ISTANBUL (Reuters) – Chinese internet giant Alibaba invested $350 million in Turkish e-commerce firm Trendyol in a capital increase, according to an entry in the country’s trade registry.
Trendyol, one of Turkey’s best known online fashion retailers, has drawn backing from foreign investors and holds a leading position in Turkey’s fragmented e-commerce market.
Alibaba, which purchased Trendyol in 2018, increased its stake to 86.5% after the transaction according to the registry.
Trendyol declined to comment.
(Reporting by Ebru Tuncay; Writing by Ezgi Erkoyun)
