Taj Holding has announced the acquisition of Dubai-based fashion retailer and distributor Beside Group.
Beside is a leading partner for international brands in the Middle East with a vast experience in both retail and wholesale, spanning several decades. Their portfolio includes some of fashion’s leading brands such as Diesel, Fred Perry Pinko and Scotch & Soda.
Taj Holding and Beside are focused on a smooth transition with continuity being a key objective. The mid to long-term goal is to build on Beside’s success to-date and develop a strategy that leads to stable and sustainable growth. Taj Holding’s resources and assets will support Beside to achieve this growth through multiple channels including; geographical expansion, diversifying revenue streams and portfolio development.
Commenting on the deal, Taj Holding group chairman and CEO, Omar Henaidy, said: “I speak on behalf of everyone at Taj Holding Group when I say that we are proud and privileged to be joining forces with an industry leader such as Beside. The acquisition marks our most significant investment in the retail sector and is a landmark investment for Taj Holding Group. It will also provide Beside Group with the necessary resources to accelerate our long-term strategy to become the best-in-class retailer in the region."
Henaidy will also take on the roles and responsibilities of chairman and CEO of Beside. - TradeArabia News Service
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