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Turkish firms asked to acquire Italian apparel companies
26
Sep '11
The current economic crisis in European countries provide an excellent opportunity for Turkish enterprises to buy Italian textile and apparel companies at reduced prices, Turkey's commerce attaché in Milan, Cumhur Isbirakmaz has said.

The attaché said a few Italian companies have already been bought by Chinese enterprises at very modest prices.

He said there are big opportunities in Italy as the small and medium enterprises are going through a bad phase due to the current financial crisis. Also, he added, there are some companies where the sons and daughters are not interested in continuing their family businesses.

He cited that a 30 million euro ready-to-wear and leather company was recently sold for mere 4 million euros. He asked the Turkish companies to act quickly and not to lose the opportunity.

Earlier this month, Italian Bottonificio Fossanese was acquired by Form Buttons, a Turkish garment buttons maker.

Fibre2fashion News Desk - India

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