Emaar Malls announces full acquisition of Namshi

Wednesday 27 February 2019 14:52 CET | News

Emaar Malls has announced its full acquisition of the online retailer Namshi, after buying out Global Financial Group’s stake in the enterprise for USD 129.5 million.

Emaar Malls had previously owned a 51% stake in Namshi after getting into a strategic partnership with Global Financial Group in 2017.

Founded in 2011, Namshi has a 1.2 million active customer base, with an increase of 16% in 2018 in recorded sales across the UAE and Saudi Arabia, compared to 2017. The retailer aims to provide a streamlined experience for its customers, through digital innovation, discounts, and a selection of more than 700 brands available.

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Keywords: Emaar Malls, Namshi, acquisition, online retailer, ecommerce
Countries: World