<\/p>\n
Dubai-based luxury retail and distribution giant Chalhoub Group<\/a> has acquired a majority stake in London-based marketplace and personalised shopping platform<\/a> Threads Styling<\/span>.<\/span><\/p>\n The sum of the deal has not been disclosed.<\/p>\n The motive behind Chalhoub’s acquisition of Threads<\/span> Styling<\/span> lies in the platform’s robust social media content<\/span>,<\/span> which accounts for more than half of its revenues, according to the brand.\u00a0<\/span><\/p>\n Sharmila Murat, chief investment officer at Chalhoub Group, said: \u201cWe saw great potential in Threads\u2019 approach to digital commerce and a new way to inspire and connect with our core luxury consumer.<\/p>\n \u201cWe truly believe this is a business that can scale through expertise and personalised service with assistive technology both in our region and globally.\u201d<\/p>\n T<\/span>he deal<\/span> also <\/span>provides an auspicious opportunity for Chalhoub Group to stand out among<\/span> its<\/span> rival regional luxury goods distributors by fostering its e-commerce sector through <\/span>online store <\/span>Ounass.\u00a0<\/span><\/p>\n Threads Styling\u2019s founder and chief executive Sophie Hill<\/span> is looking forward to strengthening the brand in the GCC.<\/span><\/p>\n “We have such a loyal customer base in the region and with Chalhoub Group\u2019s presence in the market, we have a unique opportunity to enhance our capabilities and continue Threads Styling\u2019s journey alongside a strategic partner<\/span>,<\/span>\u201d<\/span> she said.<\/span><\/p>\n Initially established in 2010 as a personal shopping service, Threads Styling has prospered into a global luxury retail business via a commercial chat service that unites affluent consumers with internal and external personal buyers.<\/p>\n Today, it boasts more than 400 luxury brand partners in its portfolio.<\/p>\n According to a\u00a0report\u00a0by\u00a0Chalhoub Group, sales of\u00a0luxury goods\u00a0in the GCC witnessed a 23 per cent increase last year compared with 2019, outpacing pre-pandemic demand.<\/p>\n The market is projected to hit $11 billion <\/span>next year<\/span>, growing at a compound annual growth rate of 7 per cent.<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" UAE’s luxury retail Chalhoub Group announced it has acquired a majority stake in Threads Styling- a UK luxury shopping platform- to foster its e-commerce channels and appeal to young customers <\/p>\n","protected":false},"author":38,"featured_media":17779,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[3977,651,3966],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/18638"}],"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\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=18638"}],"version-history":[{"count":4,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/18638\/revisions"}],"predecessor-version":[{"id":18642,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/18638\/revisions\/18642"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/17779"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=18638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=18638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=18638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}