Turkish Demsa eyes Harvey Nichols
Güncelleme Tarihi:
by Gülşen Cebeci - Referans
Oluşturulma Tarihi: Şubat 06, 2009 00:00
ISTANBUL - Unitim Holding may be preparing to transfer the Turkish operation rights of Harvey Nichols, an upscale department store chain, to Demsa, the distributor of luxury brands such as Dolce & Gabbana.
If the companies reach an agreement, the transfer will be completed within the first quarter of the year, said from Unitim executives. The firm is in partnership talks with three Middle Eastern companies for the sale of 45 percent of its shares.
Unitim is said to have decided to hand over England’s Harvey Nichols. The department store opened in Istanbul in 2006, but has had a decline in its performance during the last few months. Unitim also had talks with Shaya Group about Harvey Nichols. The meetings with Demsa, owned by Demet Sabancı Çetindoğan, have reached a positive stage. At the end of last year, Unitim decided to sell 45 percent of its shares, said Burç Cemiloğlu, chairperson of Unitim Holding. "Right now, we are negotiating with three companies, two from Dubai and one from Kuwait. Sale operations are likely to be clarified by March at the latest. We may sell 4 percent more of our shares after the sale of 45 percent but we will keep majority shares," said Cemiloğlu.
Harvey Nichols, located in Kanyon, a popular shopping mall in Istanbul, reached $48 million in turnover in its first year and surpassed its target by 20 percent. But following the first year, sales have declined, said analysts. "With Kanyon turning into a catering and entertainment center rather than a shopping mall, Harvey Nichols has become isolated. The industry’s recession over the last year boomed with the crisis and has affected the company," an analyst said.
Unitim is said to have decided to hand over England’s Harvey Nichols. The department store opened in Istanbul in 2006, but has had a decline in its performance during the last few months. Unitim also had talks with Shaya Group about Harvey Nichols. The meetings with Demsa, owned by Demet Sabancı Çetindoğan, have reached a positive stage. At the end of last year, Unitim decided to sell 45 percent of its shares, said Burç Cemiloğlu, chairperson of Unitim Holding. "Right now, we are negotiating with three companies, two from Dubai and one from Kuwait. Sale operations are likely to be clarified by March at the latest. We may sell 4 percent more of our shares after the sale of 45 percent but we will keep majority shares," said Cemiloğlu.
Harvey Nichols, located in Kanyon, a popular shopping mall in Istanbul, reached $48 million in turnover in its first year and surpassed its target by 20 percent. But following the first year, sales have declined, said analysts. "With Kanyon turning into a catering and entertainment center rather than a shopping mall, Harvey Nichols has become isolated. The industry’s recession over the last year boomed with the crisis and has affected the company," an analyst said.