Alibaba Group, the ecommerce giant that has been referred to as the ‘Amazon of China’, has said that it plans to invest $2 billion in Turkey.
The comments were made in a meeting between Alibaba president Michael Evans and Turkish president Tayyip Erdogan, the company’s Turkish unit Trendyol said.
While no details were given on when the investment will be made, Evans said that Alibaba has already invested $1.4 billion in Turkey via Trendyol, one of the country’s highest-profile ecommerce platforms.
Trendyol president Caglayan Cetin was also at the meeting with Erdogan.
Also during the meeting, Evans discussed new investments in Turkey such as data and logistics centres in Ankara and a new export operation centre at Istanbul Airport, one of the world’s largest airports.
Trendyol last month announced the opening of its first office outside of Turkey, with plans to hire more than 200 employees in Berlin by the end of the year. The company said that it will open offices in Amsterdam, Luxembourg and London later this year.
Trendyol is planning to invest more than $500 million in international expansion by 2025.
Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
The Very Group
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