BinDawood to buy majority stake of influencer marketing company Ykone

BinDawood Holding, a Saudi Arabian grocery chain, disclosed on Sunday that talks had begun to buy the majority of the shares of Ykone, an influencer marketing firm.
The transaction will be done through Future Technology Retail (FTR), a business that invests in technology and retail solutions, a completely owned subsidiary of BinDawood.
An influencer marketing firm specialising in fashion, beauty, travel and luxury brands, Ykone was established in 2008 as a division of the French content creation company TF1. More than 200 companies worldwide receive end-to-end services from the group, which has presence in Asia, Europe, the Middle East and the US. These services include talent management, strategy, monitoring and content production.
Through a French subsidiary business that FTR has established, the acquisition will be made.
In order to take advantage of tech-related investment opportunities in the retail sector, FTR was founded in January of this year. It was declared by the group in March that an agreement had been signed to acquire a majority stake in International Applications Trading Group, which handles and develops BinDawood e-commerce channels and BinDawood Holding’s Danube.