{"id":18224,"date":"2022-08-22T19:18:13","date_gmt":"2022-08-22T19:18:13","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=18224"},"modified":"2022-08-24T10:35:13","modified_gmt":"2022-08-24T10:35:13","slug":"emaar-to-sell-namshi-to-noon-for-335-2-million","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2022\/08\/22\/emaar-to-sell-namshi-to-noon-for-335-2-million\/","title":{"rendered":"Emaar to sell Namshi to Noon for $335.2 million"},"content":{"rendered":"


\nRegional developer Emaar Properties is set to sell Namshi, UAE-based fashion and lifestyle e-commerce site, to Saudi-based online marketplace Noon<\/a> for $335.2 million.<\/p>\n

\u201cThe cash consideration is the equity value of Namshi, which is equivalent to $350 million of \u2018enterprise value\u2019 of the company,\u201d said Emaar Properties on the Dubai Financial Market.<\/p>\n

\u201cThis is adjusted for the debt at the company level and the normalised working capital required for the company.<\/p>\n

“Emaar will receive the equity value as the cash consideration for the sale.\u201d<\/p>\n

The developer\u2019s stock price rose after the announcement.<\/p>\n

Launched in 2011, Namshi<\/a> stocks menswear, womenswear, childrenswear, accessories and beauty and household items from more than 1,300 brands.<\/p>\n

Emaar Properties purchased a 51 per cent stake in the marketplace from its founder, Global Fashion Group, in 2017, and acquired the remaining 49 per cent in 2019 for approximately $130 million.<\/p>\n

In 2021, Namshi recorded $249 million in net sales, and was ranked the second-largest e-commerce<\/a> site in the UAE by market analyst firm ecommerceDB.<\/p>\n

Launched in 2017 with a capital investment of $1 billion, Noon was ranked the third-largest, having recorded $169 million in net sales.<\/p>\n

The UAE was Noon\u2019s largest market and Saudi Arabia was a close second.<\/p>\n

Last year, Mohammed Alabbar, founder and director of Noon, shared the company\u2019s plans to invest more than $2 billion over the next three years to ensure deliveries to customers in less than 20 minutes wherever possible.<\/p>\n

Online shopping is increasingly popular in the UAE, with the country\u2019s Department of Economic Development reporting a 63 per cent rise in the issuance of e-commerce licences in the first half of last year.<\/p>\n

E-commerce in the UAE was valued at more than $5 billion last year, according to EZDubai, Dubai South\u2019s e-commerce zone, and market analyst firm Euromonitor International.<\/p>\n

By the end of the year, the fashion category of the country\u2019s e-commerce market is estimated to record $4.86 billion in revenue and grow at a compound annual growth rate of 9.92 per cent to value $6.64 billion in 2025, per reports by market data analyst Statista.<\/p>\n

Across the Middle East, the market value of e-commerce rose nearly fivefold from $5 billion in 2015 to $24 billion last year, according to management consultancy firm AT Kearney.<\/p>\n","protected":false},"excerpt":{"rendered":"

Online fashion retailer Namshi will be purchased by e-commerce site Noon. <\/p>\n","protected":false},"author":39,"featured_media":18225,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[154,1],"tags":[4274,4273,4183,2683,3966],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/18224"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=18224"}],"version-history":[{"count":6,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/18224\/revisions"}],"predecessor-version":[{"id":18286,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/18224\/revisions\/18286"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/18225"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=18224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=18224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=18224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}