Fawaz Alhokair Group co-owner held in corruption crackdown
The billionaire co-owner of retailer Fawaz Alhokair Group, which represents brands including Aldo, Mango, Nine West and New Look in the Middle East and Northern Africa region, has been detained as part of an anti-corruption operation in Saudi Arabia.
The Saudi businessman is being held on orders from an anti-corruption committee headed by Crown Prince Mohammed bin Salman, according to Bloomberg. The operation has also impacted members of the royal family, ministers and senior officials.
In Spain, the group owned the collapsed Blanco business between 2014 and 2016. The company was sued last year by workers of the fashion brand, who accused the former owner of unfair work practices.
In addition to Blanco, Cortefiel, Mango, Mayoral, Sfera, Desigual and Inditex, Fawaz Abdulaziz Alhokair has represented more than 80 retail brands across the Middle East and Northern Africa. The group also operates a chain of shopping centres.
The store estate includes more than 2,100 sites in 17 countries and was established in 1989 by brothers Fawaz Abdulaziz Alhokair, Salman Abdulaziz Alhokair and Abdul Majeed Abdulaziz Alhokair.
Copyright © 2023 FashionNetwork.com All rights reserved.
