Koton (company)

Koton
IndustryClothing
Founded1988; 36 years ago (1988)
Headquarters
Istanbul, Turkey
Number of locations
480+ stores (2019)
Area served
Worldwide
Key people
Gülden Yılmaz
ProductsClothing
Revenue$660 million (2023)
OwnersGülden Yılmaz
Number of employees
11,500
Websitewww.koton.com.tr

Koton is a Turkish multinational clothing company.[1] As of 2015, the chain had over 480 retail stores in 28 countries.[2]

History

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Koton started in 1988 with a 25-square-metre (270 sq ft) store in Kuzguncuk.[3] On May 10, 2024, the company went public with the code "KOTON" and started trading on Borsa Istanbul on July 9, 2024. The public offering size of the company, of which 16.5 percent of its shares were listed on the stock exchange, was 4.17 billion liras.[4]

Koton has stated that it plans to increase its use of recycled materials in packaging by 50% in 2024. It also plans to use only renewable energy in its facilities by 2023, and be carbon neutral by 2040.[3]

Criticism

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Koton continues its operations in Russia despite the ongoing invasion of Ukraine and the imposition of international sanctions against Russia.[5][6] In May 2023, Koton’s Business Development Director, Almaz Shireev, announced at the Mallpic exhibition plans to expand significantly in Russia, aiming to open over 100 new stores by 2027.[7] This move starkly contrasts with the global trend of companies withdrawing or scaling back operations in Russia in response to its unprovoked aggression against Ukraine.[8] Koton’s decision to not only remain in the Russian market but also triple its retail[9] has drawn criticism, as it is seen as prioritizing profit over ethical considerations. The company's continued presence and expansion in a country responsible for widespread civilian casualties and violations of international law underscore a disregard for the global effort to isolate Russia economically and diplomatically. Critics argue that such actions undermine sanctions and provide a financial lifeline to a regime engaged in ongoing aggression.[10][11][12][13]

References

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  1. ^ "How Turkish companies can become global successes | McKinsey". www.mckinsey.com.
  2. ^ "Koton Will Be The World's Leading Brand". textotex. 2015-05-29. Retrieved 2015-10-13.
  3. ^ a b ekonomist.com.tr. "36 yıl önce Kuzguncuk'ta başlayan yolculuk". www.ekonomist.com.tr (in Turkish). Retrieved 2024-07-29.
  4. ^ "Borsa İstanbul'da gong Koton için çaldı". DHA | Demirören Haber Ajansı (in Turkish). 10 May 2024. Archived from the original on 12 May 2024. Retrieved 12 May 2024.
  5. ^ "Russia Looks to Retailers From Turkey, China, India and Brazil as European Brands Exit". The Business of Fashion. 2022-03-28. Retrieved 2024-12-12.
  6. ^ "Foreign companies that have left Russia (list is being updated) InVenture". inventure.com.ua. Retrieved 2024-12-12.
  7. ^ "Весь я в чем-то турецком". Коммерсантъ (in Russian). 2024-08-30. Retrieved 2024-12-12.
  8. ^ "Великий турецький бізнес продовжує роботу в Росії – дослідження". ГЛАВКОМ (in Ukrainian). 2022-09-22. Retrieved 2024-12-12.
  9. ^ "Турецкий бренд одежды Koton планирует утроить количество магазинов в России – Новости ритейла и розничной торговли". Retail.ru (in Russian). Retrieved 2024-12-12.
  10. ^ "Жодна з великих турецьких компаній не скоротила діяльність в Росії". Економічна правда (in Ukrainian). Retrieved 2024-12-12.
  11. ^ "Почти 1000 компаний вышло из России, но не все остановили бизнес. Обновляется". Экономическая правда (in Russian). Retrieved 2024-12-12.
  12. ^ "Koton". leave-russia.org. Retrieved 2024-12-12.
  13. ^ "The Status of the Implementation of the UNGPs on Business and Human Rights in Europe and Central Asia" (PDF). UNDP.
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