German e-retailer Limango exits Turkey

Limango, an affiliate of German-based e-commerce giant Otto Group, announced in a statement on Monday that it had halted operations in Turkey as of that day. Popular clothing e-store Limango entered the Turkish market in 2009, when e-commerce was gaining momentum in the country.

Even though the company did not cite any reason for the closure, its market share has been rumored to have fallen to as low as 10 percent recently amid strong competition with other prominen

Limango, an affiliate of German-based e-commerce giant Otto Group, announced in a statement on Monday that it had halted operations in Turkey as of that day.

Popular clothing e-store Limango entered the Turkish market in 2009, when e-commerce was gaining momentum in the country.

Even though the company did not cite any reason for the closure, its market share has been rumored to have fallen to as low as 10 percent recently amid strong competition with other prominent e-commerce platforms that mainly focus clothing retail, such as Markafoni and Trendyol,

Last year, the first chairwoman of Limango Turkey, Guumllfem Toyfar, was appointed the CEO of gittigidiyorcom, the leading e-business portal in the country.

Monday’s statement reads: Dear customers, we are regrettably ending our operations on limango.

comtr as of March 30, 2015. We appreciate the trust and support you have shown since we were established on Feb.

19, 2009.

While it attracted vast amounts of foreign investments in the early 2000s, Turkey seems to be currently perceived as an unprofitable county, as its politicians fuel marketplace uncertainty by debating the responsibilities of state institutions.

The Turkish lira has lost as much as 13 percent of its value against the US dollar amid harsh debates between President Recep Tayyip ErdoIan and his supporters, and those who argue that the central bank should determine its policies independently. ErdoIan and his backers have long been criticizing the bank for its high interest rates

SOURCE: TODAY’S ZAMAN