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Look westwards to survive – CEO, Select
02
Mar '10
Cafer Mahiroglu, a Turkish businessman who owns 150 stores all over United Kingdom and employs over 2,500 people including 40 people of Turkish origin, stated that textile manufacturers in Turkey are bestowed in terms of investment opportunities that follow from the West.

Mahiroglu who two years back purchased Select, a women wear store of U.K. when it was on the verge of bankruptcy, was of the opinion that, purchasing brands is relatively a concise and precise mode rather than creating brands.

While holding UK as imperative to his company, Mahiroglu said that every week they start a new outlet and that they intend to end up with 350 stores.

Articulating the effects of recession on the textile and retail sector in 2009, Mahiroglu stated that, he was amongst the few who were affirmatively affected by the turmoil and added that if the crisis wouldn't have occurred it would not have been possible for them to purchase Select. They acquired the company in first part of 2008, it being among those firms which were the first to be affected by the global turmoil.

According to him, Turkish textile manufacturers have no other option but to make a move towards Middle East and eastern bloc countries as without having a presence in the West, it will not be possible to grow.

Fibre2fashion News Desk - India

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