Net-a-Porter aims to build Middle East region's largest online luxury retailer
Three years after first selling a stake to Mohamed Alabbar’s private company, e-commerce giant Net-a-Porter has opened its first Middle East offices in Dubai.
Yoox Net-a-Porter, billed as the “world’s biggest luxury fashion store”, sold a 4 percent stake to the Mohamed Alabbar controlled Alabbar Enterprises in 2016.
Through a joint venture with Symphony Investments (managed by Rashid Alabbar, with the Alabbar family holding a 40 percent stake), the full online platform of Net-a-Porter is expected to roll out this year.
“This is the industry of tomorrow. It’s where the growth is, it’s where the action is, and that’s why we are doing this,” Rashid Alabbar said at the time of the deal.
The opening comes just a week after Alabbar stepped up his global ecommerce presence after a tie-up with Chinese ride-hailing App Didi, which is also expected to launch in the region shortly.