FLO TO DOUBLE ITS GROWTH THIS YEAR

Footwear company FLO Magazacilik will raise its turnover to TRY 12.5bn this year with the support of a collaboration with U.S.-based Nine West and Italy-based Lotto, according to Burak Ovunc, CEO of FLO Magazacilik. The company’s turnover totaled TRY 6.4bn in 2021. FLO Magazacilik, which obtained the franchise for Nine West for Europe and signed a license agreement with Lotto for Turkey and 40 other countries, has undertaken the exclusive rights for Nine West in the UK, Germany, and Italy. The company, which plans to make a TRY 530m investment this year, will launch 150 stores including 100 stores abroad. It will also increase its number of employees from 12,000 to 13,500. “We aim to increase our turnover to USD 1.8bn in 2025. 30% of this figure will be from e-commerce while 50% of the total amount will be obtained abroad. We’ll also raise our employment to over 20,000 people,” said Ovunc.