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European bank invests in Turkish fashion e-com platform

23
Mar '19
Pic: Modanisa
Pic: Modanisa
The European Bank for Reconstruction and Development (EBRD) recently invested in Turkish e-commerce platform Modanisa, which received its second global investment within three months. The funds will be used to strengthen its e-commerce and logistics infrastructure and help more Turkish ready-to-wear brands and manufacturers reach world markets.

Goldman Sachs and Wamda Capital bought a minority stake in the firm in January.

The EBRD invested in 34 projects in Turkey in 2018. Its investments there in various industries, mostly in the private sector in the last decade, have exceeded $12.43 billion, according to a report in an Egyptian daily.

The company will also carry out new social projects for the women who are at the focus of its business, said Modanisa Chairman Kerim Türe.

The platform 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. It attracts more than 150 million visitors every year. (DS)

Fibre2Fashion News Desk – India


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