Emaar Malls, the Dubai-based shopping malls and retail business, has appointed Emaar’s Chief Strategy Officer Hadi Badri as Chairman of the Board of Namshi, the company announced today. This comes three weeks after Emaar Malls fully acquired Namshi by purchasing the rest of 49% stake from Rocket Internet for $129.5 million. Emaar Malls had previously acquired 51% stake in the online fashion ecommerce platform in May 2017 for $151 million.
Emaar Malls will now establish a new Board of Directors for Namshi, consisting of global digital and e-commerce industry experts, to drive its growth strategy, the company said in the statement, adding that the board will be chaired by Hadi Badri.
Hadi Badri, said, “The success story of Namshi is truly inspirational. Going forward, Namshi has tremendous growth potential, and now that it is fully owned by Emaar Malls, there are significant opportunities to accelerate the full potential of Namshi, for the benefit of its customers in the region and beyond. Our Board of experts will provide guidance and support to Namshi’s leadership team to achieve its ambitious growth plans.”
Founded in 2011, Namshi is currently the leading online fashion ecommerce platform in UAE & Saudi, featuring products from over 700 global, regional and local brands.
It is not clear if the company has also appointed a new CEO after the departure of Hosam Arab who announced his decision to leave Namshi last week.
- ZoodPay acquires Pakistani consumer lending fintech Tez - May 23, 2022
- Colabs raises $3 million seed to make it easy for entrepreneurs and freelancers to build and grow businesses in Pakistan - March 30, 2022
- FlapKap – A fintech revolutionizing e-commerce and SAAS growth in MEA – Launches and completes $1.2 Million fundraise - March 23, 2022