Retailer may become nonfood champ

Retailer may become nonfood champ

ISTANBUL - Hürriyet Daily News
Retailer may become nonfood champ

Boyner Group pledges to build Turkey’s largest non-food local retailer after intercompany acquisitions. Hürriyet photo

Altınyıldız Mensucat, the textile-producing arm of Boyner Holding, is set to buy out a controlling stake in Boyner Büyük Mağazacılık and Beymen Mağazacılık, the retail branches of the parent company, according to executives.

The move will see Altınyıldız Mensucat become the largest non-food retail group in Turkey, according to a company statement. Altınyıldız will acquire 21.83 percent of Boyner Büyük Mağazacılık and 49.99 percent of Beymen Mağazacılık from Boyner, the company said in a filing to Istanbul Stock Exchange (İMKB) earlier this month.

With the acquisition, Altınyıldız will take control of the two retailers, a press filing said to the bourse Dec. 26.

Altınyıldız Mensucat already owns 100 percent of Ay Marka, a subsidiary with 206 stores under eight different brands.

By bringing these three companies together – Boyner Büyük Mağazacılık, Beymen Mağazacılık and Ay Marka – Altınyıldız claims to take a step toward creating Turkey’s largest non-food retail group.
The other big players in the non-food retail business include house appliance sellers such as Arçelik, BSH and Vestel along with gold seller Goldaş.