Saudi’s Online Marketplace Noon Acquires UAE’s Fashion Platform Namshi
The acquisition aims to expand Noon’s products and services across the region.
Noon, an online marketplace based in Saudi Arabia, has acquired UAE-based fashion platform Namshi, with the deal effective immediately.
The acquisition aims to expand Noon’s products and services across the region. Meanwhile, Namshi will also be able to leverage Noon’s logistics and fulfillment networks, as well as fleet and in-house ecommerce experts.
Namshi was previously owned by Emaar Properties for five years..
“Namshi is an early pioneer of e-commerce in the region, having launched twelve years ago when regional e-commerce was in its infancy. Thanks to continued growth under Emaar over the past 5 years, it has cemented its position as a leading regional e-commerce platform,"Hisham Zarka, CTO of the noon Group and co-founder of Namshi tells StartupScene. "We're very excited to support Namshi’s next phase of success by welcoming them into the noon ecosystem.”
According to Noon, Namshi will remain a separate entity. Noon will support the retailer’s growth, which has been serving customers in the UAE, Saudi Arabia and other countries across the region since 2011.
Mergers and Acquisitions have been gaining momentum in the MENA region lately. According to Magnitt’s Emerging Venture Markets Report, the region witnessed M&A transactions rise by 71%, with the UAE, KSA, and Egypt doubling their exits YoY. Some notable exits that took place last year include Lyve Global acquiring Jeebly, Careem acquiring MUNCH:ON, and Huspy acquiring three companies: Home Matters Mortgage Consultants, Just Mortgage and Finance Lab.
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