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04-04-18

Jordan's Fashion Industry inks investment deal with NBK, Gulf Capital

(MENAFN) One of Jordan's leading private sector employers with over 24,000 employees, Classic Fashion Apparel Industry has made a partnership agreement with the UAE-based NBK Capital Partners and Gulf Capital, where the late mentioned will invest in the Hashemite Kingdom.

Upon this partnership, Classic Fashion Apparel will be able to enter the next stage of its development, boosting the expansion of production facilities, according to a recent statement.

The Jordan-based company has longstanding ties with international retail giants such as Walmart, Under Armour, Adidas, American Eagle, JC Penney, Hanes and GAP, the statement added.

"It's highly experienced executive team has built a world-class operation, and we are excited to be partnering with Gulf Capital to support Classic Fashion Apparel's next chapter," Yaser Moustafa, senior managing director at NBK Capital Partners, said.

On his part, chairman and managing director at Classic Fashion Apparel Industry, K.S. Sanal Kumar, said: "We launched 15 years ago with 300 staff and 130 machines and our annual turnover was just USD2 million."

This partnership agreement is considered the fourth investment for the USD160m NBK Capital Partners Mezzanine Fund II that is now more than 50% deployed, and the 13th for Gulf Capital's Private Debt funds and the fifth investment for its Gulf Credit Opportunities Fund II, with nearly 50% of the fund invested across defensive sectors across the Middle East and Africa region.
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