Online fashion site Namshi sees 50% surge in Saudi revenues

Online fashion site Namshi sees 50% surge in Saudi revenues

While parent company Emaar Malls recently reported a 24.8 percent fall in revenues for 2020 to AED3.51 billion ($960 million), Namshi saw sales increase 28 percent to AED1.316 billion over the same period, with the Kingdom its biggest market."Saudi Arabia typically contributes to over 70 percent of the total Namshi revenue,“ a spokesperson said, adding that Saudi sales rose 50 percent last year.Founded in 2011, Namshi - which means, moving forward - offers online fashion and beauty products. It sells more than 800 brands and has customers throughout the GCC in Saudi Arabia, the UAE, Kuwait, Oman, and Bahrain.Emaar Malls, the retail arm of Dubai Emaar Properties, bought a 51 percent stake in Namshi in May 2017, for a reported $151 million. In February 2019 it purchased the remaining 49 percent from Germany's Rocket Internet.In a bid to benefit from its success in Saudi Arabia, the e-commerce site is expanding its physical presence in the Kingdom."We have been present with a local warehouse in Riyadh for over a year, and we are now moving into a dedicated, state-of-the-art warehouse in Riyadh. We are extremely bullish on Saudi Arabia and are making the investments necessary,“ the spokesperson said.Hadi Badri, chairman of