Dubai-based e-tailers Namshi have been acquired by retailing giants Emaar Malls for $151 million. The investment is a strategic partnership to further the growth of Namshi, and accelerate the brand’s development in the region.
“We are very excited to welcome Emaar Malls as our majority shareholder,” says Hosam Arab, cofounder and managing director of Namshi. We are confident that this partnership will unlock further opportunities and help accelerate the development of Namshi for the benefit of our customers. We would like to congratulate and thank our team for their tireless efforts in making Namshi the Middle East’s premier fashion ecommerce destination and we look forward to continuing this journey together with Emaar Malls and GFG.”
The deal comes after Emaar narrowly missed out on a bid to buy Souq, which was later snapped up by Amazon. Mohamed Alabbar, the chairman of Emaar Malls and Emaar Properties, said: "The acquisition of a majority stake in Namshi underlines our digital-driven strategy to leverage the growing e-commerce market in the Middle East and North Africa region. Namshi offers a perfect fit for Emaar Malls in accelerating its focus on multichannel retailing, and creating long-term value for its stakeholders."
Launched in 2012, Namshi currently supplies over 50,000 products by 600 brands, offering a same-day delivery service in the UAE, and deliveries throughout the GCC. Last year, the company announced a net revenue of Dhs555 million and achieved its first full-year of profitability and cashflow.