Orka sells 30 pct stake to Investcorp
ISTANBUL / DUBAI - Hürriyet Daily news
Orka Group, specializing in men’s retail, sells a minority stake to raise capital.Turkey’s Orka Group, which includes the fashion labels Tween, Damat and D’S Damat under its umbrella, is selling a minority stake in the company to New York-based investment fund Investcorp.
Investcorp announced that it had signed an agreement to purchase 30 percent of Orka Group.
Orka Group, meanwhile, said the sale would provide significant capital to help meet the group’s growth targets, sources said. There was no mention, however, of the price of the transaction.
‘We made the right choice’
“Foreign investors have long been interested in our group. I believe we made the right choice. This transaction will help our international brand become even more recognized in international markets,” said Orka Group Chair Süleyman Orakçıoğlu.
“Turkey has a strong growth potential … in the fashion market, especially male fashion, and Orka is strategically placed to grasp these opportunities,” Investcorp Managing Director Tristan de Boysson.
Orka Group has over 250 different stores in over 40 countries. Investcorp partners with 17 different companies and has assets totaling $12 billion. Investcorp has previously invested in such labels as Gucci, Tiffany&Co., Saks Fifth Avenue, Chaument, Breguet, Ebel and Carter.