Global Buyout Fund will buy stake in Turkish Yargici

Global Capital Management LTD, the alternative asset management arm of Global Investment House (Global), announced 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 womens 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 store are categorized under two concepts as “Yargici” and “Yargici Accessories”. “Yargici Accessories” stores offer jewelry products as well as shawl, shoes, bags, purse, gloves, belts and  leatherhairclips. “Yargici” concept stores are larger in size and offer both accessories products and apparel products such as ladies' shirt, skirts, dress, and jacket.
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.

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