Abu Dhabi's IHC acquires 51% of Bin Suhail Group to form beauty JV – Reuters

DUBAI, Oct 11 (Reuters) – Abu Dhabi conglomerate International Holding Company (IHC) (IHC.AD) has agreed to acquire 51% of Bin Suhail Group through a subsidiary to form a beauty industry joint venture, it said on Monday.
IHC subsidiary Multiply Group, owner of beauty brands such as Bedashing, will merge with Bin Suhail Group, which owns the 35-location beauty and spa brand Tips & Toes.
The joint venture will operate under newly-established Omorfia Group, in which IHC will own a controlling 51% stake. The deal's value was not disclosed.
"The fully integrated holding company, Omorfia Group, owns and controls 100% shares of the company's leading consumer and B2B brands, including beauty giants Tips & Toes, Bedashing, Jazz Lounge Spa and Ben Suhail Distribution," IHC said in a statement.
Each brand will retain its identity and continue operations as usual.
"This strategic partnership provides major growth opportunities for both businesses," Omorfia CEO Faris Suhail Al Yabhouni said in the staement.
Our Standards: The Thomson Reuters Trust Principles.
Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Shi'ite Muslim cleric Moqtada al-Sadr's party was the biggest winner in an Iraqi election on Monday, increasing the number of seats he holds in parliament, according to initial results, officials and a spokesperson for the Sadrist Movement.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Information, analytics and exclusive news on financial markets – delivered in an intuitive desktop and mobile interface.
Access to real-time, reference, and non-real time data in the cloud to power your enterprise.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2021 Reuters. All rights reserved

source

Book an appointment