Gulf Capital in association with NBK Capital Partners has announced strategic investment in Classic Fashion Apparel Industry, a garment manufacturer in Jordan with more than 24,000 employees. The investment will enable Classic Fashion Apparel Industry to expand its production facilities and increase annual exports beyond 60 million garments.
Founded in 2003, Classic Fashion Apparel has achieved significant growth and is now a recognised global industry player, with an annual turnover of over $450 million. The company has longstanding relationships with global retail giants such as Walmart, Under Armour, Adidas, American Eagle, JC Penney, Hanes and GAP. Producing over 60 million apparel pieces annually and accounting for a 27 per cent share of Jordan’s apparel exports, the company is making a considerable contribution to Jordan’s economy.
“We launched 15 years ago with 300 staff and 130 machines and our annual turnover was just $2 million. 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,” KS Sanal Kumar, chairman and managing director, Classic Fashion Apparel Industry, said.
“This investment highlights the robust market conditions for flexible capital in the MENA region. The strength of Classic Fashion Apparel’s business – and both Gulf Capital and NBK Capital Partners’ track record of deploying capital into industry-leading companies – highlights our commitment to generating superior opportunities and returns for investors,” Walid Cherif, senior managing director and head of the private debt business at Gulf Capital, one of the largest and most active alternative asset managers in the Middle East.
“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. Its 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, an alternative investment firm that advises on providing flexible growth capital to mid-sized companies in the Middle East, North Africa and Turkey, said.