Apr 29 2012
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Souq.com acquires Sukar.com
Move further strengthens its position as the leading ecommerce in the region
April 29, 2012, Dubai (UAE): Sukar.com, the Middle East's first and leading online private shopping club has been acquired by Souq.com, the largest online retail & marketplace in the Arab world in a move aimed at consolidating the market leadership of both enterprises in the online space.
Sukar.com was established in 2010 and quickly took a leadership position in the fashion & lifestyle ecommerce category, by offering the website's rapidly growing member base exclusive access to daily incomparable deals, on a rich selection of over 700 of the world's top fashion and lifestyle brands in the women's, men's, children's, beauty, gadgets, and home fashion categories.
""The acquisition of Sukar.com will strategically align our two companies, maximizing our synergies and consolidating our resources with the aim of further building the largest e-commerce business in the region," said Souq.com CEO Ronaldo Mouchawar. "The fashion market in the Middle east is more than $30Billion USD, and on line share is less than 1%, we have a huge potential and that is the main reason of this acquisition."
Sukar.com founder Saygin Yalcin said, "Sukar.com has continuously proven to be the market leader in its sphere. The acquisition by Souq.com has now created the largest ecommerce force in the region. This investment will enable Sukar.com to accelerate its growth, add unique values to the new organization and further ensure its market leadership."
Souq.com is the largest online shopping mall in the Arab world, providing buyers and sellers with a convenient, competitive and safe shopping experience, across the widest selection of brands and products in the region.
From humble beginnings in 2005, Souq.com now attracts over 2 million unique visitors per month - a figure which is growing in double digits monthly - from countries across the Middle East and North Africa. Headquartered in Dubai, Souq.com has offices in Kuwait, Jordan, Kingdom of Saudi Arabia and Egypt.
Customers benefit from easy access to great deals every day on Souq.com, which offers a range of payment options to suit customers' preferences, with door to door delivery on purchased items. Souq.com is responsible for and manages the entire purchase process, tracking the shipped merchandise and verifying its delivery and only when the customer approves the item is the seller paid, making Souq.com the Arab world's most trusted online shopping destination.
For businesses, Souq.com is the regions e-commerce partner of choice, with branded online retail stores and easy payment methods for buyers.Souq.com supports businesses' needs, including marketing; cash flow and product distribution; consultancy and advice on e-commerce; and mentorship for entrepreneurs.
© Press Release 2012
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