Marchon Announces Acquisition of Majority Stake of Joint Venture Partner in Turkey
MELVILLE, NY and NEW YORK—Marchon Eyewear announced the acquisition of a majority interest in the company’s exclusive distributor in Turkey, Enternasyonal Gözlük, now operating as Marchon Turkiye. The closing occurred on July 28, 2017. According to the company, “the acquisition is inline with Marchon’s overarching international expansion plans and growth objectives. Turkey is a sizeable and growing market which is rapidly advancing in population and affluence with an important and relatively young, fashion conscious demographic.” “This is an important and strategic acquisition which allows us to take a majority ownership interest in our business and distributorship in Turkey,” said Nicola Zotta, president and CEO of Marchon. “We have found fantastic partners in Enternasyonal Gözlük, and we are pleased to expand our relationship with them and our presence in Turkey. Since we began working with their organization almost a decade ago, the team has successfully grown the business in Turkey, despite the fluctuating political and economic climate. Now that we are directly invested, we plan to accelerate our growth with the goal of Turkey becoming one of our top 10 global markets.” “Given our long and valued relationship, we are honored to join forces with Marchon in Turkey,” said Emre Başıbüyük, of Enternasyonal Gözlük. “We share the same values and strategic goals for the business and we are committed to rapidly growing Marchon’s market share in Turkey.” Enternasyonal Gözlük was formed in 2010 and led by principals Emre Başıbüyük and Oktay Apaydın to distribute Marchon portfolio of licensed products. They had previously worked with Marchon in the region since September 2008 as exclusive distributors of Marchon’s Nike Vision eyewear in Turkey.