D-Market Names 2 CEOs for Hepsiburada, Delivery as Kaspi Holds 66.35% Stake
Updated
Updated · Simply Wall St · Jul 12
D-Market Names 2 CEOs for Hepsiburada, Delivery as Kaspi Holds 66.35% Stake
2 articles · Updated · Simply Wall St · Jul 12
Summary
Ender Özgün became Hepsiburada CEO and Hakan Karadogan took over the delivery unit on July 1, completing D-Market’s planned leadership transition.
The dual-CEO structure puts separate management over commerce and delivery, a setup aimed at improving logistics efficiency, customer experience and service expansion.
Kaspi.kz’s 66.35% stake gives the new leaders a role inside its broader ecosystem strategy, where investors are watching for payments, lending and logistics synergies.
Net losses and rising logistics and labor costs still dominate the investment case, and the leadership change alone does not materially reduce D-Market’s financial risk.
Current projections imply TRY223.5 billion revenue and TRY18.1 billion earnings by 2029, requiring 36% annual revenue growth and a swing from today’s -TRY6.2 billion earnings.