Turkey's Boyner Holding and Qatari investment firm Mayhoola have agreed to terminate their financial partnership by signing a new agreement under which the former will be the sole owner of Boyner Grand Retailing Inc. and Altinyildiz Textile, while latter will hold a majority share in Beymen and Ay Marka brands, with a 96.89 per cent stake.
The agreement was reached to restructure Boyner Retail and Textile Investments Inc., which incorporates Boyner Grand Retailing Inc., Beymen, AY Marka and Altinyildiz Textile, according to a Turkish newspaper report. Beymen is Turkey's largest luxury and fashion company.
Prior to the agreement, Mayhoola had a share of 54 per cent in Boyner Retail and Textile Investments Inc., while Boyner Holding held a 42.8 per cent stake.
Mayhoola's investments in Boyner Group since 2015 and the acquisition of Beymen and AY Marka after the agreement will be the largest foreign investment in Turkish luxury retail and fashion sector till now.
After the new structuring, Boyner Group will focus on multi-brand retailing with Boyner Grand Retailing Inc., fashion and multi-brand e-commerce with Morhipo, consumer technologies with Hopi, production of quality woolen fabrics with Altinyildiz, and special brand production and menswear retail with Altinyildiz Classics, as well as growth opportunities in multi-channel retail.
The agreement is expected to be completed in June 2019 following the legal procedures and necessary approvals. (DS)
Source:Fibre2Fashion News Desk – India