Welcome Emaar Malls!
We're excited to announce that Emaar Malls is acquiring a 51% stake in Namshi.
We launched Namshi over 5 years ago with regional ecommerce in its infancy. Suppliers and brands were skeptical, logistics and payment services were nascent, and the most frequent question on our Facebook page asked where our stores were located.
Millions of orders later, we are proud and grateful to be the region's premier online fashion destination. Despite many challenges, 2016 was our best year ever with over USD 150m in net revenue and our first full-year of profitability and positive cashflow. Going forward we expect to ramp up investment to fully realize our vision in light of the competitive environment, but we are proud to be one of relatively few ecommerce companies in developing markets to have achieved these milestones.
Best of all, we are fortunate to wake up each day to work on interesting challenges with a great team in a dynamic market. At a time when so many across the region and across the world are lacking so much, we are grateful to have this opportunity and we hope to make the most of it to create opportunities for others.
We are proud to call Dubai home, and it is with deep gratitude and humility that we enter into this partnership with Emaar, a pioneer in bringing world-class excellence to the region and making Dubai a destination for millions including ourselves. This partnership will enable Namshi to make the investments and improvements necessary to bring exceptional service to all of our customers.
There are many challenges ahead, and we plan to approach them just as we have in the past: quietly, diligently, and with a long-term view towards delivering value to our customers. With any luck you won't be hearing from us any time soon; instead, we hope you'll notice our assortment, pricing, and service improve bit by bit, day by day, just as always.
Faraz, Hosam, Hisham, & the Namshi team