Board of FSN E-Commerce Ventures approves strategic alliance with UAEs Apparel Group

11 Oct 2022 , 01:34 AM

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 55Percentage stake and balance 45Percentage will be held by Apparel as on the Closing Date in accordance with the terms of the Agreement