Board approved strategy to focus on highly profitable global Champion Brands and category leaders including Inditex, Subway and Cinnabon.

Further simplification of business operations to drive profitable long-term growth including store closures and improved operational efficiencies.

In addition to 21 brands previously announced, a further 18 brands including Aleph, KIKO, Flying Tiger and Decathlon are planned in next phase of brand divestment program.

The additional non-core fashion, electronics, beauty and F&B brand divestments expected to raise proceeds in excess of SAR 650 million.

Phase 3 brand divestments in addition to recently announced sale of Aldo, Aldo Accessories, Charles & Keith, Pedro and La Vie En Rose.

Future state will reduce brands from 75 to 13 core strategic brands and store footprint from 1,051 to 367 stores with a focus on simplicity and efficiencies.