Dubai’s Emaar Malls acquire majority stake in Rocket Internet’s Namshi for $150 million

Emaar Malls, the Middle Eastern brick and mortar retailer, has acquired 51% stake in Namshi, the online fashion startup, in a deal valued at $150 million. Namshi is the sister company of Rocket Internet, the Berlin based e-commerce incubator which also owns India’s Jabong. Emaar Malls has been looking to ramp up its online presence and said that it will use the new asset to expand its logistics and expand more brands to selling online.

Mohammad Alabbar, Chairman of Emaar Malls, said that “The acquisition of a majority stake in Namshi underlines our digital-driven strategy to leverage the growing e-commerce market in the Middle East and North Africa region. Namshi offers a perfect fit for Emaar Malls in accelerating its focus on multi-channel retailing, and creating long-term value for its stakeholders”. Namshi also expressed confidence in the deal, and its MD Hosam Arab added that “We are very excited to welcome Emaar Malls as our majority shareholder. We are confident that this partnership will unlock further opportunities and help accelerate the development of Namshi for the benefit of our customers. We would like to congratulate and thank our team for their tireless efforts in making Namshi the Middle East’s premier fashion ecommerce destination and we look forward to continuing this journey together with Emaar Malls and GFG”.