Turkish Trendyol is preparing for a Pan-European career
The first Turkish dectacorn enjoys huge appeal in the eCommerce market of Berlin and is preparing for new openings in Luxembourg and Amsterdam
Trendyol has announced its expansion in Europe. Turkey’s first dectacorn – worth 16.5 billion dollars- after a successful round of funding in 2021, announced that it plans to hire more than 200 employees in Berlin to expand its operations in Germany and the rest of Europe.
The Turkey-based e-commerce company, backed by Alibaba and Softbank, is now entering Europe and its first step is Germany. According to the company, its mobile app has made nearly one million downloads in Germany. Website analytics firm Similar Web ranked Trendyol as the second fastest growing fashion platform in Germany in February 2022. The platform raised funding of 1,5 billion dollars last August, which made it the country’s first dectacorn, worth 16,5 billion dollars.
The company’s activity in Germany is rapidly escalating
It is already expected to generate more than 400 million dollars until the end of the year. By 2025, Trendyol expects to increase its business volume in Germany to over 3 billion euros.Thus, it seems that strategic development to open its first office outside Turkey in Berlin, can fuel its ambitious plans to expand on the continent. Speaking about the reasons why Germany is an important market for the company, Çağlayan Çetin, president of Trendyol group, said: “Germany is an important market for the company:Our presence in Germany marks the beginning of our planned pan-European expansion. The Berlin office will allow us to further develop our presence in the German market. Trendyol invests in warehouses and evacuation centers in Eastern Europe to serve our customers more efficiently in Germany. Over the next two years, 65,000 square meters of storage space will be made available in Europe to support expansion in local markets”.
Çetin, however, refused to comment on the company’s plans for an initial public offering (IPO) with a double listing on the New York or London Stock Exchange.
After entering Germany, the company has planned to develop offices in Amsterdam and Luxembourg later in the year and enter London in 2023. By the end of the year, the e-commerce player will hire more than 200 employees in Berlin to expand its operations in Germany and the rest of Europe.
“We have curated our product offerings to reflect the needs of our customers in Germany. Our goal is to ensure that our German customers have the latest fashion combined with customer experience and tradition, which will lead to our success in Germany and beyond. Our Berlin office is the beginning of an ambitious plan to expand our European footprint.”, stated Shibu Tharakan, CEO and CoFounder.