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SINGAPORE-LISTED social media company YuuZoo Corporation on Tuesday announced that it has launched a localised version of its virtual shopping mall in Turkey through a joint venture with a local partner.
Under a franchise model, YuuZoo would take a "significant" stake - valued at US$2.7 million - in the franchise company.
The franchisee has committed to reaching one million users within 12 months and four million users within 36 months from launch.
Based on its assumptions of a 10 per cent of average business-to-consumer e-commerce and 15 per cent of average digital ad spend in Turkey, four million active users would generate total annual topline revenues of over US$250 million per annum, YuuZoo said.
Said YuuZoo chairman & CEO Thomas Zilliacus: "Turkey is one of the fastest growing social e-commerce and gaming markets in Europe. We are convinced that our patent-pending solutions will create for the Turkish consumers and businesses a compelling new experience which will enable the targeted user growth, and through that significant new revenue."