Already focused on catering to Middle Eastern customers, fast fashion e-commerce platform VogaCloset is set to increase its presence in KSA.
KSA franchise retailer, Alhokair, and shopping centre developer, Arabian Centres Company, have announced the acquisition of UK-based e-commerce fashion platform, VogaCloset. The deal, which is set to be complete by June, 2021, will see the two companies acquire 51% of the platform.
Predominantly catering to Middle Eastern consumers, VogaCloset will also receive $12 million in capital to develop its presence in the Saudi market, accelerate its customer base and integrate Alhokair brands and ACC tenant brands into its platform. Other plans in the pipeline include launching a new loyalty programme and a consumer finance offering.
"Partnering with Alhokair and ACC in Saudi Arabia, our key market, is a strategic leap for VogaCloset,” said VogaCloset CEO, Hanin Hamarneh. “We have built a leading multi-brand fast fashion platform with a successful track record of meeting evolving consumer demands across the Middle East, supported by close alignment and tight integration with our highly-reputed and well-established European online fast fashion suppliers. This partnership, and the new investment that it will bring, will support and accelerate the execution of our very ambitious growth plans in Saudi Arabia and the Middle East.”
The platform will continue to run independently until the transaction is completed. Learn more about VogaCloset here.