noon.com completes acquisition of Namshi
Regional e-commerce major noon.com has completed the acquisition of the online fashion platform Namshi. With this acquisition Namshi is now a part of noon’s digital ecosystem and the latter will continue to support Namshi’s growth as an independent entity within the company.
“Namshi is an early pioneer of e-commerce in the region having launched 12 years ago when regional e-commerce was in its infancy. Thanks to continued growth under Emaar over the past five years, it has cemented its position as a leading regional e-commerce platform,” said Hisham Zarka, CTO of the noon Group and co-founder of Namshi. “We’re very excited to support Namshi’s next phase of success by welcoming them into the noon ecosystem.”
With more than 1,200 brands Namshi been operating since 2011 and serves customers in the UAE, Saudi Arabia and other countries in the region.
“We know that both noon and Namshi have a long way to go, but that just means that the opportunity ahead remains immense. We are grateful to wake up each day to work on interesting challenges with a great team in a dynamic market, and we hope to make the most of this opportunity to create opportunities for others. 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 realised,” Zarka added.
Namshi will remain a separate entity while being able to leverage noon’s extensive logistics and fulfilment networks, fleet and e-commerce expertise as needed.
“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 from an incredible brand with world-class service, powered by noon,” stated Dhruv Paul, Group General Counsel at the noon Group.
Credit Suisse and Clyde & Co LLP advised noon on the acquisition as financial and legal advisors, respectively. While Gulf International Bank B.S.C. (GIB) arranged acquisition financing for noon, with Dentons and Baker McKenzie advising noon and GIB, respectively.
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