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Italy's Yoox Net-A-Porter enters Middle East through joint venture
13 Mar 21 2 min read
Italian online fashion platform Yoox Net-a-Porter (YNAP) recently made its Middle East debut, by making its local customised platform available in both Arabic and English and as a mobile app and website. It hosts optimised features, including dual language product search as well as local editorial content and product curation. Prices will be displayed in local currency.
YNAP has signed a joint venture with Dubai-based billionaire Mohamed Alabbar for this venture.
“We will continue to realize exciting developments in future, including collaborations with local designers through to new personalized experiences supported by platform capabilities, to ensure we continue to offer best-in-class curation and service in the market,” Nisreen shocair, chief executive officer of YNAP Middle East, said in a statement:
YNAP will hold a 60 per cent stake in the joint venture while Symphony Investments, an entity controlled by Alabbar, will own the remaining, the statement said, without revealing any financial details.
The joint venture will see the management of all Yoox Net-A-Porter group’s existing multi-brand online stores in the region, including Net-A-Porter, Mr Porter, Yoox and The Outnet, as well as an agreement with the brands, select existing and future online flagship stores ‘powered by Yoox Net-A-Porter group’ that have significant business potential in the Middle East.
In addition, the agreement will see the establishment of a distribution centre in Dubai that will offer same-day delivery, while on-the-ground operations are to include a Dubai-based office with dedicated sales, marketing, PR and customer care teams that will provide Middle Eastern customers with a highly tailored offering.
The new company will operate in the Gulf Cooperation Council countries including the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman. However, it “may expand to other countries in the Middle East and North Africa at a later date,” newspapers in the Gulf reported citing the statement.
YNAP has signed a joint venture with Dubai-based billionaire Mohamed Alabbar for this venture.
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“We will continue to realize exciting developments in future, including collaborations with local designers through to new personalized experiences supported by platform capabilities, to ensure we continue to offer best-in-class curation and service in the market,” Nisreen shocair, chief executive officer of YNAP Middle East, said in a statement:
YNAP will hold a 60 per cent stake in the joint venture while Symphony Investments, an entity controlled by Alabbar, will own the remaining, the statement said, without revealing any financial details.
The joint venture will see the management of all Yoox Net-A-Porter group’s existing multi-brand online stores in the region, including Net-A-Porter, Mr Porter, Yoox and The Outnet, as well as an agreement with the brands, select existing and future online flagship stores ‘powered by Yoox Net-A-Porter group’ that have significant business potential in the Middle East.
In addition, the agreement will see the establishment of a distribution centre in Dubai that will offer same-day delivery, while on-the-ground operations are to include a Dubai-based office with dedicated sales, marketing, PR and customer care teams that will provide Middle Eastern customers with a highly tailored offering.
The new company will operate in the Gulf Cooperation Council countries including the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman. However, it “may expand to other countries in the Middle East and North Africa at a later date,” newspapers in the Gulf reported citing the statement.
Fibre2Fashion News Desk (DS)
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