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 vogue platform in Gulf international locations.
According to the assertion from Trendyol, the platform, specializing in vogue and life-style, will function in Saudi Arabia, the United Arab Emirates (UAE), Qatar, Kuwait, Oman and Bahrain, the place Trendyol lately began its operations.
As a part of the collaboration, Trendyol’s present platform in these international locations 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 life-style and retail entity in Saudi Arabia, along with retail franchise operations can be concerned in non-public loyalty applications and e-commerce platform actions.
“We are delighted to accomplice with Cenomi, the Middle East’s most dynamic buying and life-style 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 energy from the frequent information and experience of each corporations, in addition to the client expertise competencies by which they’re pioneers of their respective markets,” he mentioned.
Founded in 2010 in Türkiye, Trendyol is among the largest e-commerce platforms within the nation.
The firm in latest months introduced plans for growth within the Gulf markets.
Trendyol’s cell utility, which began working within the Gulf international locations in August, rapidly grew to become probably the most downloaded buying utility 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 international locations in Europe, based on its web site.
In August 2021, it entered into agreements to boost $1.5 billion from quite a lot of traders, valuing the corporate at $16.5 billion. With the brand new funding, Trendyol grew to become Türkiye’s first decacorn, a start-up with a valuation of over $10 billion.
Source: www.dailysabah.com