Global online luxury fashion retailer Yoox Net-A-Porter (YNAP) Group has announced a €100 million capital increase invested by the Dubai-based Alabbar Enterprises headed by Mohamed Alabbar.
Acquiring 4% stake, the Alabbar Enterprises will help the YNAP Group to expand in the Middle East’s luxury e-commerce market.
“I am pleased with the opportunity to invest in and support YNAP, the leader in online luxury retail. With an unrivalled product offering and superior customer experience, I look forward to collaborating with the management team and board, as the group further expands within the region,” says Alabbar, who is also chairman of Emaar Properties and Emaar Malls Group.
“I am delighted to welcome Alabbar Enterprises as a strategic investor in the group. His expertise and the experience of the team in the luxury retail sector will significantly strengthen and facilitate further development of the YNAP Group,” adds the group’s controlling shareholder Johann Rupert, chairman of Richemont.
“I sincerely admire Alabbar for his forward-thinking and relentless drive to innovate, a vision that has led to the creation of the world’s biggest mall. His track record in delivering exclusive luxury and retail experiences across the Middle East will provide us with invaluable insights in the fast-growing regional luxury fashion market,” believes YNAP Group CEO Federico Marchetti.
The Middle East already accounts for a 5% share of global luxury consumption and has been witnessing growing internet and e-commerce penetration led by increasing public investments in IT, e-services and telecoms infrastructure, alongside a young population. In recent years YNAP Group’s subsidiaries Net-A-Portar.com, MrPortar.com and TheOutnet.com have experienced remarkable growth in the region despite not offering localised customer propositions, which is further testament to the group’s significant potential in this flourishing market.
The YNAP Group will employ the financial resources raised through the capital increase over the 2016-18-period to:
Seize new growth opportunities through localisation in key high-potential geographies
Unlock synergies by funding the recently announced investments in the development of a common omnichannel enabled techno-logistics platform across all geographies and storefronts. This platform will support the Group’s future multi-billion Euro business, offering customers and brand partners world-class service and empowering customer-centric innovation.
Retain maximum balance sheet flexibility
The first two days of the 25th edition of Beautyworld Middle EastOctober 6, 2021 | By RetailME Bureau
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
Union Coop, a consumer cooperative in the UAE, revealed that 78% of
Union Coop has opened its 23rd branch within the UAE in Jumeirah
Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and
UAE-based Al Maya Group announced that it will be boosting import of
UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
Retailers in the Middle East are making strides in their multichannel offerings,
Gulf Marketing Group (GMG) is gearing up for a continued surge in
Blush & Bloom, an online maternity boutique that provides maternity, nursing, and
Abu-Dhabi based Rizek, the first app for on-demand home services in the
It is impossible for any retailer to survive without e-commerce capabilities, according
The unprecedented challenges of 2020 made way for the untapped opportunities that
GCC-based noon.com, the homegrown digital marketplace, announced its biggest ever Yellow Friday Sale
A new UAE e-commerce platform, Flip19.com, goes live in Dubai. The site
British quality grocery retailer Waitrose & Partners launched its first e-commerce platform
The COVID-19 pandemic has forever changed online shopping behaviours, according to a
Swedish fashion retailer H&M Group adopts an integrated approach to grow, amid