Turkish e-commerce platform Trendyol has signed a letter of intent for a strategic collaboration with the Saudi Arabian retail entity Cenomi Group to launch a brand new style platform in Gulf nations.
According to the assertion from Trendyol, the platform, specializing in style and way of life, will function in Saudi Arabia, the United Arab Emirates (UAE), Qatar, Kuwait, Oman and Bahrain, the place Trendyol not too long ago began its operations.
As a part of the collaboration, Trendyol’s present platform in these nations might be revamped within the coming months to supply completely different classes of choices.
“The expansion of Trendyol in the Gulf countries, with the support of our investors in the region, Abu Dhabi Wealth Fund (ADQ) and the Qatar Investment Authority (QIA), is one of our most important growth strategies,” mentioned Çağlayan Çetin, the president of Trendyol Group.
According to the data within the announcement, Cenomi, positioned as the most important vertically built-in way of life and retail entity in Saudi Arabia, along with retail franchise operations can also be concerned in personal loyalty applications and e-commerce platform actions.
“We are delighted to companion with Cenomi, the Middle East’s most dynamic buying and way of life model, to ship an thrilling on-line retail expertise to prospects within the area,” Çetin mentioned.
“The new platform will additional strengthen our actions within the area, the place we already ship high-quality Turkish merchandise and worldwide manufacturers whereas drawing power from the widespread data and experience of each firms, in addition to the client expertise competencies through which they’re pioneers of their respective markets,” he mentioned.
Founded in 2010 in Türkiye, Trendyol is without doubt one of the largest e-commerce platforms within the nation.
The firm in latest months introduced plans for enlargement within the Gulf markets.
Trendyol’s cellular software, which began working within the Gulf nations in August, rapidly turned essentially the most downloaded buying software in each Saudi Arabia and the UAE and reached 30,000 orders per day as of November.
Operating out of Türkiye and Germany, Trendyol delivers to 27 nations in Europe, based on its web site.
In August 2021, it entered into agreements to lift $1.5 billion from numerous buyers, valuing the corporate at $16.5 billion. With the brand new funding, Trendyol turned Türkiye’s first decacorn, a start-up with a valuation of over $10 billion.
Source: www.dailysabah.com
