24 MAY 2017, BERLIN Global Fashion Group forms strategic partnership with Emaar Malls // Emaar Malls will acquire a 51% stake in Namshi in an all-cash transaction of USD 151 million
Global Fashion Group (“GFG”) has announced today a strategic partnership with Emaar Malls (DFM: EMAARMALLS), the shopping malls and retail business majority-owned by property developer Emaar Properties.
Under the partnership, Emaar Malls will acquire a 51% stake in Namshi, the leading online fashion retailer in the Middle East, for a consideration of USD 151 million including investment in the company for its future growth, with GFG retaining the remaining 49%. This partnership will accelerate Namshi’s development in the region and allow it to continue to flourish as the region’s pre-eminent fashion e-commerce destination.
For further details please reference the press release issued by GFG and Emaar Malls.