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Net-A-Porter to start Middle East online retail website
30
Nov '16
Online luxury fashion retailer Yoox Net-A-Porter (YNAP) Group has signed a joint venture with Symphony Investments, to start a Middle East online luxury retail website. YNAP will hold a 60 per cent in the joint venture, while Symphony Investments will have the remaining stake of 40 per cent, which will draw on the region's enormous online growth potential.

The joint venture will operate in various countries of the Gulf Cooperation Council countries like the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman, with plans to expand to other Middle East countries and North Africa in the future.

The company will establish an office with dedicated sales and marketing and customer care team in Dubai, which will provide Middle Eastern customers with a highly tailored offering.

It will also open a new distribution centre in Dubai powered by YNAP's omni-stock techno-logistics platform to guarantee the highest level of service, including same day delivery. (AR)

Fibre2Fashion News Desk – India


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