Emaar buys 51% stake in retailer Namshi

Emaar Malls, the shopping malls and retail business majorityowned by property developer Emaar Properties, said yesterday it will acquire a 51 per cent stake in online fashion retailer Namshi, in an allcash transaction.

The move sees Emaar add another eCommerce site to its portfolio, as it seeks to prop up its struggling Noon platform.

Germany’s Rocket Internet, a start-up incubator, sold its stake in Namshi for $151 million (Dh554 million).

Towards the end of March this year, Emaar made a bid of $800 million for Souq, the largest regional eCommerce player, only to lose out to Amazon.

Since then, the UAE’s online retail landscape has been in a state of flux, with Emaar attempting to compensate for the missed opportunity with a series of acquisitions.

On May 1, Emaar’s founder and chairman, Mohammad Alabbar, purchased Jado Pado, another online retailer, for an undisclosed amount.

This is in addition to the stake in Aramex, a regional logistics company, that he already owns, and a 40 per cent stake in a $145 million joint venture with Yoox Neta-Porter (YNAP).