Silk and Cashmere’s Saudi partner sells shares to founding family

Dunya Executive - - OVERVIEW -

Eastgate Capital Group, the investment unit of the Gulf’s biggest lender, the National Commercial Bank of Saudi Arabia, sold its shares in Fabeks, the parent company of Turkish clothing brand Silk and Cashmere, to the Zamanpur family, a main partner and the founder of the company. Eastgate had acquired 49.8 percent of Fabeks Dis Ticaret in 2012, but that stake was reduced to 25.6 percent after it did not participate in Fabeks’ capital increase in 2015. The Zamanpur family applied to Turkey’s Competition Board to acquire Eastgate’s stake, and, following regulatory approval, Ayşen Zamanpur bought the shares, increasing the Zamanpur family’s ownership to 100 percent. Istanbul-based Silk and Cashmere, which makes high-quality sweaters, coats and scarves, was founded in 1992 in partnership with a Mongolian textile company. Today, it has a network of more than 200 sales points in more than 22 countries, ranging from Switzerland to Algeria.

Newspapers in Turkish

Newspapers from Turkey

© PressReader. All rights reserved.