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TJX buys 35% stake in Brands for Less

Ayman Beydoun will become the CEO of the BFL Group, while Toufic Kreidieh will assume the role of Executive Chairman.

By Beatriz Valero de Urquia
by Beatriz Valero de Urquia

Brands For Less Group (BFL), one of the Middle East’s leading off-price retailers of fashion and homeware, has announced the completion of the sale of 35% of the company’s shares to The TJX Companies, Inc. (TJX). 

Following the acquisition, Toufic Kreidieh, the former Group CEO of the BFL Group, will assume the role of Executive Chairman of the Board. Ayman Beydoun will be appointed CEO and maintain his position as a member of the group’s board. Beydoun was previously BFL Group’s Deputy CEO and COO.

Yasser Beydoun will continue to serve as Executive Vice Chairman of the Board of BFL, while two senior executives from TJX will join the BFL Board of Directors.

“BFL remains committed to delivering exceptional value to its stakeholders,” the company said in a statement. “With the support of TJX, the Group is well-positioned to achieve its long-term growth objectives and solidify its position as the region’s leading off-price retailer.”

The value of the transaction has not been disclosed.