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24 June 2008

Bought out in Turkey the 50% of the Ayaydin Group

The strategy of International growth continues

Miroglio Group, Italian leading Group in textile and clothing industry, running brands such as Motivi, Caractère, Elena Mirò has acquired 50% of the Ayaydin Group, one of the leaders on the Turkish market in the same field.

In particular, the business agreement foresees an economic support by the Miroglio Group to the Ayaydin Group’s growth in domestic and starting markets as Russia, Romania, Ukraine, Bulgaria, Kazakhstan and Moldavia.

“This joint venture is a part of our development strategy on International markets based in high-potential areas – says Giuseppe Miroglio, CEO of Miroglio Group. As we did in China through the partnership with Elegant Prosper, we are now looking at Turkey, one of the most fast growing countries because of its inner dynamics and its ‘link status’ between Eastern Europe and the Middle East. Our goal is to enter Turkey with a ‘glocal’ approach. The Ayaydin Group is structurally similar to us and, even if smaller, it has a very high potential of developing”.

“We are very proud of this partnership  – says Yalcin Ayaydin, Ayaydin Group’s Chairman -  and thanks to it, we can estimate an earnings at the end of the year of a turnover of around 70 million Euros, as well as an increase openings in more than 40%. This significant agreement, which melts the assets of two groups so deeply rooted in their own market, will only improve futher with the potential of a strong economic growth country.”

SIMEST, the Italian institution supporting the companies who want to develop their business abroad, has taken part to the operation. The support of SIMEST constitues a further confirmation of the quality of the project.

The Ayaydin Group

The Ayaydin Group’s 2007 turnover was 45 million Euros with an Ebitda margin at 18,5%. Founded at Istanbul in 1986, the Group now has a distribution network of almost 90 shops in Turkey (more than 80% owned by the Group) and abroad, in Greece, Romania, Kazakhstan and Azerbaijan in particular. The Group has also more than 200 multibrand customers all over the world. The Group owns  the Ipekyol brand, one of the benchmark brands in the Turkish apparel panorama which represents the 65% of the Group’s sales. Furthermore the Group Ayaydin nowadays counts  two other brands: Twist, born in 1996 and  Machka, born in 2005 in collaboration with the designer Dice Kayek.