Mado Group

VCBank holds a 42.7 per cent stake in the Mado Group which was established in Turkey in 1962. Mado has grown to be the leading Turkish ice-cream brand as well as the largest café / patisserie chain franchisor in the country, with 306 domestic stores in 52 cities. The Company also has 46 international stores in 18 countries. A pipeline of new branches comprises 11 domestic stores in 7 cities and 21 international stores in 9 countries. For the year ended 31 December 2017, the Mado Group achieved a 22 per cent increase in sales; and opened 23 new domestic stores and 14 new international branches. Franchise expansion initiatives under consideration include Taiwan as a first stage, followed by China, Japan and Australia. Studies are also underway for potential expansion into key markets across Europe.