Skip to main content
BoF Logo

Agenda-setting intelligence, analysis and advice for the global fashion community.

The Business of Fashion
Retail

Report: Amazon in Talks to Buy Souq.com for $1 Billion

Amazon.com is in talks to acquire Dubai-based online retailer Souq.com for about $1 billion in a deal that will give the e-commerce giant a footprint in the high-growth Middle East market, according to people familiar with the matter.
Source: Souq.com
By
  • Bloomberg

DUBAI, United Arab Emirates — Amazon.com Inc. is in talks to acquire Dubai-based online retailer Souq.com FZ for about $1 billion in a deal that will give the e-commerce giant a footprint in the high-growth Middle East market, according to people familiar with the matter.

Seattle-based Amazon is considering a bid for all of the site, which had initially planned to sell a stake of at least 30 percent, the people said, asking not to be identified as the information is private. No final agreements have been reached and negotiations could still falter, the people said.

A spokesman for Souq.com declined to comment. A representative for Amazon didn’t respond to calls and an e-mail seeking comment.

Souq.com appointed Goldman Sachs Group Inc. to find buyers for a share of the company, people familiar with the matter said in September. The company’s existing investors — Tiger Global Management and South Africa’s Naspers Ltd. — were also weighing selling their holdings, the people had said.

ADVERTISEMENT

Souq.com sells more than 1.5 million products online to customers in the United Arab Emirates, Egypt and Saudi Arabia, according to its website. The company secured $275 million from investors after Tiger Global and Naspers, among others, boosted their investments in February. Chief Executive Officer Ronaldo Mouchawar said in an interview at the time that the company would be open to selling shares to the public in the future.

By Dinesh Nair and Matthew Martin, with assistance from Spencer Soper; editors: Aaron Kirchfeld, Amy Thomson and Vernon Wessels.

Related Articles:

[ Decoding Amazon's Fashion Ambitions ]

[ Is E-Commerce Really Better For the Environment Than Traditional Retail? ]

In This Article
Topics
People
Organisations
Location

© 2026 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Retail
Analysis and advice from the front lines of the retail transformation.

The New Reality of Shipping to Saks

While $1.75 billion in court-approved funding has brought labels back to the fold, the real test for vendors will come when that temporary safety net vanishes later this year.

The Step-by-Step Guide to Brand Elevation | Case Study

A growing number of mass and premium brands are pushing upmarket with a more luxe look, better materials and, often, higher prices. This case study unpacks how these labels are navigating the tricky challenge of elevating a brand.

view more
Latest News & Analysis
Unrivalled, world class journalism across fashion, luxury and beauty industries.

Estée Lauder’s Surprise Acquisition, Explained

The American cosmetic giant’s buyout of Ayurvedic beauty line Forest Essentials came as a surprise. By picking an under-the-radar brand it knows well, the company can show that it’s still in the M&A game without needing to outbid rivals.

VIEW MORE

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
© 2026 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.