April 25 (Bloomberg) -- Dogan Online, a Turkish e-commerce and Internet advertising company, targets $2.5 billion of annual sales by 2015, growing more than four times from this year’s estimated $600 million, its chief executive said.
Dogan Online, controlled by the Dogan family who owns Dogan Sirketler Grubu Holding AS, operates Turkey’s oldest full-price e-commerce website hepsiburada.com among nine websites which include private shopping site daybuyday.com and had sales of 700 million liras ($395 million) in 2011, chief executive Yenal Gokyildirim said in an interview April 20.
Turkish e-commerce transactions expanded 57 percent to 22 billion liras in 2011 from a year earlier, according to the Istanbul-based Interbank Card Center, which monitors credit card transactions in the country. Rapid growth has given rise to more than 30 Internet companies starting up in January alone in Turkey. Forrester Research Inc. says e-commerce will grow 12 percent annually in Europe over the next five years.
“More than half of our growth will come from hepsiburada.com operations,” Gokyildirim said. “Our aim is to widen the gap between us and our competitors.” Hepsiburada.com gets about 15.5 million visitors a month, with half the figure representing unique visitors, he said.
As many as 4 million of Turkey’s estimated 35 million Internet users do online shopping, Gokyildirim said. “That shows the growth potential of the industry.”
Dogan Online, which is buying evmanya.com, a startup shopping website for home decoration goods, is in talks with as many as four other companies, said Gokyildirim, who worked at Royal Philips Electronics BV for 14 years before joining Dogan. The owners of the company may consider an initial public offering of its shares, although that isn’t a priority, he said.
Dogan Online is “open to negotiations” for a stake sale and there are some foreign companies interested in such an acquisition, Gokyildirim said. “This is something we may consider in the medium-term, not immediately,” he said.
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