noon.com, a leading digital platform in the Middle East, has acquired Namshi, a top fashion shopping platform in the region. Namshi is now a part of noon's digital ecosystem, and the acquisition is effective immediately.
The acquisition of Namshi will expand noon’s digital ecosystem of products and services to include more fashion and lifestyle offerings for the region's consumers. noon will continue to support Namshi's growth as an independent entity within the company.
“Namshi is an early pioneer of e-commerce in the region, having launched twelve years ago when regional e-commerce was in its infancy. Thanks to continued growth under Emaar over the past 5 years, it has cemented its position as a leading regional e-commerce platform," said Hisham Zarka, CTO of the noon Group and co-founder of Namshi.
"We're very excited to support Namshi’s next phase of success by welcoming them into the noon ecosystem.”
With more than 1,200 brands and an unrivalled selection of products, Namshi has quickly established itself as a well-known local brand. The online retailer has been operating since 2011 and serves customers in the UAE, Saudi Arabia, and other countries in the region.
"As we embark on a new adventure together, it feels like a homecoming for many of us who have a special place in our hearts for Namshi," said Zarka. "We know that both noon and Namshi have a long way to go, but that just means that the opportunity ahead remains immense. We are grateful to wake up each day to work on interesting challenges with a great team in a dynamic market, and we hope to make the most of this opportunity to create opportunities for others."
"This merger will enable Namshi to make deep and long-term investments, and in the months and years to come, our customers and partners can look forward to better assortment, pricing, and service as these investments are realized,” Zarka added.
Namshi will remain a separate entity, able to leverage noon's extensive logistics and fulfilment networks, fleet, and e-commerce expertise as needed.
"This acquisition is a great opportunity for both noon and Namshi," said Dhruv Paul, Group General Counsel of the noon Group. "It allows us to reach out to new audiences while offering them unique products from an incredible brand with world-class service, powered by noon."
The acquisition of Namshi fits in with noon's strategy of becoming the Middle East's digital champion and expanding an ecosystem of products and services aimed at serving and supporting the people of the region. By acquiring Namshi, noon will be able to contribute to the continuous growth of the Middle East digital commerce industry, boosting the local digital economy and fostering the rise of local companies and talent.
Credit Suisse and Clyde & Co advised noon on the acquisition as financial and legal advisors, respectively. Gulf International Bank (GIB) arranged acquisition financing for noon, with Dentons and Baker McKenzie advising noon and GIB, respectively. –
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).