BinDawood Holding, leading operator of the biggest hypermarkets in Saudi Arabia, announces acquisition of a 80.5% stake in Ykone.
Ykone, an influencer marketing agency, is a subsidiary of France’s media production and publishing company TF1 Group.
“With a studio in Dubai and offices in Riyadh and Abu Dhabi, we are well placed to respond to the needs of these rapidly growing markets. This partnership with BinDawood Holding marks a milestone in the incredible growth and success we have achieved to date and will propel our growth across the Gulf States in the retail, travel, tourism and entertainment sectors,” said Olivier Billon, Founder & CEO of Ykone.
This acquisition, announced by BinDawood Holding’s wholly owned subsidiary, Future Technology Retail (FTR) , will allow them to further grow in the e-commerce sector through Ykone’s know-how of influencer digital marketing, while Ykone will be using this opportunity to further expand in the Middle East.
“The Middle East’s influencer marketing industry is growing exponentially. This investment in cutting-edge marketing technology and a trusted, full-service agency, with a global and local footprint, will strengthen the growth of our business and enhance our focus and nimbleness in making informed marketing decisions,” said BinDawood Holding’s CEO Ahmad AR. BinDawood.
It is worth mentioning that the Board of Directors of BinDawood Holding and the shareholders of Ykone have approved an additional 4.9% of shares in Ykone to be bought by FTR, but the transaction has not been closed as of now.
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