Alabbar Enterprises to purchase 4% of Yoox Net-a-Porter

Alabbar Enterprises is controlled by Mohamed Alabbar, Chairman of Emaar which operates Dubai Mall, the world’s largest shopping mall.

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Milan-based Yoox Net-a-Porter, the online retailing partner for brands like Armani and Moncler, said it will sell 100 million-euro ($113 million) stake amounting to 4% to Alabbar Enterprises of Dubai.
The stake sale will help the world’s largest online luxury retailer expand in the Middle East and other “high-potential geographies,” while retaining maximum balance-sheet flexibility, YNAP said in a statement.
Alabbar Enterprises is controlled by Mohamed Alabbar, Chairman of Emaar which operates Dubai Mall, the world’s largest shopping mall.
Although the Middle East represents 5% of global luxury spending, reports suggest luxury sales grew 1% during 2015 down from a a 4% growth in 2014, according to Bain & Co, as quoted by a Bloomberg report.
This deal strengthens the competitive position of Dubai against the rival mall opening this year in Qatar.