Alabbar in joint venture to launch online luxury retail in Gulf
New company will open local office, distribution center in Dubai by end of 2017
Dubai-based Mohammad Alabbar-owned Symphony Investments has announced a tie-up with the online luxury retailer Yoox Net-a-Porter (YNAP) to launch similar operations targeted at shoppers in the Gulf.
The Gulf region is estimated to have one of the highest rates of luxury brand penetration in the world and the new initiative clearly wants to be a key player in that segment.
The partnership will see Mohamed Alabbar focus his entire online luxury retail activity in the region exclusively through the new joint venture.
YNAP will hold a 60 percent stake in the joint venture, while Symphony Investments will own the remaining 40 per cent.
The new company will operate in the GCC and will open the local office and distribution center in Dubai by end of 2017. It will also develop a localized offering with Arabic-language customer care and content, as well as local currency and payment methods.