Retail franchise operator acquires stake in soon to be launched online marketplace
Kuwait-based retail franchise operator MH Alshaya Co has acquired a strategic stake in Noon, the region’s new e-commerce platform, it said on Thursday.
Additionally, Alshaya said it will become a seller on Noon’s marketplace platform, listing a portfolio of international brands covering the fashion, health & beauty and home and lifestyle categories.
The company did not say how much it paid for the stake in Noon, which is set to launch later this year.
Alshaya becomes the latest large retailer to list its products on Noon, which serves as a digital platform for retailers to reach online customers in the Middle East.
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.
"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, added: “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.”
In July, Faraz Khalid, the former co-founder and managing director of fashion online retailer Namshi, was appointed CEO of Noon.