UAE-based off-price retailer Brands For Less Group has denied Reuters’ reports of selling a minority stake in the business to investors.
The Group’s official statement released on Thursday reads: “We are aware that there have been recent press articles speculating that Brands for Less Holdings Limited 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 IPO to investors.”
Founded by Lebanese entrepreneurs Toufic Kreidieh and Yasser Beydoun, Brands For Less opened its first store in Beirut in 1996 and four years later expanded the business to the UAE and moved its headquarters to Dubai.
The company has an online retail presence and operates 85 stores in six countries.
The group has several lines including Brands for Less, which consists of retail fashion stores, in addition to Toys For Less, Homes For Less, and Luxury For Less. It follows an off-price retail model, selling branded products at discounted prices.
