Photo: Guests arriving at the Modanisa-sponsored Istanbul Modest Fashion Week in 2016.

Islamic Lifestyle

Modanisa makes employees shareholders as it celebrates tenth anniversary

Turkey’s modest fashion e-commerce giant Modanisa is celebrating its tenth year by offering its employees stock options in the company.

The option is open to employees who have worked with the company for at least a year, Modanisa said on its LinkedIn page on Thursday (Feb 4).

Its shares currently exceed 8 million Turkish liras ($1.13 million) and the company expects them to grow tenfold within five years.

Modanisa was hit by the pandemic last year when evening dresses and swimwear sales plunged by around 70%. But other categories helped lift revenue, especially home wear and kids wear, that doubled in the Middle East.

Modanisa said foreign sales, which account for around 80% of turnover, was $35 million from March to July in 2020. That period covered the high season of Ramadan and Eid al Fitr.

The modest fashion e-commerce pioneer started in 2011 and the platform is now available in six languages. It ships to more than 140 countries, said the company.

Modanisa in early 2019 sold a minority stake to Goldman Sachs and Wamda Capital to fund its overseas expansion.

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