Middle East Leading Online Private Shopping Club Sukar.com Acquired By Souq.com
In an effort to strengthen its position as the leading ecommerce destination in the region, Souq.com, the largest online retail & marketplace in the Arab world, has just announced that it has acquired the Middle East's first online private shopping club Sukar.com.
The fashion market in the Middle East is estimated to be worth more than $30 billion while the online share is less than 1%, commented Ronaldo Mouchawar, CEO of Souq.com. “We have a huge potential and that is the main reason of this acquisition,” he added.
The acquisition will then help Souq.com consolidate and expand its share in the online fashion ecommerce category and ward off competition by the likes of MarkaVIP who recently closed a $10 million series B funding round.
"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 organization and further ensure its market leadership." - Sukar.com founder Saygin Yalcin.