noon, a Saudi-headquartered e-commerce company, has finalised its purchase of online fashion retailer Namshi.
According to noon, Namshi will continue to operate as a distinct entity, utilising noon’s delivery and supply chain networks, transportation fleet, and in-house e-commerce specialists as required.
The Mohammad Alabbar-owned e-commerce platform will assist Namshi’s advancement as an autonomous unit inside the business, as stated by noon.
In August of last year, noon reached a deal with Emaar Properties, a real estate developer, to acquire all of Emaar Malls’ shares in Namshi for AED 1.23 billion ($334.9 million).
Namshi is now a component of noon’s digital ecosystem, and the purchase has been executed immediately, the firm stated in a release.
Since 2011, the fashion platform, which offers more than 1,200 brands, has been catering to clients in the United Arab Emirates, Saudi Arabia, and other nations.
“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.
Zarka added, “We’re very excited to support Namshi’s next phase of success by welcoming them into the noon ecosystem.”
The acquisition of Namshi aligns with noon’s objective of becoming the digital leader of the Middle East, developing a range of products and services to assist and serve the region’s inhabitants.
The acquisition of Namshi enables Noon to promote the ongoing development of the Middle East’s digital commerce sector, thereby boosting the local digital economy and promoting the growth of local businesses and talent.
“This acquisition is a great opportunity for both noon and Namshi,” said Dhruv Paul, Group General Counsel at 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.”
