Turkey's, strong textile industry, on Far East's radar
by Özge Yavuz
ISTANBULNov 02, 2015 - 12:00 am GMT+3
by Özge Yavuz
Nov 02, 2015 12:00 am
Turkey is one of the few centers for textile and garment production, and is now under the radar of Far Eastern companies due to its proximity to Europe. House of Pearl Fashions Ltd. - one of the biggest conglomerates in India - has increased its targets for the garment-buying office they opened in Istanbul back in 2011. The holding's CEO, Pallak Seth, said they are willing to turn Istanbul into a buying center along with Hong Kong.
Seth said their office in Turkey has outscored their Far Eastern offices in a short period and Turkey offers everything the textile and garment industry needs, including high-quality production, qualified human resources and design. "We are extremely pleased about the quality of products and production in Turkey. The richness of raw materials and production quality of the plants in Turkey cannot even be compared to those in the Far East," Seth said. He further underlined that in the coming years, Turkey - which is highly valuable due to its proximity to Europe, Africa and the Middle East - is set to become one of the two-biggest buying centers along with Hong Kong - the most important center for the Far East.
Spring Near East Manufacturing, the buying office of House of Pearl Fashions, established four years ago in Turkey, had a turnover of $100 million last year it earned from the sale of garments produced in Turkey to various large textile chains in the U.K., Germany and the Netherlands.
House of Pearl Fashions is a holding company active in 35 countries with headquarters in India. Seth said while the current turnover of the holding is around $1.1 billion, and expressed that soon they will increase their production and buying in Turkey. "The main reason behind achieving such success in Turkey in a short amount of time is the high-quality of production here. Furthermore, design in Turkey is powerful, and we are extremely pleased with our office in Turkey," Seth added.
Seth underscored that when production costs are compared, the difference between Turkey and the Far East is not that great. Moreover, given the quality and the proximity to Europe, he does not think Turkey is unaffordable. Ercan also said they can easily reach their budget targets.