Emaar Malls has completed an acquisition of the remaining 49% stake in fashion e-commerce retailer Namshi from Global Fashion Group (GFG).
The $129.5m transaction offers Emaar 100% ownership of the fashion retailer. The company acquired the other 51% in 2017 through a strategic partnership with GFG.
Emaar Malls CEO Patrick Bousquet-Chavanne said: “The majority acquisition of the company in 2017 had heralded a new era for Emaar Malls in building its online presence.
“Today’s acquisition underlines the acceleration of our Digital Forward strategy to leverage the growing e-commerce market in the Middle East and North Africa region.
“This will enable us to further accelerate the talents and operational synergies between the two businesses, as well as drive the growth of Namshi by drawing on the superb retail infrastructure of Emaar Malls.”
Established in 2011, Namshi is an online lifestyle retailer offering fashion and beauty products to customers in the Middle East and North Africa (MENA) region.
The company currently offers a range of 700 brands, including exclusive in-house labels, sports collaborations and brands with an international presence. It also has a 1.2 million active customer base.
As part of the transaction, Emaar Malls will support Namshi’s presence in the e-commerce fashion market by adding more brands, enhancing its logistics infrastructure and strengthening its geographic outreach.