UAE-based retail giant Landmark Group has announced the acquisition of a 87.5 percent stake in Park Bravo Dis Ticaret AS, the exclusive distributor of Nine West branded footwear and accessories in Turkey.
Under the terms of the agreement, Landmark said it has acquired the controlling stake in the business and operations.
It added that the acquisition complements its strategy "to expand and offer value-based shopping experiences to their customers".
Park Bravo Dis Ticaret AS was founded in 1997 by the Park Bravo Group, and is the master franchisee of Nine West, Anne Klein and Enzo Angiolini brands in Turkey.
As of March, the Nine West business had 42 stores in Turkey including Anne Klein and Enzo Angiolini brands and another 45 sales points.
Manu Jeswani, director, Landmark Group, said: “Together as partners, we aim to further develop the retail sector in Turkey, which is at a promising stage and demonstrates significant potential for growth."
Kemal Guven CEO, Park Bravo Dis Ticaret AS, added: “We believe our business will become even stronger with the support of a partner such as the Landmark Group.”
The Landmark Group operates over 1,300 outlets across the GCC, India, Egypt, Turkey, Jordan, Lebanon, Yemen, Libya, Nigeria, Sudan, Kenya and Pakistan with a workforce of 40,000 employees.
It holds the franchise rights for some of the world's leading fashion and footwear brands in the countries where it operates and has also diversified in the leisure, food, hospitality and healthcare segments with the likes of Fitness First.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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