Dubai, United Arab Emirates—UAE-based retail group Brands for Less (BFL Group) has denied reports of selling a minority stake in the business to investors. The Group released an official statement earlier today as follows:
“We are aware that there have been recent press articles speculating that Brands for Less Holdings Limited (“BFL” or the “Company”) is considering selling a minority stake in the business. While the Company, on an ongoing basis, reviews its options to further enhance growth, customer reach and customer service; there are no current plans for a sale of shares in the Company to third parties or through an Initial Public Offering to investors.
As the GCC’s leading off-price retailer, BFL remains committed to providing an unparalleled customer experience and offering our customers the best “Treasure Hunt” experience in stores and on-line.”
Since starting their journey in 1996, BFL Group has expanded across the region as an independent company and have recently been named the “most admired e-commerce company of the year” in the fashion and lifestyle sector.
