Alshaya, one of the largest franchise operators in MENA that has operations in Russia, Turkey & Europe as well, has acquired a stake in Noon. It has become the latest investor to join the platform founded by Emaar’s Chairman Mohamed Alabbar and backed Saudi Public Investment Fund and some other regional investors including Alabbar himself.
Headquartered in Kuwait, Alshaya currently operates more than 3,500 stores in different including fashion, healthy and beauty, food, optics, pharmacy, home furnishing, and leisure and entertainment. The group employs more than 50,000 people across its markets. Some of the brands managed by Alshaya include Starbucks, Mothercare, H&M, American Eagle Outfitters, Debenhams, Harvey Nichols, The Body Shop & Victoria’s Secret.
With this investment, Alshaya will also become a seller on Noon’s marketplace listing different international brands in categories of fashion, health & beauty and home & lifestyle categories. It will be the largest retailer to list its product on Noon.
Mohammed Alshaya, Executive Chairman of Alshaya, said: “We see great value in our partnership with Noon, which complements our existing online channels. We are impressed by Noon’s capabilities, and we are excited to partner with the Noon team to present a winning value proposition for the region’s online shoppers. We are focused on delivering a multichannel retail experience for our customers and creating added value for our brand partners. Our partnership with Noon will allow us to expand our customer base, reach new market segments, and participate in the next level of growth in regional e-commerce.”
Mohamed Alabbar, founder of Noon, said: “It is our privilege to partner with Alshaya and give our customers access to Alshaya’s leading international brands. Noon brings a new business model for e-commerce, developing a strong supply chain that benefits regional businesses. We will work with the region’s leading brands and retailers to help them grow their business through Noon.”
Noon aims to deliver region’s most diverse catalog of products through its mobile-optimized platform and locally-based customer service teams in UAE & Saudi.
The platform is set to launch later this year, we have confirmed with Noon.
Latest posts by MB Staff (see all)
- Dubai to provide free WiFi on all taxis in the city - October 18, 2018
- Careem raises $200 million in latest funding round at a reported valuation of over $2 billion - October 18, 2018
- Dubai ruler launches ‘Madrasa’, largest free Arabic e-learning platform for school students - October 17, 2018