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16 February 2018

MIROGLIO FASHION CELEBRATES 10 YEARS OF PARTNERSHIP WITH THE AYAYDIN GROUP IN TURKEY

AYAYDIN REVENUE UP FROM 45 TO 118 MILLION EURO EBITDA UP TO 20.9 MILLION EURO

The partnership between the Miroglio and Ayaydin Groups is celebrating ten years since the month of February 2008, when Miroglio Fashion acquired a 50% stake in the Turkish group with a view to developing emerging markets.

“When we signed the agreement” remembers Miroglio Group Chairman Giuseppe Miroglio, “we firmly believed in the opportunities for growth together with our partners. The aim was to develop the Turkish domestic market, which at the time was already beginning to record strong growth, and above-all represented - and still represents today - the bridge towards Central Asia and the  Middle East. A project that formed an integral part of our export market development strategies with a ‘glocal’ approach, in other words attentive to the needs of the local context while capable of a global outlook on international dynamics. Today we are celebrating 10 years of what we can now consider to be one of the most important strategic agreements in our history, and a successful case history with a major partner”.

With the help of Miroglio Fashion’s contribution, Ayaydin has grown exponentially over these 10 years, taking full advantage of the growth in domestic demand and expansion into countries such as Qatar, Kuwait, Saudi Arabia, Cyprus, Azerbaijan and Bosnia.

Thanks to its three flagship brands – Ipekyol, Machka and Twist – Ayaydin can lay claim today to a position of strong leadership on the Turkish market, with numbers that attest to an excellent bill of health.

The transition from 2008 to 2017 is borne out by the following numbers:

  • Revenue: up from 45 to 118.6 million euro
  • Ebitda: up from 8.3 to 20.9 million euro
  • Stores: up from 90 to 253

“The partnership with Ayaydin represents an innovative, far-sighted example of export market growth” continues Miroglio Fashion’s CEO Hans Hoegstedt “precisely because it has been achieved showing respect for the local partner and culture. An example of how it is possible to grow abroad by entering into the local fabric to support the development of their brands, and not necessarily just with your own brands. A distinguishing feature of the international growth strategy which we also intend to implement in the future”.