Emaar selects Emirates NBD to advise on Namshi sale, reports

Emaar selects Emirates NBD to advise on Namshi sale, reports

Dubai-based giant looking for outright sale of e-commerce fashion and lifestyle platform or listing through a SPAC, according to reports

Dubai-based Emaar has selected Emirates NBD as an advisor on the potential sale of its e-commerce business Namshi, according to reports.

News service Zawya reported on Monday that Emaar Malls, which is currently subject of a takeover by its parent company, Emaar Properties, is looking to sell Namshi outright or through a listing abroad courtesy of a special purpose acquisition vehicle (SPAC).

Back in 2017, Emaar Malls secured a 51 percent stake in e-commerce fashion and lifestyle platform Namshi from Global Fashion Group GFG.DE for $151 million, before buying the business outright for a further $130m in 2019.

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Emaar has been contacted by Arabian Business but is yet to respond.

Namshi recorded sales of AED 427m ($116m) for Q2 2021, 65 percent higher than Q1 2021, and recorded online sales of AED685m ($186m) in the first half of 2021.

According to a previous report by news agency Reuters, an outright sale of Namshi could net Emaar somewhere in the region of $600m to $700m, although a listing through a SPAC could