AMMAN: The investment will enable Classic Fashion Apparel to enter the next stage of its development, accelerating the expansion of production facilities, a statement said.
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, it added.
The company has longstanding relationships with global retail giants such as Walmart, Under Armour, Adidas, American Eagle, JC Penney, Hanes and GAP. It produces over 60 million apparel pieces annually and accounting for a 27 percent share of Jordan’s apparel exports.
Yaser Moustafa, senior managing director at NBK Capital Partners, 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.”
Walid Cherif, senior managing director and head of the private debt business at Gulf Capital, added: “This investment highlights the robust market conditions for flexible capital in the MENA region.”
