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Project Delta
Confidential Information Memorandum | December 2021
Strictly private and confidential
IFC |
Table of contents
Section
I
II
III
IV
V
Executive summary
Key investment highlights
Business model overview
Financial overview
Appendix
1
Page
2
10
23
53
70
IFC |
I. Executive summary
IFC |
DeFacto: Leading innovative fast-fashion retailer with a global vision Overview
3
At a glance
Key figures
→ Founded by two shareholders with complementary backgrounds in fast-fashion retailing and textile production, DeFacto (the “Company”) is a leading Turkish fastfashion retailer with presence in over 90 countrie... |
Executive summary Distinguished player with unique operational DNA for growth and innovation
4
Swift expansion in Turkey
Applying expertise garnered in Turkey to high-growth emerging markets
2005
2011
2012
2013
2014
Established as a male only retailer by native entrepreneurs with vast experience in retail a... |
Executive summary Brand of the future: DeFacto making the right moves in an ever-changing landscape
5
DeFacto is always one-step ahead to welcome fashion’s new trends and opportunities
Emerging trends in fashion…
…opening new horizons for DeFacto
Embracing new norms of fashion at all capacity
Digital transformati... |
Executive summary Expansion-led strategy playbook customized for each sales channel
6
Stores
c.75%
Online
c.20%
Other2
c.5%
c.55%
y e k r u T
c.45%
3 l a n o i t a n r e t n
I
e c n a m r o f r e p
) n m L T (
→ 301 stores; foothold in almost every city → Attracts 300+ mn1 footfall annually → Strong bran... |
Executive summary Offering broad assortment of products for the whole family, centered around one-stop shop strategy
7
Global brand with agile portfolio management strategy and customer responsiveness built on the key brand pillars of: Fashion-forwardness; Dynamism; Consciousness; Empathy
Core segments
c.80%
Comp... |
Executive summary Brand house of DeFacto: Enjoy/Embrace the new you
8
Strong brand portfolio led by DeFacto umbrella brand enriched with distinguished sub-brands
DeFacto FIT
DeFacto Coool
DeFacto Modest
DeFacto Plus
DeFacto Studio
DeFacto’s key features…
…attracting customers with different characteristics
Pr... |
Executive summary Transaction structure
9
Transaction scope
Transaction timeline
→ Project Delta refers to the contemplated minority stake sale of 10.67% treasury
shares of DeFacto owned by the Company (“Proposed Transaction”)
→ Staying true to their ambition of building a listed global fast-fashion brand, DeFact... |
II. Key investment highlights
IFC |
Key investment highlights Strategic positioning of DeFacto
11
1
2
3
4
5
6
7
8
9
Vision to become a global retail brand
Well-balanced internationalization strategy; benefiting from its omnichannel model
Multi-platform/diversified approach to online sales
One-stop shop approach offering a broad assortment o... |
1 Vision to become a global retail brand
12
Internationalization lies at the heart of DeFacto’s vision since its inception
First steps of building tomorrow’s global fast-fashion brand
Finding new avenues for growth in achieving the globalization vision of DeFacto
→ DeFacto was established by two visionary founder... |
2 Well-balanced internationalization strategy; benefiting from its
omnichannel model
13
Bringing online and offline format together under omnichannel strategy…
Turkey c.80 mn population
MENA & CIS c.700 mn population
Europe c.750 mn population
Land grabbing strategy paid off by capturing prime locations…
… a... |
3 Multi-platform/diversified approach to online sales
14
Online strategy
Key pillars of online strategy
Clear omnichannel strategy
DeFacto has been steadily focusing its efforts towards diversifying and expanding its online presence with…
A truly omnichannel platform
I
Defacto.com platform
2 Marketplaces
... |
4 One-stop shop approach offering a broad assortment of products
addressing the whole family
Product assortments with broad consumer appeal delivered through…
c.80%
Men
Women
Baby & kids
Accessories
Footwear
Core category
Key category
Key category
Growth category
Support category
Complementary category
... |
5 Unique brand, well-positioned to benefit from attractive global trends
16
DeFacto, ideally positioned to gain leverage from…
…attractive fundamentals in global landscape
Growing target market
DeFacto operates in the most strategic segment of the apparel sector, with flexible price points enabling the Company t... |
6 Strategic production base as a check and balance for the supply chain
17
Ozon in a nutshell
A leading textile producer in Turkey, active in tricot, woven and knitwear groups Acting as an important supplier for DeFacto across categories, constituting c.12% of DeFacto’s total purchases in 2021B. Ozon is fully outs... |
7 Operational excellence constantly nurtured by technology investments
18
Agile management vision encouraging continuous excellence aiming highest customer satisfaction DeFacto has invested heavily in operations to serve convenient and seamless shopping experience for its customers
1
Online operations
2
Store ope... |
8 Strong professional management and rooted corporate culture…
19
Strong professional management dedicated to deliver DeFacto’s vision to become a global brand
Board member
İhsan Ateş1 CEO
30+ years of work experience
Önder Şenol CFO/Online Operations
Serdar Ersoy COO/CGO2
Cenk Karapınar CSCO3
25+ years of w... |
9 … with strict commitment to sustainability guidelines
20
Environmental
→ Viewing the environment as an integral stakeholder, DeFacto prioritizes reducing its environmental footprint by focusing on innovation and using more environmentally friendly materials, as well as developing efficient production processes ... |
10
Robust financial performance backed by outstanding growth prospects;…
21
Net sales1 (TL mn)
Key remarks
5%
17%
19%
22%
30%
37%
44%
50%
Covid-19
17%
vs
1,341
267 25
4,564
2,931 2019A
+27%
4,223 2,399 2020A
254 147 1,423
7,344
4,026
2021B
+40%
931
18,288 1,572 6,441
9,344
24,076 2,500 8,8... |
10
…system well-managed during Covid-19 pandemic
22
Turbulence caused by forced store closures due to Covid-19 pandemic in many of DeFacto’s operational markets in 2020 and 2021
Region
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Turkey
Developing markets1
13.0%
9.4%
47.3%
44.3%
0.1%
13.4%... |
III. Business model overview - Operational flow - Key business functions
IFC |
Business model overview Unique business model built on innovation, continuous improvement and agility
24
DeFacto’s unique business operations are ideal to quickly respond to fast-fashion needs
Design
Procurement & Production
Logistics & Distribution
Sales/store operations
→ Experienced innovative design team, ... |
Business model overview Fast retail and value-driven strategy characterized by flexibility
25
Customer-centric company culture supported by technology to timely meet specific customer demands
→ DeFacto implements a “Fast Retail” and “Cluster” strategy to address its customers’ needs. DeFacto management’s unique expe... |
III. Business model overview - Operational flow - Key business functions
IFC |
Highly structured and efficient process built on unique design know-how
27
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
Analysis
Design
Order
Step-by-step design process based on
→ Macro/micro trends
→ Historical product
performance review
→ Customer behavio... |
Favorable cost base with unique strategic partnerships
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
Flexible and well-linked sourcing model enables cost optimization through unique market intelligence and know-how
Strategic suppliers (Third-party)
c.88%
Ozon Tekstil... |
Ozon Tekstil: DeFacto’s strategic ownership driving key achievements
29
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
Ozon Tekstil at a glance
Location overview
→ Established in 2000, Ozon is a leading textile producer in
Turkey; producing tricot, woven and knitwea... |
Production facilities at global quality standards
30
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
1
Sivas facility I (Jersey wear)
2
Sivas facility II (Print house)
Best in class production facilities with significant capacity…
→ Opened in 2005 → Total capaci... |
Effective management of merchandise flow through DC network
31
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
Integrated supply chain is key to fast-fashion delivery
Product preparation and production phase
Warehousing and product delivery to sales channels/end custom... |
Centralized logistics with fully-automated warehouse, supported by…
32
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
Fully automated, best-in-class integrated distribution center
→ The Company centralized its operations in Turkey, conducting them through the distribut... |
…international DC network enabling store/merchandise connectivity
33
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
DC
Opening year
Area (sqm k)
Storage Capacity (unit mn)
Movement capacity (unit mn)
B2B Egypt Morocco North Iraq South Iraq Albania Moldova Ser... |
Leveraging in-house production experience and capability
34
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
DeFacto’s strategic partner, Solvoyo, brings an important edge by leveraging artificial intelligence in supply chain
→ DeFacto started to cooperate with Solvoyo, ... |
Route-to-market strategy shaped with multiple customer touchpoints
35
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
Omnichannel model: DeFacto’s route-to-market strategy is shaped via integrating physical stores with online channel
1
Stores
c.75%1
2
Online
c.20%1... |
Bringing DeFacto quality through well-established store network in Turkey…
36
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
DeFacto’s wide store1 network commands an extensive catchment area to attract its target market
Marmara DeFacto stores: 46 DeFacto’s effective ... |
…and expanding international footprint from emerging to developed markets
37
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
DeFacto steps up its internationalization drive by expanding into developed markets, at the tailwind of growing online sales
First wave: Internat... |
International footprint of DeFacto
38
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
Global presence in over 90 countries through diverse operational models with its 2022 target to enter the UK, Austria and the Netherlands offline
Online & Offline
Online-only
Offline... |
Multi-platform approach in online sales to maximize reach
39
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
Online sales through…
Defacto.com platform
18+
20%
Marketplace
90+
76%
→ DeFacto has evolved into a true omnichannel retailer through sustained investments... |
DeFacto’s online journey over the years
40
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
Being one of the early adopters of digital transformation in the fashion industry, DeFacto is well-equipped to deliver a seamless online shopping experience to its customers
201... |
Case study: DeFacto’s exemplary success with Zalando
41
Partnership
Two-tiered market expansion
Strong partnership continues…
1st phase
2nd phase
DeFacto live in 4 markets
DeFacto live in an additional 8 markets
Continuous expansion in Europe
March 2020
April 2020
May 2020
October 2020
→ In March 2020,... |
Diligent evaluation on store opening process
42
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
Site identification
Site evaluation
Term negotiation
Fit out and recruitment
Opening
→ Search criteria
→ Site visits
→ Agent relationship
→ Feasibility analysis
→ ... |
One-stop shop concept promises pleasant in-store shopping experience…
43
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
Store design of one-stop shop concept…
…offering visitors an enjoyable shopping experience
Sample DeFacto store layout
1
2
3
4
5
WOMEN [ ]
... |
…as well as displaying DeFacto’s popular product assortment to customers
44
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
Basics Repeated and updated style
Trendy basic Repeated and updated style
Acceptable fashion Proven and reordered
New fashion New offering
c.20... |
Supportive franchise model to foster international expansion efforts
45
Design
Procurement
Production
Distribution & Logistics
Sales operations
Store operations
DeFacto’s franchise model is based on supporting its franchisees at all aspects to ensure the same quality of service with its own stores
Model
No... |
III. Business model overview - Operational flow - Key business functions
A. Sustainability B. HR C. Marketing D. Technology
IFC |
Sustainability at the heart of operations…
47
01
Supplier code of conduct
→ DeFacto suppliers DeFacto are required to comply with certain conditions, such as UNGC Principles, Universal
Declaration of Human Rights, ILO and DeFacto’s social values
→ Supplier audits are conducted regularly by the Company in order t... |
… and central to DeFacto’s strategy
48
Ethical and sustainable retailer compliant with ESG standards
Sustainability is embedded in DeFacto’s operations…
…aimed at generating the best combination of fashion and sustainability
Environmental
Social
Sustainability at core
Governance
DeFacto is a committed Global C... |
DeFacto strongly committed to achieving sustainability goals
49
Sustainability is a core component of DeFacto’s long-term vision, with key targets scheduled for implementation
Achievements
2020-2021
Goals for the future
2023
2030
→ Use of parcels made from recycled paper has
been started. 4 mn waste parcels a... |
Strong HR culture dedicated to promoting best in class work environment
50
C-suite on charge of key departments…
CEO
CFO
Finance and e-commerce
CMO
Marketing
…managing a dedicated workforce of 13,000 people
CGO1
Expansion and offline operations
CSCO2
Supply chain, audit and project management
Headqu... |
360˚marketing with focused messaging across multiple customer points Effective use of both traditional and digital media marketing
51
Marketing efforts are scattered across the brand calendar, including those marking traditions and celebrations (Christmas, Ramadan, etc.)
5
4
Printed Media Magazines, Newspapers
V... |
Leveraging in-house production experience and capability
52
→ Employing 60 engineers, wholly-owned subsidiary DeFacto Teknoloji provides a unique competitive edge, with in-house ERP system tailored to DeFacto’s specific needs
In-house IT capabilities secured by DeFacto Teknoloji
E-Commerce
→ E-Commerce and Omnicha... |
IV. Financial overview
IFC |
Basis of preparation
54
Proposed Transaction scope includes minority stake sale of 10.67% treasury shares of DeFacto owned by the Company, as described in Executive Summary
→ DeFacto prepares three sets of consolidated financial information with fiscal year being the 12-month period as of January 1 of the calendar y... |
Financial overview on DeFacto as a whole
55
Net sales1 (TL mn)
Key remarks
5%
17%
19%
22%
30%
37%
44%
50%
Covid-19
17%
vs
1,341
267 25
4,564
2,931 2019A
+27%
4,223 2,399 2020A
254 147 1,423
7,344
4,026
2021B
+40%
931
18,288 1,572 6,441
9,344
24,076 2,500 8,802
11,448
39,429 2,651 5,849
1... |
DeFacto, a success story for profitable growth with a global vision from Day 1
56
DeFacto’s key strategies…
…enriched with regional strategies for agility and flexibility
Shift towards more profitable products
Maintain keener focus on baby and kids segment
Turkey operations
“Focus on further enhancing brand po... |
Overview of store and online operations
Turkey operations
Developing markets
Developed markets
Others
57
CAGR
Remarks
Unit
2019A 2020A 2021B 2022E
2023E
2024E
2025E
2026E
19-21
21-26
# of effective stores
#
318
300
308
316
325
330
335
340
Turkey net sales
TL mn
2,931
2,399
4,026
7,074
... |
Overview of store operations
Turkey operations
Developing markets
Developed markets
Others
58
CAGR
Remarks
Unit
2019A 2020A 2021B 2022E
2023E
2024E
2025E
2026E
19-21
21-26
# of effective stores
#
Effective net selling space
sqm k
318
279
300
223
308
241
316
292
325
300
330
307
335
3... |
Overview of online operations
Turkey operations
Developing markets
Developed markets
Others
59
CAGR
Remarks
Unit
2019A 2020A 2021B 2022E
2023E
2024E
2025E
2026E
19-21
21-26
Online net sales
TL mn
197
461
737
1,435
2,425
3,842
5,807
8,076
93.6% 61.4%
growth
%
134.3% 59.9% 94.6% 69.0% 58.4% 5... |
Overview of store and online operations
Turkey operations
Developing markets
Developed markets
Others
60
CAGR
Remarks
Unit
2019A 2020A 2021B 2022E
2023E
2024E
2025E
2026E
19-21
21-26
# of effective stores
#
146
149
160
179
198
217
233
245
Developing net sales
growth
Store
TL mn
1,341
1... |
Overview of store operations
Turkey operations
Developing markets
Developed markets
Others
61
CAGR
Remarks
Unit
2019A 2020A 2021B 2022E
2023E
2024E
2025E
2026E
19-21
21-26
# of effective stores
#
Effective net selling space
sqm k
146
119
149
97
160
132
179
161
198
186
217
212
233
23... |
Overview of online operations
Turkey operations
Developing markets
Developed markets
Others
62
CAGR
Remarks
Unit
2019A 2020A 2021B 2022E
2023E
2024E
2025E
2026E
19-21
21-26
Online net sales1
TL mn
11
78
211
555
1,303
2,300
3,533
5,056
n.m.
88.8%
growth
%
633.5% 169.6% 163.2% 134.8% 76.6% 5... |
Overview of store and online operations
Turkey operations
Developing markets
Developed markets
Others
63
CAGR
Remarks
Unit
2019A 2020A 2021B 2022E
2023E
2024E
2025E
2026E
19-21
21-26
# of effective stores
#
Developed net sales
TL mn
0
25
0
0
2
9
13
17
21
147
405
706
1,572
2,500
3,851... |
Overview of store operations
Turkey operations
Developing markets
Developed markets
Others
64
CAGR
Remarks
Unit
2019A 2020A 2021B 2022E
2023E
2024E
2025E
2026E
19-21
21-26
# of effective stores
#
Effective net selling space
sqm k
Sales per sqm
TL/sqm
2
3
9
13
13
18
17
23
21
28
21,19... |
Overview of online operations
Turkey operations
Developing markets
Developed markets
Others
65
CAGR
Remarks
Unit
2019A 2020A 2021B 2022E
2023E
2024E
2025E
2026E
19-21
21-26
Online net sales1
TL mn
25
146
380
536
955
1,258
1,761
2,483 287.0% 45.6%
growth
Marketplace
Gross profit1
%
TL mn
T... |
Others
Turkey operations
Developing markets
Developed markets
Others
66
CAGR
Remarks
Unit
2019A 2020A 2021B 2022E
2023E
2024E
2025E
2026E
19-21
21-26
Others net sales
TL mn
267
254
388
700
931
1,327
1,902
2,651
20.5% 46.9%
growth
%
-5.1% 52.8% 80.5% 33.0% 42.5% 43.3% 39.4%
Wholesale
TL mn... |
Central costs
67
CAGR
Remarks
Unit
2019A 2020A 2021B 2022E
2023E
2024E
2025E
2026E
19-21
21-26
Total central costs
TL mn
359
360
615
1,116
1,558
2,092
2,713
3,379
30.8% 40.6%
% of net sales
% of net sales exc. marketing exp. Personnel expenses
%
%
7.9%
8.5%
8.4%
8.5%
8.5%
8.7%
8.7%
... |
Net working capital (“NWC”)
68
Unit
2019A 2020A 2021B 2022E
2023E
2024E
2025E
2026E
Remarks
Trade receivables
TL mn
94
152
321
528
798
1,129
1,565
2,103
Inventory
TL mn
964
1,291
2,008
2,873
3,685
4,640
5,781
7,004
Trade payables
TL mn
815
1,210
1,620
3,062
4,319
5,748
7,530
9,600
... |
Capital expenditures (“CAPEX”) and Net debt
69
CAPEX
Unit
2019A 2020A 2021B 2022E
2023E
2024E
2025E
2026E
Remarks
New store openings
Turkey
Developing markets Developed markets
Store
New
Renewal
Online
Warehouse
Others
CAPEX
#
#
#
#
0
0
0
37
11
21
5
29
5
19
5
28
5
19
4
21
5
1... |
V. Appendix
IFC |
Store closures due to Covid-19
71
DeFacto proved resilient in both 2020 and 2021, despite challenges posed by forced store closures due to Covid-19 in many operating markets
Region / Country1
Turkey
Developing markets
A N E M
s r e h t O & S I C
Egypt
Morocco
North Iraq
South Iraq
Albania
Belarus
Bosnia
... |
Income statement 2019-2020 from IFRS audit report and rest as per Management accounts
(TL mn)
2019A
2020A
2021B
2022E
2023E
2024E
2025E
2026E
7,344 3,712 3,632 49.5% 562 678 123 664 2,028 1,604 21.8% 374 24 63 112 41 615 25 1,014 13.8% 256 - - 758 10.3%
13,067 6,766 6,301 48.2% 969 1,079 303 1,059 3,... |
Convenience conversion of Income statement in US Dollars1 2019-2020 from IFRS audit report and rest as per Management accounts
(USD mn)
2019A
2020A
2021B
2022E
2023E
2024E
2025E
2026E
825 417 408 49.5% 63 76 14 75 228 180 21.8% 42 3 7 13 5 69 3 114 13.8% 29 - - 85 10.3%
906 469 437 48.2% 67 ... |
Balance sheet in TL as reported and in USD1 converted for convenience 2019-2020 from IFRS audit report and rest as per Management accounts
74
(TL mn)
Cash and cash equivalents
Trade receivables
Inventory
Other current assets
Others
Short term assets
Tangible assets
Intangible assets
Other non-current assets... |
Additional notes for Income statement and Balance sheet
75
1
2
3
4
5
6
7
8
Some merchandise costs are recorded under COGS in Management accounts as they are directly related to COGS (Recorded under OPEX in IFRS accounts; TL 16.1 mn in 2019, TL 22.5 mn in 2020)
Other income, which has non-recurring nature, c... |
Disclaimer
76
Information, opinions and projections in this document have been compiled or arrived at by ÜNLÜ Yatırım Holding A.Ş. (“ÜNLÜ & Co”) from the data provided by the Company and its shareholder, and publicly available information, without our own separate verification. The Company and its shareholder have be... |
Project Knight Confidential Information Memorandum February 2022
Strictly private and confidential
Türk Tuborg |
Table of contents
Section
I
II
III
IV
Executive summary
Key investment highlights
Business overview
Financial overview
1
Page
2
9
27
44
Türk Tuborg |
I. Executive summary
Türk Tuborg |
3
4 main categories
Garbage bags
Storage products
Cooking products
Cleaning products
Executive summary The leading kitchen consumables company in Turkey
Company overview
→ Established 40 years ago, Koroplast (the “Company”) is the undisputed leader of Turkish kitchen consumables (“KC”) market with a 47% market ... |
Executive summary Leadership journey: Innovation at the heart of Koroplast brand DNA
4
Korozo Group established
Koroplast brand introduced
First to produce freezer bags and garbage bags in Turkey
Introduced cling wrap, aluminum foil and zip-lock freezer bags
First to produce recyclable garbage bags in ... |
Executive summary Wide range of product offerings under 4 main categories
5
Garbage bags
42.3%
Storage products
33.4%
Cooking products
15.5%
Cleaning products
6.2%
→ Market leader with c.42% market share1 in Turkey
→ Market leader with c.55% market share1 in Turkey
→ Market leader with c.49% market share... |
Executive summary Well-established sales network with strong nationwide coverage
6
Retailers
32.7%
Distributors
42.3%
Discounters
14.6%
Out-of-home
3.3%
Export
6.1%
Overview
→ Koroplast’s main
channel. Established relationships with prominent national chains over the years
→ Growing sales from onlin... |
Executive summary Key pillars differentiating Koroplast
7
Sustainable market leadership position ensured by purpose-led brand and rooted management culture
Leading market position
Purpose-led brand
Rooted management culture
Highest market share1 in all key categories, beating its closest competitor
Garbage bags... |
Executive summary Transaction overview
8
Transaction scope
Envisaged transaction timeline
→ Project Knight refers to the contemplated sale of 100% stake in Koroplast
Phase I
Phase II
(the “Proposed Transaction”)
→ Koroplast is a wholly-owned subsidiary of Korozo, leading flexible packaging group in Turkey. Koro... |
II. Key investment highlights
Türk Tuborg |
Strategic positioning of Koroplast Key investment highlights
10
1
Sizeable and high-growth domestic market with ample growth prospects on attractive fundamentals
2
Undisputed market leader with solid market share, targeting continuous growth across categories with diversification strategy
3
Broad product portf... |
1
Sizeable and high-growth domestic market…
11
Strong growth in Turkish KC market…
…offering further growth potential
Garbage bags
Garbage bag market size (mn pieces)
Garbage bag penetration
1,016
1,092
+26%
1,427
2,010
1.6x
50%
32%
80%
Target in the next five years
1.6x
2017 Storage products2
201... |
1
… with ample growth prospects on attractive fundamentals
12
Strong country fundamentals
Growth drivers
2020
CAGR
2030F
1
Increasing sizeable population
c.84 mn
c.1.2%
c.95 mn
2
3
4
5
Growing GDP (2020 GDP at current prices)
c.USD 650 bn
c.4.0%
c.USD 962 bn
Continuing urbanization (share in total... |
2
Undisputed market leader with solid market share…
13
Ownership
Established
Korozo
1981
Sedat Tahir
1984
Provel
2011
Sultanlar Grup
Gözde Girişim
1980’s
1993
e g a b r a G
e g a r o t S
g n i k o o C
Product categories
i
g n n a e C
l
42%
55%
49%
s g a b
s t c u d o r p
s t c u d o r p
s t... |
2
… targeting continuous growth across categories with diversification strategy
14
Koroplast aims to grow its customer base through …
1
Growing market share by attracting new consumers and increasing penetration & frequency
2
Gaining share of wallet by introducing valueadded products
Source: Koroplast
... |
3
Broad product portfolio catering to everyday household needs…
15
7.5
309
42%
1.8
113
16%
4.5
244
33%
44 SKUs
Garbage bags
9 SKUs
Cooking products
35 SKUs
13 SKUs
Storage products
Cleaning products
0.4
45
6%
Wide product portfolio with 100+ SKUs comprising top-quality products
Innovative ... |
3 … with deep-rooted innovation culture
16
Leading brand with innovative product releases throughout the years
1980-90s
Early 2000s
Present
1981 First to produce garbage bags
1981 First to produce freezer bags
1997 Introduced zip-bags to the market
2008 First to release biodegradable garbage bag
2009 Fir... |
Case Study: Koroplast’s successful new category strategy
17
Success of cleaning category is an example of how Koroplast can capitalize on its brand power in new categories
Key pillars
Positioning “Quality”
Pricing “Value for money”
Procurement “Supply security”
Marketing “Cares about the family”
Distribution... |
4
Reputable and high-quality brand image…
18
Proven quality Trusted brand with high quality standards “Food safety is Koroplast’s ultimate priority”
Pioneer brand First to introduce kitchen consumable products to Turkish consumers in the 1980’s
Distinguished name for the category Leading brand with highest brand ... |
4
…cemented by growing customer awareness
19
Koroplast continues to improve its leading brand image among consumers and…
#1
Solid consumer perception scores (2020)
80%
99%
90%
88%
54%
7%
Comp.1
Koroplast
Comp.1
Koroplast
Koroplast
Top-of-mind awareness
Established brand with top recognition
High q... |
Case study: Premium pricing strategy secured by brand equity and quality
20
Koroplast successfully reflected high quality and trusted brand image to its prices
Koroplast price index versus competitors based on average monthly prices
Garbage bags1
2020
100%
87%
83%
85%
74%
Freezer bags2
2020
100%
92%
72%
... |
5
Strong nationwide coverage and growing export base…
Retailers
4.9
239
33%
Distributors
In the domestic market
21
13.1
679
94%
5.6
309
42%
Long-tenured relationships with major retailers, reaching c.83% of national chains; strong consumption base
Has the highest visibility and availability, dominating... |
5 … with multi-faceted go-to-market strategy
22
Koroplast can address diverse customer categories with different go-to-market strategies through branded and private label sales
Branded sales championed by Koroplast
83.2%
Strong PL business connections with major retailers/discounters
15.8%
47%
Market leader br... |
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