Brands For Less Completes Sale of 35% Stake to The TJX Companies, Inc.
Dubai, United Arab Emirates, November 20, 2024. Brands For Less Group (“BFL”) is pleased to announce today the successful completion of the sale of a 35% stake in the company to The TJX Companies, Inc. (“TJX”).
Following this acquisition and to further strengthen the company’s leadership team, BFL announces the following leadership changes:
• Toufic Kreidieh will assume the role of Executive Chairman of the Board.
• Yasser Beydoun will continue to serve as Executive Vice Chairman of the Board.
• Ayman Beydoun will be appointed CEO of Brands For Less Group and will continue to serve as a member of the board.
• Two senior executives from TJX will join the BFL Board of Directors.
BFL remains committed to delivering exceptional value to its stakeholders. 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.