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Trendyol

From Wikipedia, the free encyclopedia

Trendyol
IndustryE-commerce
Founded2010; 15 years ago (2010)
Founders
Headquarters
Istanbul
,
Turkey
Key people
OwnerAlibaba Group (70%)
Websitetrendyol.com

Trendyol is a Turkish e-commerce platform headquartered in Istanbul.[1] The company was founded in 2010 by Demet Mutlu, Evren Üçok, and Begüm Tekin.

As of 2024, the Chinese company Alibaba Group was the company's largest shareholder, holding 70% of shares.

History

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Trendyol was co-founded by Demet Mutlu (pictured in 2013) in 2010.

Trendyol was co-founded by Demet Mutlu, Evren Üçok,[2] and Begüm Tekin,[3] in 2010.[4] Üçok is the Chairperson,[4] Erdem Inan is the CEO,[5] and Çağlayan Çetin is the President.[6]

Dolap was founded in 2016 as a second-hand product trading platform and acquired by Trendyol in 2018.[7] 1.4 million individual sellers are currently active on Dolap.

Trendyol Express was founded as a delivery network in 2018.[8]

The company's Trendyol Tech group was approved as a research and development centre in 2019 by the Ministry of Industry and Technology.[9]

Trendyol entered the European market in October 2020, launching a website serving 27 countries.[10][11][12]

The company's first office outside Turkey opened in Berlin in 2022.[13][14] In late 2023, Trendyol announced plans to expand operations in Eastern Europe in 2024, starting in the Czech Republic,[15] Greece, Hungary, and Romania.[16] Trendyol confirmed plans to open a warehouse in Bucharest and offices in Romania in 2025.[17]

On 12 July 2023, Trendyol took over sponsorship of the Süper Lig and TFF First League football leagues from Spor Toto, by paying ₺700.000.000.[18]

In 2024, the company launched its first in-house large language model,[19] won in the "e-export" category at the Turkish Exporters Assembly's award ceremony,[20] and co-organized an e-commerce hackathon in Adana Province for Teknofest.[21]

In 2023, Trendyol announced a memorandum of understanding with a Saudi Arabian retail company to launch a fashion platform in the Gulf.[22][23] Trendyol's mobile app in the Gulf region debuted in August 2023 and reached 30,000 orders per day by November.[22] Trendyol also operates in Bahrain, Kuwait, Oman, and Qatar.[24][25]

In 2023, Trendyol signed an agreement with PASHA Holding to start operating in Azerbaijan in May.[26][27]

In 2024, Trendyol debuted its first own-brand womenswear Ramadan collection for the Gulf[28][29] and opened a pop-up store in the region at a shopping mall in Riyadh.[24][30] The company also launched an artificial intelligence-designed fashion collection exclusive to Gulf nations and confirmed plans to open offices in Dubai and Riyadh.[28]

In October 2024, Trendyol had approximately 2 million customers in Azerbaijan and inaugurated its local office in Baku.[31]

Funding and ownership

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Six months after Trendyol was founded in 2010, American firm Tiger Global invested in the company; subsequent investors included the European Bank for Reconstruction and Development and American venture capital firm Kleiner Perkins.[32] Alibaba Group has invested $1.4 billion in Trendyol. Alibaba invested an initial $728 million dollars in 2018[33] and followed with an additional $350 million at a $9.4 billion valuation in 2021.[34][35][36] In August 2021, Trendyol raised $1.5 billion at a $16.5 billion valuation;[37] Abu Dhabi Developmental Holding Company (ADQ), General Atlantic, Princeville Capital, Qatar Investment Authority, and SoftBank Vision Fund 2 were among funding round participants. The investment was SoftBank's first in Turkey and Trendyol became the first Turkish business to be named a decacorn (valuation exceeding $10 billion).[38][39] Alibaba has a 70 percent stake in Trendyol, as of 2024.[19]

Operations

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In Turkey, the company's app combines a marketplace that uses services from four of the company's groups: the food delivery service Trendyol Express delivered via the courier network Trendyol Go, the digital wallet Trendyol Pay, the customer-to-customer platform Dolap, along with other services.[40]

Trendyol Tech specialises in native language processing; real-time data analysis; machine learning; deep learning; image processing; data visualisation; text simulation and big data.[7]

In 2022, Trendyol became the first Turkish e-commerce business to design a sustainability plan.[41][42] The company's plan addresses carbon reduction, human rights, packing and production, waste management, and diversity, equity, and inclusion (DEI). Trendyol also establishes digital centers offering technology training and encouraging smart agriculture practices in rural Turkey as part of the Villages of Tomorrow programme in collaboration with the United Nations Development Programme, and has dedicated initiatives that support women's empowerment and young artists.[43][44]

Trendyol had logistics centers in Ankara and an export operation center at Istanbul Airport in 2023.[33]

Approximately 1.5 million customers in Germany purchase products from 200 Turkish brands via Trendyol, as of 2024.[45]

Trendyol operates in Gulf Cooperation Council markets and has warehouses in both Saudi Arabia and the United Arab Emirates (UAE).[46][19]

Controversies

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Algorithm manipulation

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In October 2021, the Turkish Competition Authority opened an investigation to determine if Trendyol had violated competition law.[47][48] The competition regulator's investigation concluded in July 2023, and Trendyol was fined approximately ₺61.3 million for systemic algorithm manipulation and unfair use of third party marketplace data.[33]

Bribery allegations

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After the E-Commerce Law was published in the Official Gazette of Turkey Republic in 2022,[49] Trendyol was accused of paying unregistered money to Cumhuriyet Newspaper in exchange for negative press against the law.[50] This accusation was not accepted by the newspaper.[51] Cumhuriyet Newspaper Foundation filed a criminal complaint against the officials of the period, alleging that they "received unregistered money" in exchange for manipulative news against the e-commerce law that came into force in January 2023.[50]

References

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  1. ^ Ibrahim, Rana Mahmoud (19 January 2022). "Alibaba-Backed Trendyol Plans Dual Listing When Revenue Abroad Hits 30-35%". Forbes Middle East.
  2. ^ "Rota Portföy Evren Üçok ile ortak oldu". Dünya. 15 August 2023. Retrieved 6 January 2025.
  3. ^ "Trendyol ve UNDP'den kırsal kalkınmada, "Yarının Köyleri" projesi". Anadolu Agency. Retrieved 6 January 2025.
  4. ^ a b Azevedo, Mary Ann (9 August 2021). "Turkey's first decacorn: Trendyol raises $1.5B at a $16.5B valuation". TechCrunch. Retrieved 6 January 2025.
  5. ^ "Trendyol takes place among 'game-changing' global fashion brands". Daily Sabah. Turkuvaz Media Group. 3 January 2024. Retrieved 6 January 2025.
  6. ^ Nair, Manoj (6 July 2024). "Turkey's biggest shopping platform Trendyol is ready to take on Amazon, noon in GCC". Gulf News. Retrieved 6 January 2025.
  7. ^ a b "Hande İzmirlioğlu: 1 milyar doları yakalarız". 30 November 2019.
  8. ^ "Kotayı böyle aştılar". 21 June 2020.
  9. ^ "Trendyol'dan Ar-Ge'ye 45 milyon TL'lik yatırım". Sabah.
  10. ^ "Trendyol due to become Turkey's first 'decacorn' with $16.5B valuation". Daily Sabah. 29 July 2021.
  11. ^ "Turkish e-commerce firm Trendyol adds 1,000 jobs in 3 months". Daily Sabah. 26 October 2020.
  12. ^ "Turkey gets its first 'decacorn' as Trendyol's valuation hits $16.5B". Daily Sabah. 9 August 2021.
  13. ^ "Türkiye's Trendyol expands to Azerbaijan after Germany". Daily Sabah. 1 May 2023. Trendyol is expanding to Azerbaijan, a senior official said Sunday, marking the Turkish e-commerce giant's second market abroad after Germany... The move comes after Trendyol launched in Germany a year ago, marking its first market outside Türkiye and its entry into Europe.
  14. ^ Opening of Berlin office in 2022:
  15. ^ Stevenson, Cara (4 January 2024). "Turkish E-Commerce Trendyol to Enter the Czech Market". Prague Morning.
  16. ^ "Türkiye's Trendyol plans to enter Eastern European market in 2024". Daily Sabah. 5 December 2023.
  17. ^ "Trendyol Plans To Open Office In Bucharest, Warehouse In Romania". Romania Journal. 10 September 2024.
  18. ^ "Süper Lig ve 1. Lig'in İsim Sponsoru Trendyol Oldu". tff.org (in Turkish). Turkish Football Federation. 12 July 2023. Retrieved 13 July 2023.
  19. ^ a b c Alomar, Dana (15 October 2024). "Trendyol launches its first LLM and accelerates expansion in the Gulf". The National.
  20. ^ "Trendyol receives inaugural Türkiye's e-export champion award". Daily Sabah. 9 June 2024.
  21. ^ "Trendyol hosts e-commerce hackathon at TEKNOFEST 2024". Yeni Şafak.
  22. ^ a b "Turkish Trendyol, Saudi Cenomi form fashion and lifestyle platform partnership for Gulf". Daily Sabah. 29 November 2023.
  23. ^ "KSA's Cenomi Group in deal with Turkiye's Trendyol for online marketplace". Arab News. 29 November 2023.
  24. ^ a b "Trendyol opens first pop-up in Gulf region". Hürriyet. 1 April 2024.
  25. ^ "Turkish e-commerce giant Trendyol due to launch Gulf operations". Daily Sabah. 28 August 2023.
  26. ^ "Türkiye's Trendyol expands to Azerbaijan after Germany". Daily Sabah. 1 May 2023. Trendyol is expanding to Azerbaijan, a senior official said Sunday, marking the Turkish e-commerce giant's second market abroad after Germany... The move comes after Trendyol launched in Germany a year ago, marking its first market outside Türkiye and its entry into Europe.
  27. ^ "E-commerce giant Trendyol to enter Azeri market". Hürriyet. 2 May 2023.
  28. ^ a b "With new offices in Riyadh and Dubai, Trendyol expands presence in region". Arab News. 21 October 2024.
  29. ^ "Trendyol welcomes Ramadan with first own-brand collection launch in GCC". Khaleej Magazine. 25 March 2024.
  30. ^ "E-commerce giant Trendyol opens 1st pop-up store in Gulf region". Daily Sabah. 29 March 2024.
  31. ^ "Trendyol Expands International Presence with the Opening of New Office in Baku". abc.az. 10 October 2024.
  32. ^ "Turkey's e-commerce giant Trendyol enters European market". Daily Sabah. 2 October 2020.
  33. ^ a b c "Alibaba'nın Türkiye'ye yapmayı planladığı yatırım hakkında neler biliniyor?". BBC News (in Turkish). 18 September 2023.
  34. ^ "Trendyol due to become Turkey's first 'decacorn' with $16.5B valuation". Daily Sabah. 29 July 2021.
  35. ^ "Alibaba Trendyol'a 350 milyon dolar yatırım yaptı" (in Turkish). Bloomberg News. 21 April 2021.
  36. ^ "China's Alibaba invests $350 mln in capital increase to Turkey's Trendyol -trade registry". Reuters. 20 April 2021.
  37. ^ "SoftBank's Debut Turkey Deal Draws $1.5 Billion for Trendyol". Bloomberg News. 9 August 2021.
  38. ^ Azevedo, Mary Ann (9 August 2021). "Turkey's first decacorn: Trendyol raises $1.5B at a $16.5B valuation". TechCrunch.
  39. ^ Tavsan, Sinan (9 August 2021). "SoftBank investment in Trendyol creates Turkey's first decacorn". Nikkei Asia.
  40. ^ Azevedo, Mary Ann (9 August 2021). "Turkey's first decacorn: Trendyol raises $1.5B at a $16.5B valuation". TechCrunch.
  41. ^ Yıldız, Gökhan. "Trendyol, sürdürülebilirlik yol haritasını açıkladı". Anadolu Agency.
  42. ^ Mareš, Michael (27 September 2024). "Česko je skvělý trh, už teď jdeme pozdě, říká šéf Trendyolu. Turecký obr se chlubí největší módní nabídkou". Hospodářské noviny. ISSN 0862-9587.
  43. ^ "With new offices in Riyadh and Dubai, Trendyol expands presence in region". Arab News. 21 October 2024.
  44. ^ "UNDP, Trendyol to jointly support digital development of Turkish villages". Daily Sabah. 7 November 2022.
  45. ^ "Trendyol takes place among 'game-changing' global fashion brands". Daily Sabah. Turkuvaz Media Group. 3 January 2024.
  46. ^ Nair, Manoj (6 July 2024). "Turkey's biggest shopping platform Trendyol is ready to take on Amazon, noon in GCC". Gulf News.
  47. ^ "Turkey opens competition probe into e-commerce firm Trendyol". Reuters. 11 October 2021.
  48. ^ "Turkey launches competition probe into e-commerce giant Trendyol". Daily Sabah. 11 October 2021.
  49. ^ "ELEKTRONİK TİCARET ARACI HİZMET SAĞLAYICI VE ELEKTRONİK TİCARET HİZMET SAĞLAYICILAR HAKKINDA YÖNETMELİK". www.resmigazete.gov.tr. Archived from the original on 28 December 2022. Retrieved 12 October 2023.
  50. ^ a b "Cumhuriyet Vakfı'ndan Cumhuriyet gazetesi yönetimine suç duyurusu: Çikolata kutusunda gelen paralar karşılığında kasıtlı haberler yapıldı!". T24 (in Turkish). Archived from the original on 7 June 2023. Retrieved 12 October 2023.
  51. ^ ""Para karşılığı manipülatif haber" iddiasında Cumhuriyet gazetesi ile Genel Yayın Yönetmeni'nden farklı tonda açıklamalar". T24 (in Turkish). Archived from the original on 7 June 2023. Retrieved 12 October 2023.
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