April 2 (Bloomberg) -- Markafoni, a Turkish private shopping network, bought a majority stake in e-commerce website Enmoda.com from billionaire Ferit Sahenk’s Dogus Yayin Grubu AS, Markafoni chief executive Sina Afra said today.
Markafoni will own 75 percent of the site and Dogus will retain 25 percent, Afra said by telephone. He declined to disclose financial terms of the deal, saying they were confidential.
The acquisition will allow Markafoni to benefit from Dogus’s media position while creating a full price in-season fashion site to complement Markafoni.com, which offers end-of-season fashion products at discounts of as much as 90 percent, Afra said.
Dogus Yayin Grubu bought Star TV from Dogan Yayin Holding AS last November for $327 million. The group is owned by Dogus Holding AS, which has a 25 percent stake in Turkey’s largest listed bank by market value, Turkiye Garanti Bankasi AS.
Dogus signed an accord with Korea’s SK Planet in January to cooperate in e-commerce ventures, according to a statement from the two companies on Jan. 26.
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