agency Ykone through its wholly owned subsidiary Future Technology Retail (FTR).

The deal, which has been approved by the company's board of directors and shareholders, is expected to close shortly, BinDawood said in a statement on Wednesday.

The transaction is part of the company's strategy to boost its e-commerce presence.

"The Middle East's influencer marketing industry is growing exponentially. This investment ... will strengthen the growth of our business," said BinDawood CEO Ahmad AR.

As part of the deal, FTR has the option to buy an additional 4.9% of shares in Ykone, with the balance to be held by the founder and key management.

A subsidiary of France's TF1 Group, Ykone operates as an international influencer marketing agency with a proprietary technology offering focused on travel, beauty, fashion and luxury brands.

(Writing by Cleofe Maceda; editing by Seban Scaria)