Dubai: The Saudi headquartered online marketplace noon has completed the acquisition of upmarket fashion online portal Namshi. It was last year that the deal was announced whereby Emaar decided to sell Namshi and instead focus purely on property and physical retail.
Noon will hope to be a good fit for Namshi, which has more than 1,200 brands across its platform, The online retailer has been operating since 2011 and principally serves customers in the UAE, Saudi Arabia, and other countries in the region.
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“As we embark on a new adventure together, it feels like a homecoming for many of us who have a special place in our hearts for Namshi,” said Hisham Zarka, CTO of noon Group and co-founder of Namshi. “We know both noon and Namshi have a long way to go, but that just means that the opportunity ahead remains immense.
“We are grateful to wake up each day to work on interesting challenges with a great team in a dynamic market, and we hope to make the most of this opportunity to create opportunities for others.”
noon will continue to support Namshi’s growth as an independent entity within the company. “Thanks to continued growth under Emaar over the past 5 years, it has cemented its position as a leading regional e-commerce platform,” said Zarka.
Namshi will remain a separate entity, ‘able to leverage noon’s extensive logistics and fulfilment networks as well as the fleet.
“This acquisition is a great opportunity for both noon and Namshi,” said Dhruv Paul, Group General Counsel of the noon Group. “It allows us to reach out to new audiences while offering them unique products from an incredible brand with world-class service, powered by noon.”