MOXiT, the Middle East’s lifestyle e-shopping destination, has emphasized its operational and financial independence from MOX Telecom AG as the German group seeks financial protection proceedings under German law.
“MOXiT has been a legally registered independent startup in the UAE since 2012. It operates independently of MOX Telecom in its target markets across the Middle East. The MOXiT brand, and its operations in the markets it serves, are not in any way impacted by MOX Telecom proceedings,” said MOX Management Dubai.
MOX Telecom’s financial protection proceedings in Germany fall under a legal framework equivalent to Chapter 7 in the US, and are designed to protect the company while facilitating a debt restructure to reach a mutually acceptable solution between the company and its debtors.
MOXiT’s record-breaking growth in the Middle East market has seen it achieve financial and operating independence from its German parents. The brand has achieved 1819 percent growth since inception in May 2013, and is targeting expected revenue of almost USD 300 Million within the next 3 years.
“While MOXiT obtained some initial financing from MOX Telecom at inception in 2013, our strong growth has not only perched us on the cusp of breaking even but has also allowed us to diversify our investor base. As such, MOXiT is now entirely independent of MOX Telecom AG’s financial situation, and has been for a while. We are in fact investing heavily in growth and diversification and our exciting plans for the coming year are only accelerating,” added MOX Management Dubai.
MOXiT has recently invested heavily in its online reach, with traffic to the site increasing from 10,000 to 30,000 per month while its database has seen an increase from 10,000 to 1 Million Members. The premium e-commerce site is also in talks with investors to step up its expansion into KSA, planned for Q3/Q4 of 2014.
“MOXiT will continue to offer its rapidly expanding client base across the Middle East an exceptional shopping experience centering around great offers on some of the world’s best-known premium brands. MOXiT also remains committed to its rapid expansion plans as per already established timelines, to which there is no change. Simultaneously, MOXiT will continue investing in a diversification policy that will see the launch of exciting new e-commerce initiatives including MOXiT Travel,” MOX Management Dubai said
Scheduled for a July 2014 launch, MOXiT Travel will extend the e-commerce brand’s activities to the travel sector when it debuts with offers on over 400,000 hotels globally and 400 flight carriers.
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