Symphony Investments, mostly owned by real-estate businessman Mohammed Alabbar, announced a joint venture  with Italian-based global luxury online retailer YOOX Net A Porter Group to establish a EUR130mn online Middle East-focused luxury retail platform, where the JV could be selling products within 12 months, according to a press release by YNAP and statements by Alabbar in a press conference. The JV will be 60% owned by YNAP and 40% by Symphony Investments and will manage all of the Group’s existing multi-brand online stores in the region (NET-A-PORTER, MR PORTER, YOOX and THE OUTNET) where the JV will operate initially in the GCC, with the potential to expand in other Middle East countries at a later stage. The JV is planned to be run by a Dubai-based entity, which will also include a distribution centre. Earlier in April 2016, Alabbar invested in YNAP through subscription for a EUR100mn capital increase. The YNAP partnership will be separate from Alabbar’s “Noon.com”, the up-coming  USD1bn JV e-commerce platform with Saudi’s Public Investment Fund announced earlier this month and  scheduled for going live in January 2017. YNAP is a leading global player in the luxury retail business, offering products by high-end brands as Prada, Dolce & Gabbana, Armani and their likes, with annual revenue reaching EUR1.7bn in 2015. The Middle East region accounted for 3% of global luxury consumption in 2015 and is expected to significantly outpace the growth of the global personal luxury goods market over the next five years. ( YNAP Press release, Bloomberg, Gulf News)