Middle East Deals: Kuwait Luxury Retailer Boutiqaat Hires Citi - Bloomberg:
Kuwait’s Boutiqaat hired Citigroup Inc. to explore strategic options for the online retailer of luxury goods and cosmetics, according to people with knowledge of the matter.
The U.S. bank is working with the company on possibilities including a partial sale of the business and fund raising, the people said, asking not to be identified as the discussions are private.
Boutiqaat is seeking a valuation of about $700 million, two of the people said, while another person familiar with the company’s plans said it’s targeting around $1 billion. The company was valued at about $500 million in a 2019 funding round, they said.
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