‘Retail here to stay’ says CEO of Saudi conglomerate Alhokair

JEDDAH: Saudi retail conglomerate Fawaz Abdul Aziz Alhokair Co. (Alhokair) announced earlier this month a partnership with shopping center operator Arabian Centers Company (ACC) to acquire a majority stake in UK-based e-commerce platform Vogacloset, in a deal worth SR68.85 million ($18.36 million).

With Saudi consumers stuck at home due to coronavirus travel restrictions and physical malls shut at various periods over the last 12 months, it is no wonder Alhokair is keen to buy into the Kingdom’s surging e-commerce sector.