Yoox Net-a-Porter Group (YNAP) has sold a 4% stake to Middle Eastern investment vehicle Alabbar Enterprises for €100m (£79m) to accelerate its growth in the region.
Alabbar is owned by Mohamed Alabbar, founder and chairman of Emaar Properties, the parent company of Emaar Malls Group. The group owns The Dubai Mall, and other shopping centres and retail businesses in the Middle East.
He operates and invests in firms in the Middle East, southeast Asia and Africa across a variety of sectors, including luxury, fashion, retail and ecommerce.
Alabbar is also founder and major shareholder of RSH, a Singapore-based pan-Asian marketer, distributor and retailer of more than 70 international fashion and lifestyle brands through more than 700-plus in 10 countries.
As a strategic shareholder in YNAP, he will be in a position to provide “invaluable insights and support” to the group. YNAP said this would be “key to developing its rising business” in the “promising yet complex” Middle Eastern luxury ecommerce market.
Federico Marchetti, chief executive of YNAP, said the money would go towards developing an integrated platform across the group’s brands, as well as to fund increased localisation of websites, focused on the Middle East. YNAP delivers to 180 countries, but does not have a website in Arabic.