Fashion Site Namshi Has Been Bought Up For AED554.6 MILLION In The Latest E-Commerce Move
Online fashion store, Namshi.com has had 51% of it acquired by Emaar Malls in the latest e-commerce deal.
The website posted a statementto announce the Emaar Malls investment in the fashion site on Wednesday.
Namshi saw a net revenue of USD150 million for 2016, and was the stake was bought for a reported AED554.6 million.
In the statement from management it said:
“This partnership will enable Namshi to make the investments and improvements necessary to bring exceptional service to all of our customers.”
Namshi.com
Namshi has a large marketshare of the fashion industry
Selling assorted fashion, sports and leisure apparel.
The news comes following the departure of Omar Kassim – founder of Jado Pado – from noon.com
Noon.com acquired Jado Pado, and Kassim moved over to noon.com, but left the company after just one week – which he tweeted about on Monday.
I’ve stepped down from my role @noon as of earlier today. I wish the team the very best and hope they go onto building a world class product
— Omar Kassim (@okassim) May 22, 2017
