Souq.com acquires e-shopping club
Dubai, April 29, 2012
Souq.com, one of the largest online retail & marketplace in the Arab world, said it has acquired Sukar.com, an online private shopping club in the Middle East region with focus on fashion & lifestyle.
Part of Jabbar Internet Group, Souq.com said the move is aimed at consolidating the market leadership of both enterprises in the online space.
Sukar.com, which was established in 2010 quickly took a leadership position in the fashion & lifestyle ecommerce category, by offering the website’s rapidly growing member base exclusive access to daily incomparable deals, on over 700 of the world’s top fashion and lifestyle brands besides beauty, gadgets and home fashion categories.
“The acquisition of Sukar.com will strategically align our two companies, maximizing our synergies and consolidating our resources with the aim of further building the largest e-commerce business in the region,” said Souq.com CEO Ronaldo Mouchawar.
“The fashion market in the Middle east is more than $30 billion and on line share is less than 1%, we have a huge potential and that is the main reason of this acquisition,” he stated.
Souq.com, established in 2005, has key operations in UAE, Saudi Arabia, Egypt, Jordan, Kuwait and will soon expand to newer markets, remarked an official.
“Sukar.com has continuously proven to be the market leader in its sphere. The acquisition by Souq.com has now created the largest ecommerce force in the region,' said Sukar.com founder SayginYalcin.
This investment will enable Sukar.com to accelerate its growth, add unique values to the new organization and further ensure its market leadership, he added.-TradeArabia News Service