Dubai’s largest developer Emaar has announced that it will sell it’s online fashion platform Namshi to e-commerce marketplace Noon for $335.2 million. The company’s Board of Directors has in principle approved the sale of Namshi to Noon (subject to the approval of Noon Board of Directors), according to a statement issued by the company on August 19th.
“The cash consideration is the equity value of Namshi which is equivalent to USD 350,000,000 of enterprise value of the company. This is adjusted for the debt at the company level and the normalised working capital required for the company. Emaar will receive the equity value as the cash consideration for the sale,” the statement read.
While Amazon is reported to be the largest e-commerce player in the UAE, Namshi was second recording sales of $249m last year. Emaar acquired a 51% stake in Namshi in 2017 and went on to fully acquiring it in 2019. It serves customers across the GCC with fast delivery on over 5 million products.
Watsons to open 20 new stores in the GCC
In 2020, global health & beauty retailer AS Watson Group signed its
April 29, 2024 | By Rupkatha BAsda and Deliverect Deepen Partnership to Power Rapid Delivery Across Asda Express
SQUATWOLF’s Kuwait Flagship Store Anchors Its Regional Growth Ambitions
Global beauty icon Ulta Beauty to make Riyadh debut at Panorama Mall
/ 
For decades, Haldiram’s built deep recall across the UAE through its packaged
When House of Habanero opened its first physical location at Alserkal Avenue
Union Coop has completed a significant expansion of its Hatta Souq branch,
Saudi Arabia is set to welcome U.S. food exporters this week, as
Majid Al Futtaim has officially entered the discount retail segment with the
As convenience increasingly becomes currency in the region’s grocery landscape, Union Coop
As wellness becomes a lifestyle in the UAE, the grocery aisle is
Grandiose, one of the leading grocery retailers in the UAE with a
With shifting consumer behaviour, rising cost pressures, regulatory changes, and rapid digitization,
Union Coop’s blend of retail expansion, digital innovation, and community focus is
Abu Dhabi-based MAIR Group has marked a pivotal stage in its transformation
In a move that blurs the line between shopping and investing, Apparel
/ 
In a retail landscape dominated by shelves stacked with finished products, Oo
For decades, Haldiram’s built deep recall across the UAE through its packaged
Pure Gold Jewellers, one of the region’s leading jewellery retail brands, today
When House of Habanero opened its first physical location at Alserkal Avenue
Ulta Beauty’s arrival in the Middle East is not simply another international
European denim powerhouse JACK & JONES is making a decisive return to
From bullion to boutiques, investment to immersion, Dubai Gold District marks a
The opening of New Balance’s first-ever Grey store in the Middle East
Union Coop has completed a significant expansion of its Hatta Souq branch,
LOJEL, the global brand celebrated for its design-forward luggage and everyday carry
Previous Article
