China's Alibaba decides to make investment in Turkey's Trendyol

A man stands near the logo of Alibaba Group at the company's newly-launched office in Kuala Lumpur, Malaysia June 18, 2018. - REUTERS

ISTANBUL: Chinese internet giant Alibaba has decided to invest in Turkish e-commerce firm Trendyol, the Turkish company said in a statement on Thursday.

Trendyol, one of Turkey's best known online fashion retailers, has drawn backing from foreign investors and holds a leading position in Turkey's fragmented e-commerce market.

"With the agreement, Alibaba and Trendyol will work together to increase Trendyol's growth in Turkey and its surroundings," Trendyol said in the statement.

Alibaba and Trendyol did not give any further details on the investment's size and timing. The companies were not immediately available for comment. - Reuters