Emaar chairman and Emirati businessman Mohamed Alabbar has made a $113 million investment in luxury e-tailer Yoox Net-A-Porter Group.
“I am very happy; this is a success,” Federico Marchetti, CEO of YNAP, told WWD. “The Middle East is a market we want to focus on as part of our five-year plan. It is a very complex market that requires a very deep local knowledge. It’s great to have one of the most successful entrepreneurs as a shareholder, who will offer us tremendous support and help us follow through our expansion plan.”
Under the deal, Alabbar holds a four percent stake in the company. “We believe the region is moving more actively into e-commerce — we see this already through the companies we operate experiencing exponential growth year on year,” Rashid Alabbar, co-founder of Alabbar Enterprises, has said of the investment. “It is indeed one of the fastest growing industries in the region, and still at infancy stages in comparison to other established markets. As a result, we believe in a strategy that is focused on e-commerce.”
Alabbar is also the founder and chairman of Emaar Properties, which owns The Dubai Mall.