Modanisa, Turkey’s e-export champion, with its exports to 130 countries, has added Re-Pie Asset Management to its investors to expand its global service network and strengthen its global leadership. Modanisa Co-Founder and CEO Sami Güzel said, “We have accomplished incredible things in the last 10 years. We have more geographies to reach and a lot of work to do. We are happy to be with Re-Pie Asset Management, who have grown the companies they invested in with the support of the “Re-Pie Touch”.
“We made this round to include Re-Pie Asset Management among our distinguished investors including Wamda Capital, Goldman Sachs and EBRD. Our goal is to increase our turnover to 1 billion USD in a few years.”
With the investment it has received, Modanisa will get closer to its customers with the warehouses it will establish in Poland for the European markets and in Egypt for the North African market and will launch its e-wallet service. Modanisa, which will expand into non-textile categories, will strengthen its global leadership position to better serve the needs of its 470 million population.
Mehmet Ali Ergin, Deputy Chairman of the Board of Re-Pie Portfolio, said, “Modanisa is a source of pride for Turkey, as an extraordinary company that combines the corporate governance brought by its current valued investors and the start-up spirit. Spreading Turkish textile and fashion to 130 countries, Modanisa generates 85% of its revenues from exports. With its visionary founders and competent management, it is a company that is exactly what we were looking for. We are happy to provide our investors with access to Modanisa and add another unicorn candidate to our portfolio.”
While Modanisa is deepening its presence in Europe, which is its main market, with its Polish warehouse, it will open up to the North African market with a warehouse to be established in Egypt. Modanisa, which will expand its markets with the opening of Saudi Arabia for export in the last quarter will launch the “marketplace” model for Malaysia and Indonesia in 2023.
Drake Star Partners and Awad Capital Ltd. acted as financial advisors to the company.
Ziad Awad, Founder and CEO of Awad Capital said: “We are proud of our association with Modanisa, its management and its shareholders. The company has built a unique moat as the only global platform offering Muslim women quality and affordable fashion that is in line with their values. With Re-Pie’s support, this can be further leveraged into other attractive categories”
Eric Ward, Managing Partner at Drake Star Partners said “We are delighted to see Modanisa, a pioneer and global marquee brand in the modest fast fashion e-commerce space, successfully raise another significant round of funding. With Goldman Sachs, EBRD Venture Capital and Re-Pie, Modanisa has the right shareholder base to successfully deliver on its international expansion plans. This transaction also demonstrates Drake Star’s and Awad’s successful global partnership in helping Tech companies in fast growing emerging markets such as Turkey deliver important milestones throughout their company lifecycle.”