Italian eCommerce group Yoox Net-a-Porter has sold a 4 % stake to Alabbar Enterprises, a group from the United Arab Emirates which also owns the Dubai Mall among other things.
Not a single Arab website
Alabbar Enterprises paid 100 million euro for the 4 % stake. According to Yoox Net-a-Porter CEO, Federico Marchetti, this is a deal between the world’s largest online retailer and the world’s largest physical retailer, as the Dubai Mall is the most popular shopping center in the world.
Marchetti also says the money will be used to create an integrated platform that incorporates all of the group’s different brands, alongside more localized websites, mainly in the Middle East. Currently, Yoox Net-a-Porter has no Arab websites, despite the fact that the market is very important in the luxury industry. Because of the lack of localized websites, the region barely contributes to the company’s current results.
