May 24, 2017 / 5:22 AM / 6 months ago

Rocket's Global Fashion sells majority of Middle East unit Namshi

FRANKFURT, May 24 (Reuters) - Global Fashion Group (GFG), the emerging markets fashion retailer set up by German ecommerce investor Rocket Internet, agreed to sell a majority stake in its Middle East unit Namshi to Emaar Malls for $151 million.

Rocket Internet said on Wednesday the deal was part of a strategic alliance that to would help add additional fashion brands to Namshi, further develop its logistics infrastructure and expand its geographical footprint.

GFG will retain 49 percent of Namshi, it said.

Reporting by Maria Sheahan; Editing by Victoria Bryan

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