Emaar Sells E-Commerce Platform Namshi to Noon for $335.2 Million
After Amazon, Namshi is considered the second largest e-commerce player in the UAE, with net sales of $249 million, followed by Noon with $169 million.
Dubai-based real estate developer Emaar announced that it will sell its fashion e-commerce platform Namshi to e-commerce company Noon for $335.2 million.
After Amazon, Namshi is considered the second largest e-commerce player in the UAE, with net sales of $249 million, followed by Noon with $169 million. Emaar’s board of directors have in principle approved the sale of Namshi, subject to the approval of Noon’s board of directors.
Emaar - known for building Burj Khalifa, the world’s tallest tower - bought 51% stake in Namshi in 2017 for $151 million from Rocket Internet’s Global Fashion Group, before acquiring the platform’s remaining stake in 2019 for $129.5 million.
E-commerce has witnessed exponential growth in the UAE since the onset of the pandemic. In 2020, the market jumped by 53%, with $3.9 billion in e-commerce sales, according to the Dubai Chamber of Commerce report. It is projected that e-commerce in the country will generate $8 billion in sales by 2025, according to the same report.
