What is MarkaVIP? MarkaVIP Review

MarkaVIP is an e-commerce website with a flash sale model. It was founded in November 2010 by Ahmed Alkhatib and Amer AbulailaMarkaVip, and is headquartered in Jordan.

Operational Model

MarkaVIP adopts the flash sale model promoted by Vente Privée and Gilt, which temporarily offers large discounts on some high-end products during a specific period of time. There is often only a short time from the notification to the end of the event.

Development Status

MarkaVIP is one of the leading fashion + retailers in the Middle East since 2011 and now part of JollyChic following its acquisition in May 2017. With over 5 million users, MarkaVIP brings affordable fashion and authentic luxury goods to the everyday consumer.

MarkaVIP Financing

-In November 2010, it received angel round financing. The specific amount was not disclosed. Participants in this financing included Usama Fayyad, Karim Kawar, Hummingbird Ventures, and Caglar Erol.

-In December 2011, it received a US$5 million Series A funding from Invus.

-In April 2012, MarkaVIP, a flash sales e-commerce company in the Middle East, announced that it had completed its Series B financing and successfully obtained US$10 million in investment funds. This round of financing mainly came from the pan-European venture capital firm Prime Ventures, as well as existing investors Invus Financial Advisors, Lumia CAPItal and Hummingbird Ventures.

All proceeds from MarkaVIP’s financing will be used to support the company’s rapid growth, increase operations, sales and marketing efforts, and expand its private shopping network across the Gulf Cooperation Council (GCC) member countries.

Development History

-In 2011, the company already had 120 employees and its business scope had expanded to the six Gulf countries.

-In 2017, Zhejiang Zhiyu completed the acquisition of Middle Eastern e-commerce company MarkaVIP.

-In September 2017, Zhejiang Zhiyu has posted recruitment information for MarkaVip-related positions on domestic recruitment websites.