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Host SavoieSwitzerlandRepurchase 10% a year, 2 yrsEdinburgh Supplies LTDSouth KoreaRepurchase 10% a year, 5 yrsSnow BrokerJapanRepurchase 10% a year, 3 yrsLyfeindex LimitedBelgiumRepurchase 5% a year, 10 yrsBullion RumTanzaniaRepurchase 5% a year, 10 yrsMUTEJapanRepurchase 10% a year, 5 yrsBenito'sJapanRepurchase 5% a year, 10 yrsAnnard LtdUnited StatesRepurchase 5% a year, 5 yrsKEMA Storköksförsäljning ABChinaRepurchase 10% a year, 5 yrsTruth Treatment SystemsBrazilRepurchase 5% a year, 10 yrsRicher EducationKuwaitRepurchase 50% a year, 2 yrsBelle CoachworksAustraliaRepurchase 5% a year, 7 yrsArconoQatarRepurchase 8% a year, 5 yrsK-FabQatarRepurchase 10% a year, 5 yrsNoordungQatarRepurchase 15% a year, 3 yrsMobo EatsNetherlandsRepurchase 10% a year, 3 yrsEngingNepalRepurchase 10% a year, 3 yrsRabosaUnited Kingdom, EnglandRepurchase 10% a year, 3 yrsShocklogicBahrainRepurchase 50% a year, 2 yrsStagefrights Murder MysteriesChinaRepurchase 15% a year, 3 yrsThe Mortgage Advice ClubQatarNo repurchase optionAdventura GlobalBrazilRepurchase 5% a year, 5 yrsShapeaccelerator BVChinaRepurchase 10% a year, 3 yrsIndoor Vertical.FarmQatarRepurchase 10% a year, 3 yrsCrowd CookwareBahrainRepurchase 10% a year, 3 yrsLandskapetGermanyRepurchase 10% a year, 3 yrsGreenolaOmanRepurchase 10% a year, 3 yrsCaravans In The SunGermanyRepurchase 10% a year, 3 yrs

EdenMountainInsights

Market reportOctober 27, 20267 min readEdenMountain Insights

EdenMountain Market Report: October 2026

591 ENORs from 61 brands, 12 completed sales and the first trading on a secondary market. What the exchange's records show 27 months after the first listing.

The first ENORs were listed in July 2024. Twenty-seven months later the exchange holds 591 of them, created by 61 brands and covering 101 territories. This report sets out what the listing records show about where brands are listing, the terms they choose, the sales that have completed and the start of a secondary market.

MeasureOctober 27, 2026
ENORs created591
Listed for sale589
Brands, headquartered in 15 countries61
Territories, across 91 countries101
Listings with a repurchase option85%
Completed sales12
Sold ENORs offered again by their holders10
Sum of listed prices$20.2 million

Listings grew fastest in the first year

The exchange reached 237 ENORs by December 2024 and 481 by June 2025. Growth then slowed: the count stood at 555 at the end of 2025, and 34 new listings in June 2026 took it to 590.

Exhibit 1ENORs listed, cumulative by month

0200400600Jul 2024Jan 2025Jul 2025Jan 2026Jul 2026591
Source: EdenMountain listing records, July 2024 to October 2026.

European brands, Gulf territories

The typical listing pairs a European brand with a territory in the Gulf. Of the 61 brands on the exchange, 32 are headquartered in the United Kingdom, and Gulf territories account for 240 of the 591 listings. The remainder are spread across Europe and Central Asia, Asia-Pacific, the Middle East and Africa, and the Americas.

Exhibit 2Listings and completed sales by region of the territory

Region of the territoryENORsShare of listingsCompleted sales
Gulf (GCC)24041%9
Europe & Central Asia11319%2
Asia-Pacific11019%1
Middle East & Africa6711%0
Americas6110%0
All regions591100%12
Share of the 591 ENORs on the exchange. Completed sales since July 2024.

Brands list widely. The median brand has 10 ENORs on the exchange. Richer Education has the largest portfolio with 23, followed by Adventura Global, BEACH-STREET SKINCARE and Banjo Robinson with 22 each.

Twelve sales, most of them in the Gulf

Twelve sales have completed since July 2024. Nine were for territories in Saudi Arabia or the United Arab Emirates; the others were for Japan, Germany and Greece. Where the records show both dates, the median time from listing to sale was about a month. The fastest sale, KEMA Storköksförsäljning's Saudi Arabia ENOR, closed the day after it was listed; the slowest, Richer Education's United Arab Emirates ENOR, took 293 days.

Exhibit 3Completed sales

Sale closedBrandTerritoryDays from listingOffered again
Jul 26, 2024Edinburgh Supplies LTDJapan2Apr 22, 2025
Aug 2, 2024ShirtinatorUAE4Apr 22, 2025
Aug 2, 2024KEMA Storköksförsäljning ABSaudi Arabia1Apr 27, 2026
Aug 19, 2024MUTESaudi Arabia10Aug 24, 2025
Sep 13, 2024Belle CoachworksSaudi ArabiaNot recordedApr 27, 2026
Sep 13, 2024Belle CoachworksUAENot recordedApr 27, 2025
Sep 18, 2024Host SavoieGermany41No
Feb 19, 2025Annard LtdUAE183Apr 22, 2025
Mar 25, 2025COLIVEGreece20Apr 22, 2025
May 16, 2025COLIVEUAE86No
Jun 19, 2025COLIVESaudi Arabia120Apr 28, 2026
Jun 24, 2025Richer EducationUAE293Aug 5, 2025
Days from the first listing to the sale, where the records show both dates. Offered again: the date the holder relisted the ENOR.

A secondary market has started

Ten of the twelve ENORs sold on the exchange have since been offered again by their holders. The first relistings in the records came on April 22, 2025, when four holders listed their ENORs on the same day. The most recent, COLIVE's Saudi Arabia ENOR, returned to the market in April 2026. No resale has completed yet, so the secondary market so far consists of supply rather than trades.

Repurchase terms cluster around three years

Brands write their own repurchase terms, and the range is wide: from 2.5% to 50% a year, over windows of 1 to 15 years. In practice the choices cluster. 320 of the 503 options run for three years, and two rates, 10% and 25% a year, cover most of them.

Exhibit 4ENORs by repurchase rate and validity period

Validity period, years
Annual rate1 to 234 to 57 to 1015Total
Under 10%91825651118
10%51592110186
12% to 20%14610957
22% to 25%1971100109
50%33000033
All rates49320586610503
ENORs with a repurchase option. The other 88 carry none.

Brands manage their listings

The records show 233 price updates and 112 changes to repurchase terms since launch. Brands are split almost evenly between those seeking operating partners (287 listings) and those neutral toward them (288); only 16 listings rule partners out.

Method

Figures come from the exchange's listing records as of October 27, 2026 and reflect the listings shown on this site. Prices of individual ENORs are visible to verified members only; this report uses the sum of listed prices and no individual prices.

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