Dubai - Mubasher: Italian online fashion retailer Yoox Net-A-Porter Group (YNAP) signed a joint venture agreement with Symphony Investments, an entity controlled by Dubai billionaire Mohamed Alabbar.
The Italian group will hold 60% stake in the new JV, while Symphony Investments will hold the remaining 40%, said a company's press release.
The JV will establish on-the-ground operations, with dedicated sales and marketing, customer care and PR teams.
The company will also open a new distribution center in Dubai powered by Ynap, which will include a premier same-day delivery service.
