YNAP to Sell Stake to Dubai Mall Operator in Middle East Push - Bloomberg:
"Yoox Net-a-Porter agreed to sell a stake to the founder of Dubai-based developer Emaar Properties PJSC to help the world’s largest online luxury retailer expand in the Middle East.
Alabbar Enterprises, controlled by Emaar Chairman Mohamed Alabbar, agreed to pay 100 million euros ($113 million) for new shares amounting to 4 percent of YNAP, the Milan-based retailer said in a statement Tuesday. The shares rose.
The transaction brings together the online retailing partner for more than 30 luxury brands and the operator of the world’s largest shopping mall in Dubai, with 80 million visitors last year. As a strategic investor, Alabbar can provide insights and support to YNAP in the Middle East, which represents 5 percent of global luxury spending, the Italian company said."
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