DUBAI: JD.com, China’s largest online retailer, is set to enter the Middle East market after signing a partnership agreement with Namshi, the fashion and lifestyle platform owned by Dubai’s Emaar Malls.
As part of the deal, Chinese brands including Baleno, Dodogogo, Latit and Mo&Co will be sold on the Namshi platform. The Dubai-headquartered website will provide JD.com with local logistics, warehousing, marketing and content creation support in the region.
Namshi said it also plans to launch several fashion and lifestyle brands from China later this month.
Hadi Badri, chairman of Namshi said: “This strategic alliance between Namshi and JD.com represents a momentous event in the story of e-commerce in the Middle East. Through this partnership with JD.com, Namshi’s customers in the Middle East and beyond will have access to a greater variety of exclusive brands and a globally benchmarked user experience.”
Emaar Properties is set to take over its malls unit amid the ongoing crisis due to Covid-19. The developer, which already owns 85 per cent of Emaar Malls, has proposed 0.51 share for each share, valuing the business at AED24 billion ($6.5 billion).
By Reuters Staff
2 Min Read
DUBAI (Reuters) - Dubai developer Emaar Properties on Tuesday said it was buying out minority shareholders of its shopping centre unit, less than a decade after floating shares in the company.
FILE PHOTO: The corporate logo of EMAAR is seen in Dubai, United Arab Emirates, December 28, 2018. REUTERS/ Hamad I Mohammed
The all-share deal comes as both businesses have seen profits plunge over the past year due to the coronavirus pandemic as fewer overseas visitors travel to Dubai.
Emaar Properties, which already owns close to 85% of Emaar Malls, will swap 0.51 of its own shares with shareholders of Emaar Malls, the two companies said.
JEDDAH: Namshi, the online e-commerce site owned by Dubai’s Emaar Malls, has recorded a 50 percent growth in revenues from Saudi Arabia in the last year and is set to expand into a new warehouse facility in Riyadh. While parent company Emaar Malls recently reported a 24.8 percent fall in revenues for 2020 to AED3.51 billion ($960 million), Namshi saw sales increase 28 percent