18 Jul 2012
(MENAFN) Bahraini investment firm Investcorp agreed to buy a 30 percent stake in Turkish menswear retailer Orka Group through its private equity arm, Arabian Business reported.
Orka Group, whose brands include Damat, Tween and D’S Damat, has more than 250 stores across 40 different countries around the world, including franchises.
The deal, which is Investcorp’s third investment in Turkey, will help Orka Group to accelerate its growth in Turkey as well as extending to international markets, the company said.
Investcorp, which once owned luxury brands Gucci and Tiffany & Co, said that the Turkish organized luxury menswear market is worth an estimated USD7.4 billion.
The Bahrain-based firm has around USD420 million in cash on its balance sheet at the end of 2011, according to a February note from Fitch Ratings.
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