Fingen in Turkey
Posted by meb at November 1st, 2008
One of Italy’s largest textile, retail, and real estate companies, has decided on a 100 million euro investment in Turkey, reported the Ekonomist magazine.
The company, Fingen, is still working on buying land on the European-side of Istanbul for an outlet center, which will feature many high-end brands, such as Gucci, Prada, Guess and Valentino.
The real estate arm of the Italian company, RDM, will begin development of the outlet center in 2009 and Fingen will start operating the center in 2010. The outlet, which will be built over 150,000 square meters in a single story resort style, will be the first of its kind in Turkey with high-end brands and a central location, according to the company.
Fingen, the owner of some of Italy and Europe’s largest outlet centers such as Palazzo Mattci, Barberino Designer Outlet and Castel Romano, is also looking to bring Tie Rack, also owned by the company, to Turkey. Meetings for the franchising deal are still on-going. The company plans to grow both its retail and real estate business in Turkey.
Even though the global crisis has meant that foreign investors are halting expansion plans in Turkey, retail is going strong. The company which was founded in Italy in 1979 by Corrado and Mancello Fratini, wants to use the expertise it has accumulated in Italy operating and developing outlet centers, in Istanbul.
With a 100 million euro investment, Fingen is getting ready to open an outlet center spread over roughly 150,000 square meters. In order to make this happen the company put its real estate arm RDM into action. The real estate company is Italy’s highest earning outlet center making it among the largest in Europe.
source: Turkish daily news
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