Global Fashion Group, the leading fashion e-commerce platform in emerging markets and Emaar Malls, the shopping malls and retail business majority-owned by property developer Emaar Properties have decidedly gone into business together to further the growth of the Middle East’s own fashion e-commerce platform, Namshi.
Under the terms of the union, Emaar Malls will acquire a 51% stake in Namshi for a sum of USD 151 million, with GFG retaining the remaining 49% stake. The investment is for the future growth of Namshi, and to further flourish itself in the Middle East as the region’s own pre-emminent fashion e-commerce platform.
“We are very excited to welcome Emaar Malls as our majority shareholder,” said Hosam Arab, MD of Namshi. “We are confident that this partnership will unlock further opportunities and help accelerate the development of Namshi for the benefit of our customers. We would like to congratulate and thank our team for their tireless efforts in making Namshi the Middle East’s premier fashion ecommerce destination and we look forward to continuing this journey together with Emaar Malls and GFG.”
Mohamed Alabbar, Chairman of Emaar Malls and Emaar Properties, said: “The acquisition of a majority stake in Namshi underlines our digital-driven strategy to leverage the growing e-commerce market in the Middle East and North Africa region. Namshi offers a perfect fit for Emaar Malls in accelerating its focus on multi-channel retailing, and creating long-term value for its stakeholders.”
Led by co-founders Hosam Arab, Faraz Khalid and Hisham Zarka, Namshi launched in 2012, and offers a wide range of over 50,000 products across more than 600 international and local fashion brands and its own private labels. The company already serves over 750,000 customers across the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain. The contributing factor for their success attributes to their same-day delivery experience within the UAE, with express delivery offered to Saudi Arabia.
By Pavan Premaney