Modest fashion etailer Modanisa is planning to open an office in London after it sold a minority stake to investment banks Goldman Sachs and Wamda Capital for an undisclosed amount.
The Turkish company will use the funds to drive its global expansion. The London office will open later this year and will oversee the company’s European and North American operations.
Exports currently account for 80% of Modanisa’s business and the investment will be used to launch new logistic centres in Europe and the Middle East to enable faster shipping times and simplify returns.
The Istanbul-head quartered business launched in 2011 and operates in 130 countries, providing more than 70,000 items from its list of 650 designers.
Chief executive Kerim Ture told Drapers: “[This new round of funding] demonstrates confidence not only in Modanisa’s performance and future growth, but also in the resounding strength of the modest sector in general. We’ve set out a clear five-year strategic goal to become the definitive global fashion platform for modest women and our initial success has been accompanied by rising customer expectations, which this investment will help us to meet”.
He added: “London is one of the world’s major fashion centres and leads on diversity, so it makes sense for us to establish a base here and tap into the city’s sophisticated pool of fashion talent. We are in the midst of recruiting a senior team to help Modanisa transition into a global brand, and to oversee our North American and European operations. We expect our London based office to be open in the first half of 2019.”