Clothing retailer Sefamerve to go global

Dünya Executive - - OVERVIEW -

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.

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