By Craig Patterson
Turkish women’s fashion retailer Penti has launched its North American expansion with a store in Halifax, Nova Scotia. The retailer will test the market before expanding furthermore, with an expectation that as many as 10 stores could open across Canada over the next two years.
Penti is the latest international brand to enter Canada by opening its own storefront. Last week we reported that about 30 international retailers entered Canada in 2018, which was down from a record-breaking 50+ that entered Canada in 2017. Despite challenges in the industry, more international brands will enter Canada this year, adding to the competition.
Penti refers to itself has a “Turkish-European franchise”, with more than 600 stores in Turkey, Europe, and the Middle East. Product categories carried in Penti stores include: women’s intimates, hosiery/legwear, socks (for both women and men), activewear, beachwear and some homeware items, according to its website.
The brand was started in 1950 as two companies, which were subsequently united under a single brand, Öğretmen Çorap, in 1970. In 1984 the company’s name was changed to Penti. The first Penti store opened in Istanbul in 1999. Penti partnered with one of the world’s largest venture capital organizations, The Carlyle Group, in 2016.
The company says that its objective is to further strengthen its leadership position in the legwear market and achieve the same leadership in intimates and beachwear retailing.
Penti’s name may not be familiar to many, but the company’s website says that it is the second-largest manufacturer in Europe, as well as the manufacturer of several well-known brands. Penti continues to expand its product offerings.
Globally, Penti has about 300 stores across Turkey, as well as more than 100 stores in 29 countries, and further exports to 43 countries. The company is expanding its network of stores rapidly, with sales offices located in the United Kingdom, Romania, Ukraine and Spain.
Penti’s first store location in North America opened last week at the Park Lane Mall in downtown Halifax, located at 5657 Spring Garden Road. Penti’s storefront spans more than 1,000 square feet.
The Halifax store will be used as something of a test for the brand before it expands further across the continent. Plans are preliminary, but a representative indicated that between five and 10 stores could open in Canada over the next two years, targeting markets as far westward as Vancouver.
We’ll continue to follow this new brand as it expands its operations further into Canada, as we continue to monitor international brands opening stores in this country.