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UAE e-commerce platform Noon to acquire Namshi for $335.2 million

Emaar’s board of directors approved the sale of the fashion retailer, but it is subject to the approval of Noon’s board

By Staff Writer
Noon retail
Retail giant Noon cuts 10% of jobs as it looks to reduce costs

E-commerce platform Noon is buying online fashion platform Namshi – owned by property developer giant Emaar – for $335.2 million.

Emaar’s board of directors approved the sale of the fashion retailer, but it is subject to the approval of Noon’s board, it said in a bourse filing.

“Detailed information will be disclosed once the approvals of Noon Board is received formally,” Ahmad Thani Al Matrooshi said in the statement.

“The planned divestment is with a related party to the Company noting the concerned board member did not participate or vote in the meeting,” he added.

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