Clyde & Co: Cenomi Retail sells franchise rights for SAR 120 mil
Global law firm Clyde & Co has provided legal counsel to Cenomi Retail, a leading Saudi-listed company, in the SAR 120 million transaction involving the sale of its franchise rights and associated assets for 18 prominent brands to Abdullah Al-Othaim Fashion Company. Notable brands in the deal include Flormar, OXXO, and Monsoon, with the completion expected in Q1 2024.
This divestment aligns with Cenomi Retail’s strategic transformation, focusing on key brands in the fashion, electronics, and food and beverage sectors. As the largest franchise retailer in the Kingdom and the sole listed business of its kind in the Middle East, Cenomi Retail has witnessed substantial growth since its inception in 1991, operating in over 1,300 stores across 100 shopping malls in 11 countries spanning the MENA and CIS regions. Abdullah Al-Othaim Fashion Company, a subsidiary of Abdullah Al Othaim Investment Company, manages malls and entertainment centers across the Kingdom, GCC, and Egypt.
Clyde & Co acted as lead counsel to Cenomi Retail. Clyde & Co’s cross-practice and cross-jurisdictional team was led by partner Chadi Salloum (corporate, pictured left), legal director Amun Bashir (corporate, pictured right), and trainee Urmika Mani (corporate). They were further supported by partner Sara Khoja (employment), legal director Krishen Patel (corporate), and associates Elodie Chalhoub (employment), Jassar Aljohani (employment), and Abdulaziz Alharthy (corporate).
