Mohammed Alabbar buys share of Net-a-Porter.com
Middle Eastern merger
It's confirmed. Mohammed Alabbar, the Founder and Chairman of Emaar Properties, now owns a share of Net-a-Porter.com. YNAP, the Yoox Net-a-Porter Group announced the news this week citing that: "The world's leading online luxury fashion retailer, is pleased to announce the execution of a dedicated capital increase of €100 million (Dhs417 million) to be entirely subscribed for by Alabbar Enterprises, controlled by Mohamed Alabbar."
"As a strategic shareholder, Alabbar will be in a position to provide invaluable insights and support to Yoox Net-a-Porter Group, which will be key to developing the Group's rising business in the promising yet complex Middle Eastern luxury e-commerce market," continued the announcement.
Alabbar's investment sees him with a four per cent share of YNAP, which owns some of the world's leading luxury online sites including Net-a-Porter.com, Yoox.com, Valentino.com and Armani.com.