Emaar Malls Announces Full Acquisition Of Fashion E-Commerce Retailer Namshi
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Dubai-headquartered Emaar Malls has announced its full acquisition of Middle Eastern fashion e-commerce retailer, Namshi, after buying out Global Fashion Group's stake in the enterprise for US$129.5 million.
Emaar Malls had previously owned a 51% stake in Namshi after getting into a strategic partnership with Global Fashion Group in 2017.
Founded in 2011, Namshi has a 1.2 million and growing active customer base, with recorded sales across the UAE and Saudi Arabia of $231.3 million in 2018, an increase of 16% compared to the previous year.
In a statement about the acquisition, Mohamed Alabbar, Chairman of Emaar Properties, and Board Member of Emaar Malls, said, “The remarkable growth achieved by Namshi underlines the potential for fashion e-commerce in the region, where, every day, a larger number of people shop online to meet their fashion aspirations. With the consolidation of our stake in Namshi, we are highlighting our commitment to position Emaar Malls for growth over the next decade, and to create outstanding value for all our shareholders through our omnichannel strategy.”