Middle East News 247
Beauty Business Lifestyle

Luxury retailer in Kuwait hires Citigroup to advise on options

Kuwait’s Boutiqaat hired Citigroup to explore strategic options for the online retailer of luxury goods and cosmetics, according to people with knowledge of the matter.

The US bank is working with the company on possibilities including a partial sale of the business and fund raising, the people said, asking not to be identified as the discussions are private.

Boutiqaat is seeking a valuation of about $700m, two of the people said, while another person familiar with the company’s plans said it’s targeting around $1bn. The company was valued at about $500m in a 2019 funding round, they said.

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