Published on April 29th, 2012 |
Souq.com acquires MidEast online shopping club
Souq.com, the largest online retailer in the Arab world, said on Sunday that it has acquired Sukar.com, the Middle East’s first and leading online private shopping club.
The retailer said in a statement that the move was “aimed at consolidating the market leadership of both enterprises in the online space”.
Sukar.com, which was established in 2010, is a market leader in the fashion and lifestyle ecommerce category, offering more than 700 of the world’s top fashion and lifestyle brands, the statement said.
“The acquisition of Sukar.com will strategically align our two companies, maximising 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 worth more than $30bn, and online share is less than one percent, we have a huge potential and that is the main reason of this acquisition.”
Souq.com, first established in 2005 and part of Jabbar Internet Group, is the largest e-commerce site in the Arab world with operations in the UAE, Saudi Arabia, Egypt, Jordan, Kuwait with plans to expand into new markets.
Sukar.com founder Saygin Yalcin added: “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.
“This investment will enable Sukar.com to accelerate its growth, add unique values to the new organisation and further ensure its market leadership.”
Tags: Acquisition, Arabian Business, club, company, Deal, Ecommerce, Internet, largest, Middle East, shopping, Souq.com, Sukar.com
About the Author
SayginYalcin Saygin is the Founder & CEO of the Middle East's (ME) first & largest car buying service, SellAnyCar.com and Founder of the first & largest online private shopping club in the ME, Sukar.com, which has been acquired by Souq.com, making him Partner at the Souq.com and Jabbar Internet Group, becoming the largest ecommerce company in the Arab world, with 3000+ employees. In its largest acquisition outside the US to date, Amazon.com has acquired Souq.com Group. He has been selected as a UBS Industry Leader, a network of Ultra-High-Net-Worth Individuals.
He was also Advisory Board Member & Academic Lecturer of Entrepreneurship at the Canadian University of Dubai.
He was referred to as "the region's online business guru" by the National newspaper in the UAE, while Arabian Business named him as "one of the region's finest young entrepreneurs and a major part of the entrepreneurial scene in recent years".
Fortune magazine (mag) named him in the 40 under 40 list, as one of the most influential young people in business, Entrepreneur mag ME awarded SellAnyCar.com, with Saygin at its helm, as the "Fastest Growing Company in the ME", while the National newspaper sees it among a handful of tech companies to "have the potential to break the $1bn barrier". In a cover story, Entrepreneur mag ME titled him as "undoubtedly one of the youngest & most successful internet entrepreneurs in the ME”, awarded SellAnyCar.com as "Technology Innovator of the Year”, while Khaleej Times awarded him as the Technology Leader. Gulf Business selected him as 1 of the Top 10 Entrepreneurs in ME.
In a cover story, Arabian Business counts him as 1 of the most successful entrepreneurs to call Dubai home. During the World Government Summit, HH Sheikh Saif Bin Zayed, Minister of Interior of the UAE, presented Saygin as an inspiring story for the country, in the presence of world leaders, incl. HH Sheikh Mohammed Bin Rashid Al Maktoum.