Namshi receives $20m funding
- United Arab Emirates: Thursday, September 27 - 2012 at 09:50
Dubai-based online designer clothing retailer, Namshi.com has received more than $20m in funding from JP Morgan and Blakeney Management, a sign that global investors are interested in the Middle East's nascent online shopping sector, Reuters has reported. Namshi, a start-up launched late in 2011, aims to benefit from growth in the number of internet users around the region. "We realised very early that there is a gap in the market for fashion e-commerce in the region," said co-founder and managing director Muhammed Mekki, a former executive at consultancy McKinsey & Co, who founded Namshi with three other partners. Namshi, which also provides shoes and accessories, offers over 400 international brands and delivers to customers in the Gulf region. It plans to use the investment to expand its service, mainly in Saudi Arabia, its biggest market.
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