Just in: Net-a-Porter enters exclusive Dubai agreement
Luxury online retailer Yoox Net-a-Porter Group (YNAP) has partnered with Dubai's Symphony Investments to create a distribution centre, which means those lust-worthy luxury items will be on our doorsteps within the same day of ordering. With the regional customer spending over twice the amount on YNAP and with 50 per cent more orders, than that of the average consumer, the move will pave the way for same-day deliveries as well as a customer care outlet for retailers under YNAP, including Net-a-Porter, Mr Porter and The Outnet.
"The region is one of our brightest prospects," YNAP Chief Executive Federico Marchetti told WWD. "The ground is very fertile. They have the highest Internet penetration rates and the same is true for mobile adoption rates."
Symphony Investments is owned by Mohammed Alabbar, Chairman of Emaar Properties. In April, Alabbar had bought a Dhs417 million stake in YNAP, a four percent share in the Group through Alabbar Enterprises. "The market is not as rosy as previous years, but this business is built for the long term," Alabbar told WWD. "The digital path is one we have to open up."
Stay connected to Buro 24/7 Middle East as we bring you more updates on the story. Meanwhile, read about Federico Marchetti's award win as he's named 2016 Entrepreneur of the Year.