Goldman Sachs invests in Modanisa

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Modest Fashion
Photo: Alexi Romano / Unsplash

The Turkish online retailer for Islamic fashion Modanisa has sold a minority stake to Goldman Sachs and Wamda Capital.

With the sale of its shares, the e-commerce company Modanisa wants to finance its further expansion, reports “Salaam Gateway”. For example, the expansion of existing logistics centres in Europe and the Middle East and the opening of new branches.

The online retailer plans to open an office in London this year to monitor its North American and European operations, and offices in Amsterdam and the United Arab Emirates will follow in due course.

VAE venture capital firm Wamda had already invested in the Istanbul-based company in 2016. The online retailer, founded in 2011, now works with 650 designers and suppliers who produce 70,000 items for customers in 130 countries. In the past 12 months, more than 150 million visitors should have viewed the retailer’s website for Modest Fashion.