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|| Kuwait investors acquired stake in Turkish retailer

Global-Buyout-FundYargici.jpg Kuwait-based Global Buyout Fund has reached an agreement to acquire a stake in Yargici, an upmarket women's apparel and accessories retailer in Turkey.

Founded in 1978, Yargici is operating in Istanbul, Ankara, Izmir, Bodrum and Paris with 23 stores and employs 252 people. As Dubaibeat.com reported before, this is the second acquisition done by the Fund in Turkey this year.

Global Buyout Fund is listed in the Middle East Investors Directory with the code OR25.


Global Capital Management LTD, the alternative asset management arm of Global Investment House (Global), announced today that the Global Buyout Fund (the Fund) has reached an agreement to acquire a stake in Yargici Konfeksiyon Ihracat ve Ticaret A.S. (Yargici), the leading upmarket women's apparel and accessories retailer in Turkey. Transaction will be finalized subject to regulatory approval.

Founded in 1978, Yargici is a premium retailer of women's apparel and accessories, operating in Istanbul (17), Ankara (2), Izmir (2), Bodrum (1) and Paris (1) with 23 stores and employs 252 people. Target customer base of the company is concentrated in the upper-middle to high income segment, within the range of A and B+ classes and aged between 19 and 55. The Company's sales grew at a CAGR of 32% between 2008 and 2010, whereas the women's apparel market grew at a CAGR of 2% during the same period.

Yargici stores are categorized under two concepts as "Yargici" and "Yargici Accessories". "Yargici Accessories" stores offer jewelry products as well as shawls, shoes, bags, purses, gloves, belts and hairclips. "Yargici" concept stores are larger in size and offer both accessories products and apparel products such as ladies' shirts, skirts, dresses, and jackets.

The Turkish women's apparel market has an estimated size of around USD3.6bn as of 2010. The market is expected to grow with a CAGR of 8% over the next 5 years. The growth is influenced by increasing income levels, changes in life style and increase in number of working women.

The investment by Global Buyout Fund will support Yargici's growth plans, focused on further penetration in Turkey and entry into major European and Middle Eastern markets. Yargici opened its first international store in Paris in September 2010, and will continue its international store rollout in France, the UK and in major GCC markets. In Turkey Yargici plans to further penetrate the Anatolian region with a new "shoes & bags" store format, and introduce an extensive "lifestyle" store concept in Istanbul.

Commenting on the transaction Mr. Emir Yargici, the founder, said, "We are excited to be partners with the Global Buyout Fund represented by Global Capital Management, the Fund Manager, who shared our confidence in the growth potential of this business and injected growth capital into the company. We believe the Fund is a committed investor and this partnership will improve Yargici's corporate structure and provide us strong support in realizing our plans both for domestic and international expansion. The Fund Manager's network will enhance Yargici's ability to access new markets across Europe and the GCC."

Mr. Rajiv Nakani, Managing Partner at Global Capital Management commented, "Our investment focus is on growth companies. This investment gives us an excellent opportunity to back an innovative company to fulfill its growth aspirations and potential. With its unique fashion line, strong and trusted brand, value proposition and premium store locations across Turkey and in Paris, Yargici is well positioned to expand both in the domestic and international markets."

Mr. Ihsan Sancay, Partner at Global Capital Management stated, "We have been impressed by the solid financial and operational performance of Yargici and talented team behind this successful story. We see both geographic expansion potential for the business and long term prospects for this valuable brand in the sector, and are committed to working together with our valuable partner and the professional management team."

It is worth mentioning that this is the second acquisition done by the Fund in Turkey this year. In February 2011, the Fund announced acquisition of 80% of Bicakcilar Tibbi Cihazlar A.S. and its group of companies (Bicakcilar), the leading manufacturer of medical equipment and disposables, and distributor of cardiovascular and neurosurgery products in Turkey.

The Fund was advised by Esin Law Firm (legal), PricewaterhouseCoopers (industry and financial), and Erdikler (tax), whereas the Sellers were advised by 3 Seas Capital Partners and Pekin & Bayar.



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