Saudi Arabia supermarket operator BinDawood Holding announced Sunday that it had opened into negotiations to acquire a majority stake in Ykone, an influencer marketing agency.
The acquisition will take place through BinDawood’s wholly owned subsidiary, Future Technology Retail (FTR), itself a technology and retail solutions investment company.
Ykone, a subsidiary of French content production group TF1 founded in 2008, is an influencer marketing agency focused on travel, beauty, fashion and luxury brands. The group has a presence in Europe, Asia, the US and the Middle East and provides end to end services on strategy, talent management, content production and monitoring to more than 200 brands around the world.
The acquisition will be made through a French subsidiary company incorporated by FTR.
FTR was established earlier this year in January, with an aim to capitalise on tech-related investment opportunities in the retail sector. In March, the group announced that it had signed an agreement to purchase a majority stake in International Applications Trading Group, the same company which developed and manages BinDawood Holding’s Danube and BinDawood ecommerce channels.
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