Mar 16 2019

European bank invests in Turkish conservative fashion e-commerce platform

The European Bank of Reconstruction and Development (EBRD) has taken a minority stake in Turkey’s modest fashion e-commerce platform, following investment by Goldman Sachs and Wamda Capital in January,  pro-government Daily Sabah reported on Friday.

The new investment will expand the platform’s capacity to provide the designs of the Turkish ready-to-wear brands and manufacturers to the world, the company said in a statement.

The EBRD is one of the most important investment banks active in Turkey with investments in  34 projects in the country in 2018 alone. The bank has invested 11 billion euros ($12.43 billion) to Turkey, which ranks first among 38 economies in which the EBRD invests in, the Daily Sabah said.

Modanisa’s Chairman Kerim Türe said that the new investment would strengthen the platform which is eyeing to become a global brand.

“With the new investment, we will strengthen our e-commerce and logistics infrastructure on the one hand, and have the opportunity to bring more Turkish manufacturers and brands together with the world, on the other,” he said.