Ready-to-wear manufacturer and retailer Koton has revealed plans to invest US$12 million in new stores and modernisation in 2006. 

Speaking to the local press, Koton's president Yilmaz Yilmaz said: "In 2006 we will spend US$5 million on opening stores in the domestic market. Overseas, however, we plan to spend around US$4 million on opening new stores. We also intend to invest US$3 million in the modernisation of our manufacturing plant along with an increase in capacity."

The company currently has 100 stores in Turkey and 25 outlets overseas, and expects revenues to grow by 30 per cent in 2006.

"In 2005 we expect to reach US$100 million in total sales value. In 2006, however, our target is to increase this to US$130 million," said Yilmaz.

Koton entered the textile market in 1994 as a wholesaler, and started to manufacture clothing products in 1995. It opened its first retail store in 1996, followed one year later by its first showroom in the German city of Munich.

The company today owns 125 retail stores. A new retail store in Athens, Greece, is scheduled to open in November.

By Hasan Gulveren.