Clothing retailer Sefamerve to go global
Turkish online conservative fashion retailer Sefamerve is seeking $50 million to $80 million from investors to open its own clothing stores for women in Muslim-majority countries around the world and in Europe, sources close to the matter said. The company is aiming to become the Muslim Zara and reach a valuation of $1 billion in three years with products such as skirts and headscarves that meet the functional and style needs of conservative women. Sefamerve expects to post $100 million in sales and quadruple the size of its foreign operations in 2017. The company was established in 2012 in Istanbul and has distribution and subsidiaries in Morocco, Dubai and the Netherlands.
Its local competitor Modanisa, has attracted investment from the Saudi Telecom Group’s STC Ventures and $2 million from Wamda Ventures, as well as funds from Turkey-based Aslanoba Capital. Modanisa aims to raise $20 million this year.