Tuesday, Jul 17, 2012
DUBAI (Zawya Dow Jones)--Bahrain-based private equity firm Investcorp (INVCORP.BH) Tuesday said it bought a 30% stake of Turkish menswear retailer Orka Group for an undisclosed amount, the group's third investment in Turkey.
Investcorp made the investment in Orka through its Gulf Opportunity Fund to support the retailer's expansion plans in Turkey and abroad.
Founded in 1986, Orka Group through its brands Damat, Tween and D'S Damat is a retailer whose products are sold in 250 stories across 40 different countries, according to Investcorp.
"Bringing in an international growth investor is a major step in the development of our group," said Orka Group's chairman Sleyman Orak?o?lu.
Investcorp said the Turkish luxury menswear market is worth approximately $7.4 billion and should continue to increase thanks to a growing population and a rise in consumer spending.
Investcorp's Orka investment is its third in Turkey and the sixth by its private equity fund for the Middle East and North Africa region, including Turkey.
-By Nicolas Parasie, Dow Jones Newswires, +9714 446 1681, nicolas.parasie@dowjones.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
17-07-12 0905GMT
