In a not-so-surprising turn of events post the Amazon-Souq stir-up, Emaar Malls today announced that they will acquire 51% stake in Namshi, currently owned by e-commerce platform Global Fashion Group, for a value of USD 151 million (Dh 554.93 million).
Namshi was started by co-founders Hosam Arab, Faraz Khalid and Hisham Zarka back in 2012. Slowly, steadily and most importantly quietly the brand has become one of the leading fashion portals here in the UAE as well as Saudi Arabia, Qatar, Kuwait, Oman and Bahrain. Last year, the company recorded a net revenue of Dh555 million and a whole year of ‘profitability and positive cash-flow’. The all-cash deal is supposed to be closed within the next three months.
Emaar Malls, the retail section of Emaar Properties, is said to be all set to launch their e-commerce website Noon.com. At the start of the month the company also acquired Jadopado. Unfortunately, its not be all good news for the website. Jadopado founder, Omar Kassim, stepped down from his role as Chief Technology Officer yesterday. They’ve also lost their CEO and other vital positions in the last few weeks.
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
Noon was slated for launch in January 2017 but has been delayed ever since. For the detailed announcement, click here.