CENOMI RETAIL ON TRACK TO DELIVER TURNAROUND STRATEGY WITH NEW PIPELINE OF BRAND SALES AND IMPROVED OPERATIONAL EFFICIENCIES
Board approved strategy to focus on highly profitable global Champion Brands and category leaders including Inditex, Subway and Cinnabon.
Further simplification of business operations to drive profitable long-term growth including store closures and improved operational efficiencies
In addition to 21 brands previously announced, a further 18 brands including Aleph, KIKO, Flying Tiger and Decathlon are planned in next phase of brand divestment program
The additional non-core fashion, electronics, beauty and F&B brand divestments expected to raise proceeds in excess of SAR 650 million
Phase 3 brand divestments in addition to recently announced sale of Aldo, Aldo Accessories, Charles & Keith, Pedro and La Vie En Rose
Future state will reduce brands from 75 to 13 core strategic brands and store footprint from 1,051 to 367 stores with a focus on simplicity and efficiencies
