Saudi Arabia-based ecommerce platform noon.com has acquired UAE-based Namshi, a fashion shopping platform in the region. With this acquisition, noon will be able to offer a broader range of fashion and lifestyle choices as part of its digital service and product base.
According to a press release shared by Zawya, Namshi will continue to operate as an independent entity and will be able to utilize noon’s fleet, logistics, fulfillment networks, and ecommerce experience as required.
According to Hisham Zarka, co-founder of Namshi and CTO of noon Group, customers and partners can expect better services, choices, and pricing in the future.
Since its launch in 2011, Namshi has offered more than 1,200 fashion brands for apparel. Faraz Khalid, Hisham Zarka, Hosam Arab, Louis Lebbos, and Muhammed Mekki co-founded it.
Mohamed Alabbar and Sam Shirazi Maqam co-founded noon in 2016, an ecommerce platform and marketplace that offers products and services in multiple categories.
Credit Suisse and Clyde & Co. acted as the acquisition’s financial and legal advisors. Gulf International Bank (GIB) arranged the acquisition financing for noon.