Dubai, United Arab Emirates, 26 February 2019: Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, has fully acquired Namshi, the leading regional fashion e-commerce retailer.
This follows acquiring the remaining stake of Global Fashion Group (GFG) in Namshi, in an all-cash transaction of AED 475.5 million (Euro 114.3 million; US$ 129.5 million).
GFG and Emaar Malls entered into a strategic partnership in 2017 when Emaar Malls acquired a 51% stake in Namshi. Over the past two years, GFG has worked together with Emaar Malls and the Namshi team to strengthen the company's offering by bringing global expertise in e-commerce and shared resources such as global brand acquisitions and technology innovations to the platform.
Emaar Malls’ full acquisition of Namshi is a natural evolution of the company's digitally-driven strategy to leverage the growing e-commerce market in the Middle East and North Africa region.
The full acquisition reinforces the position of Emaar Malls in the rapidly growing online market in the Middle East, complementing its physical retail assets portfolio.
Namshi has a 1.2 million and growing active customer base, and recorded impressive growth in the past two years, having recorded sales across UAE and the KSA of AED 849 million (US$ 231.3 million) in 2018, an increase of 16 per cent compared to the previous year.
The deal will further cement Namshi as among the region’s fastest growing e-commerce fashion destinations with Emaar Malls to power its growth through the addition of more brands, enhancing its logistics infrastructure and strengthening its geographic outreach.