Sign inSubscribe

Search Site

VideosInforgraphics
Sign inSubscribe
Trends banner

Business

BYD Q3 profit down 33%

This was a 33% year-on-year decrease.

Alphabet posts first $100 bn quarter

The growth was powered by cloud division buoyed by AI

Nvidia to take stake in Nokia

Nvidia share price soars 20%.

Nestle to cut 16,000 jobs

The company's shares shoot up 8%.

Multiply Group buys stake in ISEM

Multiply Group will hold 60.8% of ISEM.

IHC of Abu Dhabi acquires 51 percent of Bin Suhail Group to form beauty joint venture

By TRENDS Desk
October 11, 2021 10:51 pm
  • IHC subsidiary Multiply Group, owner of beauty brands such as Bedashing, will merge with Bin Suhail Group
  • The joint venture will operate under newly-established Omorfia Group, in which IHC will own a controlling 51% stake

International Holding Company (IHC), Abu Dhabi conglomerate, 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 statement.

[adinserter block="5"]

Most Read

UAE’s working mothers get extended maternity leave

The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.

Getting vaccinated is ‘the most patriotic thing’ to do

The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…

Saudi Arabia to generate $150 billion in investments from its new transport policy

The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…

GCC healthcare: Transforming the region and impacting the world

PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size

New-Age Growth Comes Home to the GCC

The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.

[adinserter block="4"]