THE WHAT? Luxury retailer Boutiqaat has drafted in Citigroup to ‘explore strategic options’, according to a report published by Bloomberg.
THE DETAILS The Kuwait-based beauty platform is said to be exploring the possibility of a sale for part of its business as well as securing investment, Bloomberg said, quoting anonymous sources.
The same people ‘with knowledge of the matter’ said that Boutiqaat is hoping to achieve a valuation of between US$700 million and US$1 billion – up considerably from the US$500 million valuation it garnered in a funding round last year.
THE WHY? With online retail booming across the globe thanks to the closure of many bricks and mortar stores, the platform is presumably hoping to cash in on the demand.