NBK Capital Partners and Gulf Capital have partnered for the first time to make a strategic investment in Jordan’s Classic Fashion Apparel Industry Ltd Co, one of the biggest private sector employers in Jordan with over 24,000 employees.
The investment will enable Classic Fashion Apparel to enter the next stage of its development, accelerating the expansion of production facilities, a statement said.
Founded in 2003, Classic Fashion Apparel has achieved significant growth and is now a recognised global industry player, with an annual turnover of over $450 million, it added.
The company has longstanding relationships with global retail giants such as Walmart, Under Armour, Adidas, American Eagle, JC Penney, Hanes and GAP. It produces over 60 million apparel pieces annually and accounting for a 27 percent share of Jordan’s apparel exports.
Yaser Moustafa, senior managing director at NBK Capital Partners, said: “We are delighted to be making our first investment in Jordan with a company that not only has an impressive growth story, but whose commitment to excellence has earned it the trust of some of the world’s most popular brands.”
Walid Cherif, senior managing director and head of the private debt business at Gulf Capital, added: “This investment highlights the robust market conditions for flexible capital in the MENA region.”
KS Sanal Kumar, chairman and managing director, Classic Fashion Apparel Industry, said: “It gives me great pride that we now have a thriving workforce manning 10,000 machines and, through our partnership with regional institutional investors NBK Capital Partners and Gulf Capital, we are now in a position to enter the next phase of our long-term growth trajectory.”
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