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Garment sector attracts colossal FDI
18
Jun '08
When it comes to Turkey, foreign investors have always focused on sectors like finance and real estate, however, now they are getting active in textile too. Ayaydin Group stands as an apt example to this changing trend as it recently joined hands with Italy's Miroglio with the aim to open 300 stores in the country by the end of 2012.

Ayaydin Group which owns ready to wear brands like Ipekyol, Twist and Machka signed a 50-50 partnership with Italian textile giant Miroglio Group. The latter is also a major retail company with 800 stores and presence in countries across the world through its featured brands like Caractere Elena Miro, Motivi and Oltre.

Ayaydin which was contemplating this venture for the past one year targets a turnover of 230 million euros from 300 stores by the end of 2012 to become a world brand through this cooperation.

The retail markets of Turkey being strategically located in close proximity to key markets have attracted massive foreign direct investment (FDI) in the ready to wear sector.

Statistics revealed that textile which only had a US $8 million share in FDI of $745 million in 2003, witnessed a major surge last year to occupy $233 million out of a total of $19.2 billion.

This change in the market trend shows that textile sector in Turkey, particularly ready to wear segment, is likely to see a remarkable transformation in the years to come.

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