Online fashion store, Namshi.com has had 51% of it acquired by Emaar Malls in the latest e-commerce deal. 

The website posted a statementto announce the Emaar Malls investment in the fashion site on Wednesday. 

Namshi saw a net revenue of USD150 million for 2016, and was the stake was bought for a reported AED554.6 million. 

In the statement from management it said: 

“This partnership will enable Namshi to make the investments and improvements necessary to bring exceptional service to all of our customers.”

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Namshi.com

Namshi has a large marketshare of the fashion industry

Selling assorted fashion, sports and leisure apparel.

The news comes following the departure of Omar Kassim – founder of Jado Pado – from noon.com

Noon.com acquired Jado Pado, and Kassim moved over to noon.com, but left the company after just one week – which he tweeted about on Monday. 

I’ve stepped down from my role @noon as of earlier today. I wish the team the very best and hope they go onto building a world class product

— Omar Kassim (@okassim) May 22, 2017