The Yoox Net-A-Porter Group have announced that they have sold a 4% stake to the Dubai-based, Emirati-founded Alabbar Enterprises.
Led by Mohamed Alabbar, arguably one of the region’s most talented businessmen and a true visionary, Alabbar Enterprises have invested €100 million (about $113 million) in capital in the Yoox Net-A-Porter Group. The deal will see the luxury online shopping platform significantly increase its growth in the Middle East.
“I sincerely admire Mr. Alabbar for his forward-thinking and relentless drive to innovate, a vision that has led to the creation of the world’s biggest mall,” Yoox Net-a-Porter CEO Frederico Marchetti said in an official statement today. “His track record in delivering exclusive luxury and retail experiences across the Middle East will provide us with invaluable insights in the fast-growing regional luxury fashion market.”
The news marks one of the most exciting developments for the eCommerce giant since it was announced last year that Yoox and Net-A-Porter were merging.
Picture credit: ArabianBusiness.com