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noon.com, the Middle East’s leading digital platform, has acquired Namshi, the region’s top fashion shopping platform. Namshi is now part of the noon digital ecosystem and the acquisition is effective immediately.
The acquisition of Namshi will expand noon’s digital ecosystem of products and services, offering more fashion and lifestyle products to consumers in the region. noon will continue to support the growth of Namshi as an independent entity within the company.
“Namshi was an early pioneer of e-commerce in the region, launching 12 years ago when regional e-commerce was in its infancy. Thanks to Emaar’s continued growth over the past 5 years, it has solidified its position as the leading regional e-commerce platform ,” said Hisham Zarka, CTO of noon Group and co-founder of Namshi.
“We are very excited to support the next stage of their success by welcoming Namshi to the noon ecosystem.”
With over 1,200 brands and an unrivaled product selection, Namshi is quickly becoming a local name. The online retailer has been operating since 2011 and serves customers in the UAE, Saudi Arabia and other countries in the region.
“As we embark on new adventures together, it feels like home for many of us, and they have a special place in our hearts for Namshi,” Zarka said. “We know noon and Namshi all have a long way to go, but that just means the opportunities ahead are still huge. We are excited to wake up every day to take on interesting challenges with a great team in a dynamic market, and we hope to fully Use this opportunity to create opportunities for others.”
“This merger will allow Namshi to make deep and long-term investments, and as these investments materialize in the months and years ahead, our customers and partners can expect better assortment, pricing and service, ’ added Zarka.
Namshi will remain an independent entity, able to leverage noon’s extensive logistics and fulfillment network, fleet and e-commerce expertise as required.
“This acquisition is a great opportunity for both noon and Namshi,” said Dhruv Paul, group general counsel of noon Group. “It allows us to reach new audiences while providing them with unique products from incredible brands and world-class service, powered by Noon.”
The acquisition of Namshi is in line with noon’s strategy to become a digital champion in the Middle East and expand its ecosystem of products and services designed to serve and support the people of the region. Through the acquisition of Namshi, noon will be able to contribute to the continued growth of the digital commerce industry in the Middle East, promote the development of the local digital economy, and promote the rise of local enterprises and talents.
Credit Suisse and Clyde & Co advised noon on the acquisition as financial and legal advisors respectively. Gulf International Bank (GIB) arranged the acquisition financing for noon, with Dentons and Baker McKenzie advising noon and GIB respectively. – trade arab news agency
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