Turkish clothing retailer owned by ex-finance minister's brother skyrockets with 1,300% growth
A clothing retail company in Turkey owned by the brother of former finance minister Nureddin Nebati has experienced a jaw-dropping surge in growth in 2022, Turkey’s Birgun Newspaper reported on Saturday.
The company, BG Store Magazacilik A.S., witnessed a remarkable increase in its capital, soaring from 3.5 million TL in 2018 to an astounding 50 million TL on July 19, 2022. This meteoric rise of over 1,300% has captured significant attention, shedding light on the business's rapid expansion under the Nebati family's ownership.
In a pre-ministerial interview as a businessperson, Nebati had said, "Without the crisis, we wouldn't have been able to grow."
According to a report by Mustafa Bildircin from Birgün, BG Store Retail was initially a limited company but was later converted into a joint-stock company in 2018. As of November 26, 2018, the company's capital was 3.5 million TL. Out of the total capital, 1.5 million TL was attributed to Seyidullah Nebati, 1 million TL to Nureddin Nebati, and 1 million TL to Seyhmus Nebati.
The company opened 11 new branches while Nureddin Nebati held the ministerial position between December 29, 2021, and April 13, 2022. However, during this period, they also closed one branch located in Istanbul Basaksehir.
Apart from their domestic presence, BG Store operates 13 branches in foreign countries, including Russia, Azerbaijan, Saudi Arabia, Georgia, the United Kingdom, Dubai, and Northern Iraq.