European bank invests in Turkish modest fashion e-commerce platform

DAILY SABAH
ISTANBUL
Published 15.03.2019 00:24

The European Bank for Reconstruction and Development (EBRD) has become the latest investor in the Turkish e-commerce platform Modanisa, which has received its second global investment within three months, the company said in a statement. The platform is set to carry more Turkish ready-to-wear brands and manufacturers to the world with a new investment.

It is the second major global investment in the platform, following Goldman Sachs and Wamda Capital's announcement of a minority stake in January. The EBRD is one of the most important investment banks investing in Turkey; it invested in 34 projects in the country in 2018 alone. The bank's investments in Turkey's various industries, with a large majority being in the private sector in the last decade, have exceeded 11 billion euros ($12.43 billion). With the size of an existing portfolio, Turkey ranks first among 38 economies in which the EBRD invests in.

Modanisa Chairman Kerim Türe pointed out that the new investment will be an important resource for the platform on its way to becoming a global brand, adding that this investment is of great importance for them. "This is because Modanisa's mission to strengthen the positive effects of women in social and economic life with the support given to entrepreneurship in the ready-to-wear industry is very well matched with the investment mission of the bank. 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. Moreover, we will carry out new social projects for the women who are at the focus of our business," he said.

Modanisa brings the brands of more than 60 designers and more than 650 manufacturers, with most of them being women, to more than 130 countries in the world through its e-commerce platform. Modanisa, which displays the products of Turkish designers on the global stage at important centers such as London, Dubai and Jakarta as part of Modest Fashion Week fashion events, makes a major contribution to Turkey's efforts for branding in textiles.

Modanisa, which attracts more than 150 million visitors to its e-commerce platform every year, has been the e-commerce champion of Turkey for the last three years. Holding an important place among Turkey's ready-to-wear online export companies, Modanisa has increased its export volume in its total turnover to 80 percent as of 2018.

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