Emaar Malls announced today that it acquired a 51% stake in online fashion retailer Namshi from Berlin-based Rocket Internet’s Global Fashion Group (GFG) for $151 million, with GFG retaining the remaining 49%.
This is the latest in Emaar Malls founder Mohamed Alabbar’s efforts to prop up Noon, the ecommerce platform he founded in January. After an unsuccessful $800 million bid to buy Souq.com (which was later acquired by Amazon), Alabbar bought online marketplace JadoPado earlier this month.
In a press release announcing the acquisition, GFG noted that Emaar Malls would help Namshi expand its reach in the Middle East and give it access to more fashion brands. Namshi, which is valued at around $300 million, was launched in 2012 by Hosam Arab, Faraz Khalid and Hisham Zarka.
Despite an initial investment of $1 billion from Alabbar and Saudi Arabia’s Public Investment Fund, Noon has struggled to launch—it was slated to go live in January. Earlier this week, Zawya reported that Noon CTO Omar Kassim, the founder of JadoPado, had stepped down from company.