Mumzworld Online Retailer Bought by Saudi's Tamer Group as FirstCry Gains Ground - Bloomberg
A Saudi conglomerate will buy the Middle East’s largest online children-goods retailer, underscoring the growth of e-commerce in the region amid increasing competition for business.
Dubai-based Mumzworld said on Monday that it signed a sales and purchase agreement with Jeddah-based Tamer Group, describing it as the region’s first “woman-led e-commerce transaction.” Financial details weren’t disclosed.
The transaction will provide Mumzworld with the resources and networks to “continue to supercharge our growth” both geographically and in terms of product offerings, said its co-founder and chief executive Mona Ataya.
“We are a business that is home-grown,” she said in an interview. “So this acquisition by a strategic giant is the right DNA and the right strategic fit for us.”
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