Law firm Howard Kennedy has advised on the sale of make-up retailer Models Own to retail conglomerate Fawaz Alhokair & Co.
The sale, the terms of which have not been disclosed, will allow for the international and domestic expansion of Models Own, creating an additional 1,000 jobs.
Models Own offers a range of nail varnishes and lipsticks popular with celebrities and musicians sold through store concessions and its own Bottleshop outlets. Fawaz Alhokair & Co is one of the largest retail conglomerates in the world, with over 2,000 stores in 18 countries across the Middle East and Central Asia.
Karen Ozdamar of Howard Kennedy’s corporate and commercial team advised Models Own's shareholders – Mark Rodol, the former CEO of the Ministry of Sound, and his brother Steven, who retain a shareholding in Models Own and will continue to be responsible for the day to day running of the company.
Mark Rodol says: “The recent performance of our Bottleshops has been outstanding, and this sale to Fawaz Alhokair & Co will enable us to focus on greater domestic and international expansion. In addition to the Middle East and Central Asia, Fawaz Alhokair & Co holds the US and Eastern European rights to Philip Green’s Arcadia brand. It opens, on average, a new store every 18 hours somewhere in the word and is a great partner for us.”
Ozdamar says: “We are delighted to have been part of the entrepreneurial team that enabled Mark and Steven to achieve the sale of their stake in Models Own, the exciting brand that they created in 2008. This transaction is very much in keeping with our firm's strengths in understanding the commercial dynamics and challenges faced by our clients, and in providing practical solutions to achieve a successful result. The sale, concluded on 29 October 2014, gives Models Own access to some of the fastest growing markets in the world, and we look forward to being a part of its ongoing success.”
