LUXEMBOURG 25th February 2019: Global Fashion Group (GFG) today announces the sale of its remaining 47% stake in Namshi, the leading fashion e-commerce destination in the Middle East, to majority shareholder, Emaar Malls for a consideration of approx. EUR 114m.
GFG and Emaar Malls entered into a strategic partnership in 2017 when Emaar Malls acquired a 51% stake in Namshi. Since launching in 2011, Namshi has grown into the leading fashion e-commerce destination in the Middle East with 1.2 million active customers and AED 823.0 million of net revenue in 2018. Over the past two years GFG has worked together with Emaar Malls and the Namshi team to strengthen the company’s offering by bringing global expertise in e-commerce and shared resources such as global brand acquisitions and technology innovations to the platform.
Emaar Malls’ full acquisition of Namshi is a natural evolution of the company’s digitally-driven strategy to leverage the growing e-commerce market in the Middle East and North Africa region.
Christoph Barchewitz, Co-CEO, GFG said: “We believe this transaction is the best next step for Namshi and enables the company, Emaar Malls and GFG to pursue their respective strategic priorities. We thank Hosam Arab, CEO of Namshi, and the whole Namshi team for a great partnership since 2011 and congratulate them for a job well done in creating the unrivalled online lifestyle destination for fashion and beauty in the region. We also thank the Emaar Malls team for their valuable support in driving the growth and development of Namshi in recent years. At GFG, we will continue to focus on developing and investing in our fully owned businesses across Asia Pacific, LatAm and CIS.”
Hosam Arab, CEO, Namshi added: “We are grateful for our partnership with GFG and its investors over the past eight years and their valuable support in helping to establish Namshi as the leading and ultimate online shopping destination in the Middle East. Namshi continues to be a perfect fit for Emaar Malls in accelerating our focus on multi-channel retailing and creating long-term value for stakeholders.”
For more information about GFG, please visit: www.global-fashion-group.com/news
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Notes to Editors:
Global Fashion Group (“GFG”) is the leading fashion and lifestyle destination in Asia Pacific, Latin America and CIS. We connect over 8,000 global, local and own brands to a market of more than one billion consumers through four established e-commerce platforms: THE ICONIC, ZALORA, Dafiti and lamoda. Through an inspiring and seamless customer experience enabled by our own technology ecosystem and operational infrastructure, we are dedicated to being the #1 fashion and lifestyle destination in our markets. With 19 offices and 10 fulfilment centres across four continents, GFG proudly employs a dynamic and diverse team with deep local knowledge and expertise. For more information, visit http://global-fashion-group.com