Marking the start of the ecommerce giant's expansion into the region
Big news overnight as the Yoox Net-A-Porter group announced it had sold four per cent of its shares to Dubai-based company Alabbar Enterprises for just over Dhs417 million. The move suggests the company is gearing up for rampant expansion into the Middle Eastern market, and the partnership with Mohamed Alabbar (head of Alabbar Enterprises) gives the company the expert regional insight it needs to do so.
Mohamed Alabbar is the founder and chairman of the Emaar group, which owns The Dubai Mall, which therefore places him as the ideal partner for the e-commerce giant. "I sincerely admire Mr. Alabbar for his forward-thinking and relentless drive to innovate, a vision that has led to the creation of the world's biggest mall," Frederico Marchetti, the CEO of Yoox Net-a-Porter, said in a statement. "His track record in delivering exclusive luxury and retail experiences across the Middle East will provide us with invaluable insights into the fast-growing regional luxury fashion market."
As it stands, neither Yoox or Net-A-Porter (or its affiliated sites The Outnet and Mr Porter) offer Arabic language versions on site for their customers, despite the region making up a large percentage of its luxury customers. Perhaps this move will see that change in the near future?
With the world's largest e-tailer joining forces with the world's largest retailer, shopping is set to become more exciting than ever. - Maddison Glendinning