Noon, a leading e-commerce company based in Riyadh, has successfully acquired online fashion retailer Namshi. The acquisition is now in effect, immediately expanding Noon’s offerings in products and services. The online marketplace made the announcement on Monday, signaling its continued growth and expansion in the industry.
Noon’s logistics, fulfillment networks, fleet, and in-house e-commerce experts will be available to Namshi, which will remain a separate entity. The company statement said that the e-commerce platform will continue to support Namshi’s growth as an independent entity within the company.
The fashion platform, which has been serving customers in the UAE, Saudi Arabia, and other countries since 2011, has more than 1,200 brands. Namshi’s acquisition will broaden Noon’s offering of products and services to include more fashion and lifestyle brands for consumers throughout the region.
Hisham Zarka, chief technology officer of the Noon Group and co-founder of Namshi said,
“We know that both Noon and Namshi have a long way to go, but that just means that the opportunity ahead remains immense.”
“This merger will enable Namshi to make deep and long-term investments and in the months and years to come, our customers and partners can look forward to better assortment, pricing and service as these investments are realized.”
Dhruv Paul, group general counsel of the Noon Group said,
“This acquisition is a great opportunity for both Noon and Namshi. It allows us to reach out to new audiences while offering them unique products.”
As of last August, Noon had an agreement with Emaar Properties to purchase Emaar Malls in Namshi for AED 1.23 billion ($334.9 million). The completion of the acquisition comes after Emaar Properties shareholders approved the sale of Namshi to Noon.
Dubai Chamber of Commerce forecasts UAE’s eCommerce market to reach $9.2 billion by 2026, a 92% increase from 2021. UAE’s eCommerce Sector experiencing significant Growth due to rising consumer demand for online shopping and strong investment in infrastructure