Press Releases

IFC Assists in Transformation of Turkey’s Unitim Group

In Washington, D.C.:
Carmen Powell

Phone: +1 (202) 473-4982


In Belgrade

Slobodan Brkic

Phone: +381 11 3023 750


Istanbul, Turkey, July 10, 2007 — IFC, the private sector arm of the World Bank Group, will invest in the Unitim Group to help the company diversify and expand its retail network in Turkey, improve the competitiveness of its manufacturing operation, and complete its corporate transformation.  IFC’s loan of up to $30 million is expected to contribute to the development of a modern, innovative, and robust retailing industry in Turkey.

“We believe that our partnership with IFC will help us to complete our corporate evolution and assist us as we grow and expand our business,” said Burc Cemiloglu, Founder of the Unitim Group. “We are looking forward to a long-term partnership with IFC and believe that it will help us achieve our business goals in the region.”

Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia, said, “Working with midsize Turkish companies to help them improve their competitiveness and expand their product offerings is a key component of IFC’s strategy in Turkey. Our investment in Unitim is in line with this strategy."

Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services, added, “Our investment will provide long-term funding to Unitim and help it expand into new markets and strengthen its presence in Turkey.”

About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing capital in the international financial markets, and providing advisory services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY06, IFC committed $8.3 billion, including syndications, to 284 investments in 66 developing countries. For more information, please visit

IFC in Turkey
IFC’s $1.4 billion portfolio in Turkey (as of June 2007) makes it the Corporation’s fifth-largest country exposure. In FY07, we committed over $550 million in new investments in the country. Our cumulative commitment to projects in the country since 1956 totals $3.6 billion. We support private sector–led development through direct investment and advisory services that promote growth and competitiveness.

About Unitim
Unitim Holding is a Turkish manufacturer and retailer that operates three groups, Unitim Retail Group, Imteks, and Servist. With over 150 stores, Unitim Retail Group operates the Accessorize, Agent Provocateur, Aldo, Bally, Camper, GAS, G-Star, Harvey Nichols, Sephora, Thomas Pink, and Tommy Hilfiger brands in Romania, Russia, Turkey, and the Commonwealth of Independent States. Imteks is a branded-apparel manufacturer that specializes in high-end sportswear for global export. Servist, which focuses on restaurants, now represents the world-famous Michelin-star awarded restaurant Hakkasan in Turkey.