Brands For Less (BFL Group), a leading off-price retailer of fashion, homeware, and toys in the region, has finalized a significant deal with The TJX Companies, Inc. The agreement involves the sale of a 35% stake in BFL Group to TJX, a global leader in off-price retail.
This notable transaction values BFL Group at $1.2 billion. TJX Companies, Inc. (NYSE: TJX), renowned for its extensive network of over 5,000 stores across nine countries, will provide strategic guidance as BFL Group aims to extend its reach beyond the GCC. The collaboration promises to leverage TJX’s extensive international experience to bolster BFL’s growth.
Toufic Kreidieh, Executive Chairman and Co-Founder of Brands For Less Group, commented, “Over the past 28 years, we have built the region’s leading off-price retailer of fashion, homeware, and toys. We are thrilled and honored to have TJX as an investor and we thank TJX CEO and President Ernie Herrman and his leadership team for placing their trust in our business. This is an exciting opportunity for growth, and with TJX’s international expertise, we are well placed to successfully execute our strategy while supporting the development and rewarding the dedication of our employees.”
The transaction was advised by deNovo Partners, who served as the sole financial advisor, with White & Case providing legal counsel to BFL Group.
About Brands For Less Group:
Based in the UAE, Brands For Less (BFL) Group stands as a prominent off-price retailer in the Middle East, specializing in fashion and homeware. The company began its journey in Lebanon in 1996 with its unique off-price model, ‘Brands for Less,’ and expanded to the UAE in 2000. With over 100 stores, BFL Group offers exceptional savings of up to 80% off retail prices on designer brands.
BFL Group is continuously expanding its product offerings and enhancing the shopping experience for its customers. Recently, the Group has focused on broadening its e-commerce presence to make its offerings more accessible globally. For more details, visit the BFL website at www.brandsforless.com/en-ae/about-us/.
