UAE's Brands For Less Group plans sale of minority stake to investors -sources | Reuters
The owners of UAE-based budget retailer Brands For Less Group (BFL Group) are considering selling a minority stake in the business to investors, two sources with direct knowledge of the matter said.
BFL Group is working with deNovo Corporate Advisors, the sources said, a Dubai-based boutique led by ex-Morgan Stanley Banker May Nasrallah.
BFL Group did not respond to a Reuters request for comment. deNovo declined to comment on Thursday.
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 United Arab Emirates and moved its headquarters to Dubai.
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.
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