The group of companies Yoox Net-a-Porter has signed a joint venture to grow in the Middle East. The idea is to have Net-a-Porter, Mr Porter, Yoox and The Outnet revamped and adapted to the region.
The joint venture has been signed with Symphony Investments. Behind this musical name, you can find Mr Mohammed Alabbar. Not familiar? Well, he is the chairman of Emaar…. the residentials, the malls, the Dubai Marina, The Downtown, The Burj Khalifa, the Dubai Mall, etc..
Mr Alabbar will be keeping 40% within the new JV, while Yoox Net-a-Porter will own the other 60%. Symphony Investments will be contributing heavily to support the expected expansion.
There is no secret that the middle eastern area is very attractive when it comes to the economic buying power. The decision of YNAP has been made based on the very positive figures in the region as close to 200 million of young people use actively technology and appreciate luxury.
Bit by bit, the middle eastern market is opening to new ways to buy. Although with the great number of malls and shops you can find everywhere, online purchase still is slow if compared to other more mature markets such as USA or Europe.
The main office of this new Joint venture will be located in Dubai. Dubai is becoming a fashion and shopping hub but that is not the only reason. Stability and great potential when it comes to the logistics closed the equation. From here, they will be able to ship faster to the new areas of expansion.
The different e-shops part of the joint venture will strive for same day delivery. Mr Alabbar is also owner of part of Aramex. He is definitely a very strategic partner.
Very soon we will be able to enjoy the shopping experience that YNAP is putting together for all of us from our own country. Isn’t it great?