[ad_1]
The acquisition aims to expand Noon’s products and services in the region.
Saudi Arabia-based online marketplace Noon has acquired UAE-based fashion platform Namshi, effective immediately.
The acquisition aims to expand Noon’s products and services in the region. At the same time, Namshi will also be able to leverage Noon’s logistics and fulfillment network, as well as fleet and in-house e-commerce specialists.
Namshi was previously owned by Emaar Properties for five years.
“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, ” Hisham Zarka, CTO of noon Group and co-founder of Namshi, told StartupScene. “We are very excited to support the next phase of Namshi’s success by welcoming them into the Noon ecosystem.”
According to Noon, Namshi will remain an independent entity. Since 2011, Noon has supported the retailer’s growth by serving customers in the UAE, Saudi Arabia and other countries in the region.
M&A activity in the MENA region has been picking up steam lately. According to Magnitt’s Emerging Venture Markets report, M&A deals in the region rose 71%, with exits from the UAE, Saudi Arabia and Egypt doubling year-on-year. Some notable exits in the last year include Lyve Global’s acquisition of Jeebly, Careem’s acquisition of MUNCH:ON, and Huspy’s acquisition of three companies: Home Matters Mortgage Consultants, Just Mortgage, and Finance Lab.
[ad_2]
Source link