Emaar Malls acquires 51% stake in Namshi for $151 mln

Dubai-listed Emaar Malls has agreed to acquire a 51 percent stake in e-commerce fashion platform Namshi for $151 million, the shopping mall operator said in a statement.

Namshi.com, which launched in 2012, serves over 750,000 customers across the GCC. The portal reported a net profit of AED 555 million last year.

“The acquisition of a majority stake in Namshi underlines our digital-driven strategy to leverage the growing e-commerce market in the Middle East and North Africa region. Namshi offers a perfect fit for Emaar Malls in accelerating its focus on multi-channel retailing, and creating long-term value for its stakeholders,” said Mohamed Alabbar, chairman of Emaar Malls and Emaar Properties.

Earlier this year, Emaar Malls lost out on a bid to buy Dubai-based e-commerce portal Souq.com, when Amazon bought the online retailer for about $650 million. Emaar Malls had bid up to $800 million to take over Souq.com.