Mall operators in the Gulf region are delaying new mega-projects as the coronavirus pandemic and low oil prices upend a retail industry built around huge centres catering to tourists and wealthy locals.
Zalora owner Global Fashion Group said Monday that it delivered a strong Q1 with year-on-year net merchandise value rising an impressive 22% to €341m on a constant currency basis, with active customers up 14.5% to 11.5m.
Global Fashion Group, the emerging markets fashion retailer set up by investors Kinnevik and Rocket Internet, reported its third-quarter operating losses narrowed somewhat while net revenue jumped by 19 percent.
Last week retail N Brown said it was forging more partnerships with e-tailers for its brands and on Monday Koovs, the AIM-listed India-focused e-commerce business, said it would start selling N Brown’s Simply Be offer.
N Brown may not be powering ahead on the profits front yet but sales are rising and market share is growing for its Power Brands. It's also boosting e-tail and has plans to grow its business in the US.
Rocket published its Q2 results for Global Fashion Group Friday so just how did the giant online e-tailer fare? It's doing well, apart from still being lossmaking. But losses have dwindled while sales are on the rise
Dubai's Emaar Malls will buy a 51 percent stake in e-commerce fashion website Namshi from Germany's Rocket Internet for $151 million (£116.5 million) as competition for technology deals heats up in the Middle East.