Kuwait-based M.H. Alshaya Co. has acquired a strategic stake in online market platform Noon.com, the company said in a statement Wednesday without mentioning the stake percentage or value.
Alshaya will become a seller on Noon’s marketplace platform, listing a portfolio of international brands covering the fashion, health & beauty and home & lifestyle categories.
The multinational retail franchise operator becomes the latest large retailer to list its products on Noon.com.
“We see great value in our partnership with Noon, which complements our existing online channels… Our partnership with Noon will allow us to expand our customer base, reach new market segments, and participate in the next level of growth in regional e-commerce,” said Mohammed Alshaya, executive chairman of Alshaya.
Set to launch later this year, Dubai-based Noon.com is 50 percent-owned by the Saudi sovereign wealth fund, Public Investment Fund, while the other half is owned by Emirati businessman Mohamed Alabbar and other regional private investors.
The launch will include three-hour, door-to-door delivery on items, return policies and advanced payment platforms.
The shopping website will offer 20 million products for online shoppers, including fashion, books, home and garden, electronics, sports and outdoor, health and beauty, personal care, toys, children's and baby products.
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