UPDATE 1-Italy's Yoox Net-A-Porter enters Middle East online luxury venture

lunedì 28 novembre 2016 09:44

* YNAP, Dubai billionaire Alabbar plan joint venture

* YNAP to hold 60 percent

* Enterprise value of venture to be 130 million euros

* YNAP won't inject cash

* Alabbar last year bought 4 percent stake in YNAP (Adds detail, context)

By Alexander Cornwell

DUBAI, Nov 28 (Reuters) - Italian online fashion retailer Yoox Net-A-Porter Group (YNAP) and Dubai-based billionaire Mohamed Alabbar said on Monday they will form a 130 million euro ($139 million) luxury retail business in the Middle East.

The Arab world's youthful population and improving Internet access -- the UAE and Saudi Arabia, for example, have smartphone penetration rates above 70 percent -- mean the region is well placed to capture the growing popularity of e-commerce.

YNAP said it will hold 60 percent of the joint venture while Symphony Investments, an entity controlled by Alabbar, will own the rest.   Continua...