Ecommerce platform noon.com acquires UAE-based Namshi
Fashion shopping platform Namshi will be able to utilise noon's fleet, logistics, and fulfilment networks, and ecommerce expertise, as per requirement.
Saudi Arabia-based ecommerce platform noon.com has acquired UAE-based Namshi, a fashion shopping platform in the region. With this acquisition, noon's digital base of services and products will include a broader range of fashion and lifestyle offerings.
Namshi will continue to operate as an independent entity, and will be able to utilise noon's fleet, logistics, and fulfilment networks, and ecommerce expertise as per requirement, said a press release shared by Zawya.
Customers and partners can expect better services, assortment, and pricing in the future, said Hisham Zarka, CTO of noon Group and Co-founder of Namshi.
Operating since 2011, Namshi offers over 1,200 footwear and apparel fashion brands. It was co-founded by Faraz Khalid, Hisham Zarka, Hosam Arab, Louis Lebbos, and Muhammed Mekki.
Co-founded by Mohamed Alabbar and Sam Shirazi Maqam in 2016, noon is an ecommerce platform and digital marketplace that offers products and services across multiple categories.
Credit Suisse and Clyde & Co acted as financial and legal advisors in the acquisition, respectively. The acquisition financing for noon was arranged by Gulf International Bank (GIB).
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Edited by Megha Reddy
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