Dubai; Reinforcing its online presence, Emaar Malls has paid Dh475.5 million to raise its ownership in Namshi, the fashion portal, from 51 per cent to 100 per cent. The payment was made to Global Fashion Group, which had initially sold the 51 per cent stake in 2017.
Emaar Malls holds assets such as The Dubai Mall and Dubai Marina Mall as part of its brick-and-mortar portfolio. Namshi, meanwhile, has a 1.2 million customer base and recorded sales of Dh849 million from the UAE and Saudi Arabia in 2018, a gain of 16 per cent over the previous year.
“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,” said Mohammad Al Abbar, chairman of Emaar Properties and board member of Emaar Malls.
“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.”
For its part, Namshi will be able access additional brands, enhance its logistics infrastructure and strengthen its geographic reach.
According to Patrick Bousquet-Chavanne, CEO of Emaar Malls, “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.”