Mubasher: Goldman Sachs and Wamda Capital acquired a minority stake in modest fashion company Modanisa, the Turkish company announced.

The online retailer, whose exports represent 80% of its business, aims to support its global expansion, while it aims to open an office in London this year, to run its operations in North America and Europe.

Modanisa will use the latest round of investment to establish new logistics centres in Europe and the Middle East.

“This latest investment will help drive growth and cement Modanisa’s position as the leading destination for modest fashion with a truly global footprint,” partner at Wamda Capital partner Khaled Talhouni said.

It is worth noting that the fashion industry in Muslim-majority nations is worth $270 billion, according to Thomson Reuters’ recent report “State of the Global Islamic Economy,” predicting the sector torise to $361 billion by  2023.

Turkey remains the largest Muslim market for fashion, with consumer spending $28 billion per annum.