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Media IN / Dubai 25-02-2029 / WAM
Emaar Malls, a retail and shopping mall company with a majority stake in Emaar Properties, has announced that it has fully acquired Nimchi, the region’s leading e-shopping company.
This follows Emaar’s acquisition of the rest of Global Fashion Group in Nimchi through a cash deal of 475.5 million dirhams (11.4.3 million euros) for 129.5 million dollars.
Global Fashion Group and Emaar Malls held a strategic partnership in 2017 in which Emaar Malls acquired a 51 per cent stake in Namshi. During the past two years, Global Fashion Group has collaborated with Emaar Malls and Nimchi Group to strengthen its operations, We are bringing together global expertise in e-commerce and shared resources such as global brand acquisitions and technology innovations that enhance performance.
Emaar’s wholly-owned acquisition of Nimshi is a natural extension of the company’s digital transformation strategy to capitalize on the growing e-commerce market in the Middle East and North Africa.
Nimchi has a growing customer base of 1.2 million and has grown significantly over the past two years with sales in the UAE and Saudi Arabia reaching AED 849 million (US $ 231.3 million) in 2018, a growth of 16 percent the previous year.
The transaction will establish Nimshi, the region’s leading online fashion retailer, and Emaar Malls will further enhance its growth by adding new brands, improving logistics, infrastructure and expanding the geographic reach of operations.
Emaar Properties’ Chairman Mohammed Alabbar and Board Member Emaar Malls said: “The impressive growth achieved by Nimchi reflects the strong fundamentals of the e-commerce sector in the region as more and more people are shopping online to buy the latest Fashion Designs With the full acquisition of Nimachi, we are committed to furthering the growth of Emaar Malls over the next decade in a way that ensures value to all our shareholders based on omnichannels and multi-channel shopping strategy.
“We have introduced a successful model that reflects changing shopping habits among young customers in the region and Emaar’s acquisition of the company’s majority stake in 2017 has been an important turning point in our presence,” said Patrick Bosque-Chavan, CEO of Emaar Malls. In the e-marketplace, the overall acquisition today gives a great boost to our strategy to optimize the growth of e-commerce in the Middle East and North Africa, enabling us to recruit the most suitable talent for the young and operational efficiencies of the two companies in conjunction with the growth of ‘ Relying on the strong infrastructure of Emaar Motors.
