the investment will qualify Classic Fashion Apparel to enter the next level of its development, boosting the expansion of production facilities.
NBK Capital Partners and Gulf Capital have collaborated to make a strategic investment in Jordan’s Classic Fashion Apparel Industry Ltd Co, one of the biggest private sector employers in Jordan with over 24,000 employees.
A statement said, the investment will qualify Classic Fashion Apparel to enter the next level of its development, boosting the expansion of production facilities.
It also added, Classic Fashion Apparel was founded at 2003 and has achieved expressive growth and is now a recognized global industry player, with a turnover of over $400 million.
The company’s relationships with brands like WalMart, Adidas, American eagle, JC Penney, Hanes and GAP is permanent.
They produce over 50 million clothing pieces annually and 27 percent share is for Jordan’s apparel exports.
The senior managing director at NBK Capital Partners of Yaser Moustafa said, “We are delighted to be making our first investment in Jordan with a company that not only has an impressive growth story, but whose commitment to excellence has earned it the trust of some of the world’s most popular brands.”
The senior managing director and head of the private debt business at Gulf Capital, Walid Cherif added, “This investment highlights the robust market conditions for flexible capital in the MENA region.”
The Chairman and managing director of Classic Fashion Apparel Industry, KS Sanal Kumar said, “It gives me great pride that we now have a thriving workforce manning 10,000 machines and, through our partnership with regional institutional investors NBK Capital Partners and Gulf Capital, we are now in a position to enter the next phase of our long-term growth trajectory.”