GulfBase Live Support
19/04/2016 19:42 AST
Dubai entrepreneur Mohammed Alabbar will take a 4 per cent stake in online fashion retailer Yoox Net-A-Porter (YNAP) in a move expected to push the Italian group's growth in the high-potential Middle Eastern market.
YNAP, which was created last year from the merger of Italy's Yoox with upmarket rival Net-a-Porter, said Alabbar would buy into a €100 million ($113 million) reserved capital increase through his Alabbar Enterprises company.
The Dubai group runs various franchise operations in the Middle East and Asia, including chocolate maker Hershey's and fashion house Oscar de la Renta.
Alabbar is also chairman of Emaar Properties, the Dubai government-linked builder of the world's tallest building and whose subsidiary Emaar Malls owns and operates Dubai Mall, which accounts for 50 percent of the emirate's luxury goods spending.
"Mr Alabbar's track record in delivering exclusive luxury and retail experiences across the Middle East will provide us with invaluable insights in the fast-growing regional luxury fashion market," YNAP chief executive Federico Marchetti said.
The region accounts for a 5 percent share in global luxury consumption and is seeing growing internet sales due to increasing public investments in e-services and telecoms infrastructure, YNAP said.
Alabbar told Reuters YNAP had a strong management and referred to the company's double-digit growth as the reason for his investment.
He declined to comment on whether he could take a larger shareholding in YNAP. "We are building a relationship with this company, its shareholders and management, and I wouldn't mind getting involved," he said.
YNAP owns six multi-brand shopping websites, including Net-A-Porter.com. In March it forecast slightly slower revenue growth for 2016 after strong sales helped it post a 26 percent rise in pro-forma core profit last year.
New shares sold in the capital increase reserved for Alabbar have been priced at €28 per share, a premium of 5.7 percent to YNAP's closing price on April 18. YNAP shares rose more than 4 percent to €27.58 by 0930 GMT.
"The deal is not dilutive for shareholders and it provides additional cash to fund the €95 million integration costs planned within the Net-a-Porter acquisition," said Marco Baccaglio, an analyst at Kepler Cheuvreux.
Reuters
28/03/2018
Emaar Hospitality Group, the hospitality and leisure subsidiary of Emaar Properties, has expanded the portfolio of hotel projects under its Vida Hotels and Resorts brand, with the new Vida Za’abeel.<
Trade Arabia
21/03/2018
The shares of Aldar and Emaar Properties, two of the the UAE’s biggest developers, rose during early trade on Wednesday after unveiling a strategic alliance to develop local and international project
The National
06/03/2018
Dubai-based Emaar Development has unveiled an exclusive collection of ultra-luxury apartments, penthouses and podium-level townhouses in The Grand, a spectacularly designed residential tower located
Trade Arabia
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
STC | 83.41 | 257,644 |
DARALARKAN | 13.47 | 74,648,349 |
Ticker | Price | Change |
---|---|---|
EMAARMALLS | 2.16 | 0.00 (0.00 |
EMAARDEV | 5.33 | 0.03 (0.56 |
DAMAC | 3.01 | -0.01 (-0.34 |
UPP | 0.88 | -0.01 (-1.13 |
ARTC | 2.23 | 0.00 (0.00 |
05/04/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
04/04/2018
Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o
The Peninsula
04/04/2018
Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than
Gulf News