Nairobi Securities Exchange listed fashion retailer Deacons (East Africa) has signed an exclusive franchise agreement with F&F, a fashion subsidiary of UK’s Britain’s largest grocery and general merchandise store Tesco.
With this agreement, Deacons will acquire the regional franchise rights for the F&F fashion brand that caters for men, women and children. The fashion retailer will then launch the brand in two stores at the Sarit Centre and the Hub, in Karen ahead of the Christmas season.
F&F is a global brand with presence in Europe, Middle East and Asia and is sold in over 2000 stores across Six European markets, and Seventeen additional markets where it has franchise stores.
Deacons listed its shares at the Nairobi Securities Exchange on 2nd August, 2016. During Friday’s trading session, its shares fell by 9.35% to settle at KES 6.30 per share against a listing price of KES 15, representing a drop of approximately 58%.
During the half year period, the company made a loss of KES 70.17Million as a result of increase in finance cost and losses related to foreign exchange. However, its revenues rose by 8% increase driven by its Ugandan operations.
