In its second-largest acquisition, Amazon buys the company for $970 million.
MarkaVIP hosts up to 10 new daily deals each day, and offers members deep retail discounts of up to 80%.
NEW YORK, NY—September 18, 2012 — MarkaVIP, the fastest growing e-commerce operation in the Middle East, today announced it has surpassed 2 million registered members in less than two years since its launch in November 2010, a significant milestone for the company. MarkaVIP is renowned throughout the gulf coast countries (GCC) as the preferred shopping destination for its upwardly mobile web-savvy members who have come to rely on the site for trend-setting fashions, exclusive luxury brands, and unparalleled customer service — all at unprecedented discounts. MarkaVIP hosts up to 10 new daily deals each day, and offers members deep retail discounts of up to 80 percent. MarkaVIP product categories include Men’s and Women’s Fashion, Accessories, Consumer Electronics, and Home.
MarkaVIP’s rapidly expanding team of buyers and fashion directors cover the globe from sourcing offices in New York City, Madrid, Antwerp, Beirut, Amman, Istanbul, and Dubai. The company’s experts source the world’s most exclusive fashion and luxury products with a laser focus on fashion-forward Arab shoppers seeking leading American labels, emerging brands, and well known designers including Gucci, Prada, Hugo Boss, Invicta, Hello Kitty, Guess, Fendi, and an ever-increasing portfolio of upscale brands for men, women and home fashions. MarkaVIP’s strategy calls for additional hiring and staffing across the board including recruitment of expert buyers in key fashion markets, as well as ongoing evaluation of potential new product categories and vertical markets.
“We are a high growth company with a successful and proven shopping model dedicated to serving our membership of two million fiercely loyal frequent buyers, and we have achieved that success by dedicating ourselves to delivering truly exceptional values on the world’s most fashionable and luxurious brands,” said Ahmed Alkhatib, founder and CEO, MarkaVIP. “We have streamlined our shopping, payment and shipping infrastructure across the disparate GCC to provide an unprecedented user experience, and we pride ourselves on the breadth and superior quality of our products and our exceptional customer service. Today is certainly a proud day for all of us at MarkaVIP, and an important milestone for our company and our loyal members.”
MarkaVIP currently employs more than 300 individuals around the world and boasts nearly 600,000 global Facebook fans. The company recently completed a $10 million Series B funding round led by European venture firm Prime Ventures, with participation from New York City-based Invus Financial Advisors (IFA), Antwerp-based Hummingbird Ventures, and San Francisco-based Lumia Capital.
MarkaVIP is an exclusive, invitation-only flash sales website focused on the Middle East. The company sources premium brands and lifestyle products including men’s and women’s apparel, accessories, shoes, garments, bags, sunglasses, belts, watches, hats and lingerie, to be offered to its members at deeply discounted prices for a limited period of time. MarkaVIP also sells home, kitchen and bathroom accessories as well as electronics. MarkaVIP was established in November 2010 by Ahmed Alkhatib. He brought together experienced professionals from leading firms in the fashion and lifestyle products industry to deliver an online shopping experience like no other in the Middle East. The result is a highly interactive e-tail platform where members gain access to great brands at great value from the convenience of their own homes. MarkaVIP is currently available in the GCC, Jordan and Lebanon and employs 300 people across eight offices in Beirut, Dubai, Amman, Istanbul, Antwerp, Madrid, New York, and San Francisco. To apply for membership please visit www.markavip.com | Join us on Facebook | Follow us on Twitter.