Naspers' e-commerce firm, Markafoni to cease operations
Naspers' e-commerce firm, Markafoni to cease operations

Naspers' Turkish e-commerce and fashion company, Markafoni has announced that it will shut down at the end of June.

Markafoni said that all its operations would continue under current regulations and rules until June 30.

A statement on company's website reads, "We are sadly concluding activities on our website as of 30 June 2017. We thank all of you for the support and trust you have shown us since we were established in 2008."

Naspers, made powerful by its 33 percent stake in Chinese internet giant Tencent, own bought Markafoni from its founder in 2014 as Turkey's small, yet growing, e-commerce market drew international investors.

Although Turkey's growing e-commerce market has been fuelled by a young, tech savy population, it stood at 24.7 billion lira($6.99 billion) in 2015, accounting for only 2 percent of total retail revenue according to the Turkish Informatics Industry Association.

 
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