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
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