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Emaar Malls, listed on the Dubai Financial Market and owner of Dubai Mall, has announced the acquisition of Namshi, the region's leading online fashion retailer.
The transaction was completed through the acquisition by Emaar Malls of the remaining Global Fashion Group's interest in Nimchi through a cash transaction of AED 475.5 million (129.5 million). of dollars).
According to the data of the company "Numbers"Emaar Malls acquired a 51% stake in Namshi from Global Fashion Group in May 2017 for a value of $ 151 million (AED 554.2 million).
At the end of this process, the total amount of acquisition of the entire Nimshi platform by Emaar Malls amounted to 1,029.7 million. AED.
Over the past two years, Global Fashion Group has partnered with Emaar Malls and Nimchi to enhance Nimshi's operations by bringing its expertise in the e-commerce and resource-sharing sector such as global brand acquisitions and technology innovations, Emaar Malls in a statement. Which improves performance.
According to Emaar Malls, the full acquisition of Namshi is a natural extension of the company's digital transformation strategy, which aims to capitalize on the growing e-commerce market in the Middle East and North Africa.
Nimchi currently has a customer base of 1.2 million people, with sales in the UAE and Saudi Arabia reaching AED 849 million ($ 231.3 million) in 2018, a 16% growth over in the previous year.
Emaar Malls said that he would continue to develop Nimshi by adding new brands, improving the logistics infrastructure and expanding its geographical reach.
Namshey was founded in 2011 as the premier destination for online fashion and beauty products in the Middle East and North Africa. Nimshi now offers products for 700 brands, including several international brands, as well as its brands, sports and beauty products, and others.
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