Chalhoub Group acquires majority stake in Threads Styling

(Drapers, 30th September) Chalhoub Group, the Middle East's largest luxury retailer and distributor, has taken a majority stake in UK-based digital luxury retailer and personal shopping platform Threads Styling.

The group, which partners with luxury brands who want to trade in the Middle East, has acquired all shares apart from those owned by its founder and CEO Sophie Hill for an undisclosed sum.

Threads Styling will continue to operate as an independent entity under Hill’s leadership.

The acquisition is part of Chalhoub Group’s drive to invest in digital platforms in an effort to expand its existing online ecosystem and harness new opportunities for customer engagement and personalisation.

Thread Styling is known for its personal styling services provided by virtual assistants. Chalhoub Group is expected to bolster Threads Styling with its Middle East market expertise - a major customer base for the UK company.

Sharmila Murat, Chalhoub Group's chief investment officer, said: “This partnership is a key milestone in our strategy to expand our digital presence and global reach, while staying focused on delivering exceptional experiences for our luxury consumers, and inspiring and influencing a global audience through innovative and engaging digital content.”

Hill, a former stylist who founded Threads Styling in 2009, said: “We are excited to partner with Chalhoub Group as it gives us a unique opportunity to strengthen our presence and capabilities in the Middle East and globally. Their knowledge of the luxury industry makes them a perfect strategic partner for Threads.”

In March 2022, Threads Styling secured $12m (£9m) in a fundraising round led by growth-stage technology fund Highland Europe and venture capital company C Ventures. D5 Capital was an early stage investor in Threads Styling.