There are talks between Cenomi Retail and a leading fashion store about a big deal that might include the combination of multiple commercial agencies.
This action by the well-known retailer in Saudi Arabia is part of a calculated attempt by Cenomi to increase its clout in the nation’s quickly developing fashion market.
Lazard has been chosen by Cenomi as its financial counsel to help it through this difficult negotiation, and Abuhimed, Al-Sheikh, and Al-Hagbani Clifford Chance will handle legal matters.
The engagement of these esteemed advisors highlights the importance of the deal, which may alter the retail industry’s competitive environment in the Kingdom, the company stated in a statement posted on the Tadawul, the Saudi Stock Exchange.
Cenomi reaffirmed its commitment to openness and compliance when it noted that any changes on the transaction will be shared in accordance with legal obligations.
Saudi Arabia’s Vision 2030 project, which intends to diversify the economy and support non-oil sectors, is driving a rapid transformation of the country’s fashion business. International interest and customer demand have surged in the retail sector, especially in fashion.
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