Yoox Net-a-Porter has sold a 4% stake to Dubai investor Alabbar Enterprises, the funds from which will be used to develop its ecommerce offer.
The stake is worth €100m (£79m). That money will be used to develop an integrated platform across the group’s brands, Yoox, Net-a-Porter, Mr Porter and The Outnet, and to develop more local websites, especially in the Middle East.
Neither Yoox nor Net-a-Porter has an Arabic website despite the region representing significant potential for the luxury market – it accounts for 5% of the luxury goods market.
Alabbar Enterprises is owned by Mohamed Alabbar and is the parent company of Emaar Properties, which owns The Dubai Mall, the world’s most-visited luxury shopping centre. It accounts for half of Dubai’s luxury goods spending.
Yoox Net-a-Porter chief executive Federico Marchetti said: “His 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.”