Dubai – Mubasher: Emaar Malls Group (EMG) has acquired a 51% stake in Namshi for $151 million, according to a bourse statement.

Global Fashion Group (GFG) will retain the remaining 49% stake.

Closing of the transaction is expected to take place within three months.

“Emaar Malls will support the company to access additional fashion brands, further develop its logistics infrastructure, and expand its geographical footprint in adjacent countries,” the statement added.