It has been reported that, having sold a EU100million stake to investment firm Alabbar Enterprises, e-tailer Yoox Net-a-Porter has its eye on the Middle East.

Yoox Net-a-Porter CEO, Federico Marchetti, said: “The world’s biggest online retailer is joining forces with the world’s biggest brick-and-mortar retailer.”

Uncertainty surrounded the company’s future following the departure of Net-a-Porter’s founder Natalie Massanet last year, however the deal with Alabbar Enterprises values the e-tailer at EU3.744billion, emphasising the strength of the business under the leadership of Mr Marchetti.
Mr Marchetti said that the money from the sale will go towards developing an integrated platform across the group’s brands, as well as funding increased localisation of websites, especially in Middle Eastern countries.

The company, which delivers to 180 countries, does not currently have a website in Arabic although Middle East shoppers represent 5% of the luxury market.