MILAN — Changes are sweeping over the retail landscape and Qatar is the latest investor reshaping the sector.
Mayhoola for Investments, an investment vehicle backed by a private investor group from Qatar, has taken a 30.7 percent stake in Turkish retailer Boyner Perakende for 885 million Turkish lira, or $343 million at current exchange rate. Boyner Perakende, or Boyner Retail and Textiles Investment Inc., is a subsidiary of the Boyner group.
Mayhoola for Investments took control of Valentino in 2012 and has a minority stake in Anya Hindmarch. Last year, it acquired a majority stake in Forall Confezioni SpA, which produces Pal Zileri.
According to its Web site, the Boyner group was established in 1952 by the Boyner family, and the company today is Turkey’s largest nonfood and nonconsumer electronics retail operator, representing hundreds of brands, with more than 10,000 employees in more than 500 stores across the country.
Through the years, the company developed the production, domestic sale and export of wool fabrics. The Boyner family entered the apparel and retail business in the Seventies, starting with men’s wear, followed by a range of retail and customer focused services. Among other investments in addition to real estate, the group runs the luxury Beymen chain and department store Boyner.
In 1985, the group introduced Benetton to Turkey following an agreement covering main dealership and manufacturing. Benetton was the first international ready-to-wear brand to enter the Turkish market.
Boyner started to shift its focus from manufacturing to retail in the early Nineties. Boyner Perakende launched an initial public offering in 1991 on the Borsa Istanbul Stock Exchange.
In April, one of Europe’s largest flagship department stores, KaDeWe in Berlin, was reported to have caught the eye of acquisitive retailers, and Qatari investors were said to be among the interested parties. The KaDeWe Group is part of the struggling Karstadt chain, which operates 83 midmarket Karstadt department stores and 28 Karstadt Sports stores across Germany. Germany’s Kaufhof is also said to be for sale, as reported. The Qatari investment group that last year bought French retailer Printemps is believed to be seeking additional companies to buy.