UK nail polish brand Models Own has been sold to Saudi-based retail conglomerate
UK nail polish brand Models Own has beeen sold to Saudi-based retail conglomerate Fawaz Alhokair & Co.
Fawaz Alhokair is one of the largest retailers in the Middle East, with over 12 million sqft of retail space. It controls over 2000 stores in 18 countries across the Middle East and central Asia, including the Marks & Spencer franchise in Saudi Arabia.
Following the sale, which closed on 29 October, Models Own plans to open approximately 100 stores in the UK creating approximately 1000 jobs. Models Own was founded in 2008 by the former Ministry of Sound CEO Mark Rodol and his brother Steven. The company currently generates a turnover of approximately £8m. Mark Rodol will continue in his role as CEO of Models Own and the day-to-day running of the company.
He said: “The recent performance of our Bottleshops has been outstanding and this sale to Fawaz Alhokair & Co will enable us to focus on greater domestic and international expansion. In addition to the Middle East and Central Asia, Fawaz Alhokair & Co holds the US and Eastern European rights to Philip Green’s Arcadia brand. It opens, on average, a new store every 18 hours somewhere in the word and is a great partner for us.”
Models Own was advised by corporate finance boutique Bluebox Corporate Finance and law firm Howard Kennedy with regard to the sale. The terms of the sale have not been disclosed, although The Sunday Times reports the deal cost Fawaz Alhokair about £20m.