KSA: BinDawood takes majority stakes in French company Ykone
Saudi Arabian retailer BinDawood Holding has acquired 80.5% stake in Paris-based marketing agency Ykone through its wholly owned subsidiary Future Technology Retail (FTR), Zawya reports.
BinDawood Holding in a statement said the transaction is part of the company’s strategy to boost its e-commerce presence.
“The Middle East’s influencer marketing industry is growing exponentially. This investment … will strengthen the growth of our business,” said BinDawood CEO Ahmad AR.
FTR also per the deal, has the option to buy an additional 4.9% of shares in Ykone, with the balance to be held by the founder and key management.
Ykone operates as an international influencer marketing agency with a proprietary technology offering focused on travel, beauty, fashion and luxury brands.